Los Angeles based private real estate firm focused on the development, acquisition and repositioning of commercial properties throughout the country
To dispose of a high profile, 230,000 SF retail shopping center on the Westside of Los Angeles without conducting a public marketing effort
Achieving a sale price equal to or in excess of the fair market value of the property without conducting a broad based, national marketing campaign. In addition, the property was encumbered by unfavorable financing that the seller required to be assumed in connection with the sale.
Pegasus Services Involved:
Pegasus identified dozens of likely buyers of retail assets in excess of $100m and began discretely contacting the most qualified and active investors. Pegasus began discussions with a publicly traded REIT with a significant need to allocate funds and was able to negotiate extremely favorable pricing and transaction terms on behalf of the seller, including the assumption of the existing loan.
Pegasus successfully negotiated the $115m sale of Culver Center from Continental Development Group to Equity One, Inc. (NYSE: EQY), which constituted the largest single asset retail transaction in Los Angeles in 2011.