Chasin says that the quick sale was remarkable in light of theamount of due diligence required and the complexity of thetransaction, which involved two Goodyear stores that were not yetcompleted, five separate loans on five separate properties in threedifferent states with two different banks, five different consentsfrom the banks, and development agreements that the seller and thebuyer had to agree upon to ensure that the unfinished buildingswould be completed according to specifications. The sale had toclose in seven days to meet a 1031 deadline.

The buyer assumed the mortgages on the properties via awrap-around structure, and Pegasus is working with Verona CapitalMarkets Inc., a Los Angeles based real estate capital markets andadvisory firm with whom it has a strategic relationship, torefinance the portfolio with long term, fixed-rate financing.

Chasin says that the portfolio's infill locations, strongdemographics, high-quality new construction, and long term NNNleases enabled the buyer to fulfill its investment objectives whilesatisfying a portion of a 1031 exchange for a mix of multifamilyand multi-tenant commercial properties that it sold. The Goodyearportfolio was owned and developed by a private company based inColumbia, SC, that was represented by Tony Alanis and KevinShelburn of Netlease Real Properties in San Diego. It is locatedthroughout high-income suburban neighborhoods in Raleigh, NC,Columbia, SC, and Atlanta.