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2/01/22
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Sansome Pacific, a San Francisco, CA-based real estate investment management firm, has completed the $20.6 mil acquisition of a value-add portfolio of 10 retail and hotel properties. The properties are located in six states including CA, OR, CT, IL, ME and NH. Combined the portfolio totals 204k sf of space.
A majority of the properties feature below market rents and short-term leases, creating significant upside opportunity for Sansome Pacific to add value through investment and repositioning. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties.
The two hotel assets, located in California, are 60-key hotels. The retail assets include both single- and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phases of renovation and will be upgraded in the coming years.
“While leasing and repositioning the retail assets is challenging due to CC&Rs and use restrictions, we are an opportunistic group,” said Paul Souza, co-founder, Sansome Pacific. “This portfolio is a great fit for us given that it has both short-and long-term components with various value-add plays.”
Sansome Pacific partnered with its long-time joint venture partner Skyline Pacific Properties to procure new financing for the portfolio.
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