Pegasus

We are pleased to present the Pegasus Intern Class of 2024: Luke Holleran, Wil Myers, Albert Fallas and Martín de Chavarría Muñoz. Over the next 8 weeks, the intern class will be immersed in an intensive rotation across all of Pegasus' service lines including investment sales, capital markets, asset management and leasing. In addition to their work at Pegasus, the intern class will enjoy a special rotation with Flying Horse Investments, where they will learn critical skills in underwriting, valuation, sourcing, diligence, fundraising and investor reporting. Please join us in welcoming Luke, Wil, Albert & Martin!

Pegasus Assumes Management of High-Street Retail Portfolio in Santa Monica In March 2024, Pegasus assumed management of a 26,000-square-foot high-street retail portfolio along Montana Avenue in Santa Monica, California (the "Portfolio"). Montana Avenue is regarded as one of Los Angeles' most coveted high-street boutique retail destinations. In a recent transaction highlighting the prestige of the Montana Avenue corridor, Hillstone Restaurant Group acquired the building leased to R&D Kitchen, a Hillstone concept, for $2,867 per square foot. The Portfolio consists of five (5) separate properties encompassing over twenty-five (25) total tenants including restaurants, cafes, day spas, fine jewelry purveyors, home goods providers and financial services. The new client, a Southern California-based family office, approached Pegasus with a desire to accelerate a new chapter in its ownership by elevating the quality of management, leasing and reporting. After a thorough vetting process, Pegasus was awarded the Portfolio's property management, accounting, and leasing services. The client was attracted to Pegasus' deep multi-functional specialization and its significant footprint and expertise within the Los Angeles retail market. Across California alone, Pegasus manages 2+ million square feet of retail across 90 properties, over 60 of which are in the Los Angeles area. Pegasus provides best-in-class, comprehensive services to commercial real estate owners, including asset management, property and construction management, strategic advisory, accounting, brokerage, financing and leasing, with over $2.5 billion in assets under management across more than 300 properties nationwide.

Showcasing the power of the Pegasus platform. Pegasus represented the purchaser on this Barnes & Noble and Guitar Center, arranging the financing and post-closing asset and property management. During the Covid-19, Pegasus successfully negotiated with Barnes & Noble and Guitar Center to allow for the removal of a no-build-area, paving the way for the ground up development of a drive-thru outparcel. On behalf of ownership, Pegasus subsequently executed the leasing of the pad to The Habit Burger, arranged construction financing, and oversaw the build-to-suit development of the freestanding QSR. Finally, Pegasus executed a sale of the net leased asset to a buyer in a 1031 tax exchange represented by CBRE. Pegasus is currently dividing the former Barnes & Noble box and is in lease discussions with multiple national replacement tenants. A big congrats and thank you to the client and the entire team.

Pegasus is pleased to announce its successful execution of a comprehensive strategic plan on behalf of its client, a Los-Angeles based family office. The project included sourcing, acquisition, opportunistic repositioning, and disposition of a The Habit Burger Grill Drive-Thru in Spartanburg, South Carolina. Read the full release: https://lnkd.in/gunqTSvk

Don't miss Pegasus CEO David Chasin on The Crexi Podcast, where he shares his insights on the evolution of CRE advisory, his controversial thoughts on the current market and opportunities that abound for investors.

Pegasus Announces The $55 Million Acquisition & Financing of Top-Ranked Walmart Supercenter In New York City Metro Pegasus Investments Real Estate Advisory Inc. and Pegasus Capital Markets Inc. (together, “Pegasus”) are pleased to announce the recent acquisition and financing of a Walmart Supercenter in Linden, New Jersey (the “Property”), an affluent suburb of New York City. The Property is located less than 10 miles from Newark International Airport, less than 20 miles from Lower Manhattan and is surrounded by major retail and warehouse logistics due to its proximity to the Port of NY/NJ along with its strategic access to a population of 500,000 within a 5 mile radius. The Property was acquired for approximately $55 million, which equates to a 5.0% capitalization rate. Pegasus was exclusively engaged by the purchaser, a long term partnership of high net worth investors based in Baltimore, Maryland and Naples, Florida, in connection with a 1031 tax deferred exchange. Mark Keener and Adam Block of Gallagher Evelius & Jones LLP acted as counsel for the purchaser. The seller, a joint venture between a prominent real estate private equity firm and Cypress Equities, a national retail development company, was represented by SRS National Net Lease Group. “At a time when volume has significantly declined and price discovery has been difficult, we are very pleased to have added significant value in an advisory role on such a meaningful transaction to the client,” stated David Chasin, President & CEO of Pegasus. “This process began with an initial consultation with our client way back in October 2022, when the world was a very different place. While values have since moved in our favor, the dearth of generational quality assets priced to reflect the new market realities added an additional layer of complexity to our process,” Chasin added. “At the end of the day, it is not just buying at the right price, but also pairing it with the optimal financing that leads to a successful execution for the client. Being able to collaborate seamlessly with our in house debt capital markets team in a rapidly changing lending environment added incredible value to the client throughout this process,” Chasin concluded. Read the full press release: https://lnkd.in/gpwJAgJW For more information, please contact [email protected]. #CRE #Acquisition #Walmart

Don't miss today's 11:00 AM PDT panel conference call with a stellar lineup of distinguished CRE industry leaders. Click here to add to your calendar: https://bit.ly/45QBzeD

We are excited to welcome Nathan Aszkenazy as a Summer Intern at Pegasus! Nathan joins the firm from the University of Miami, where he studies Business. During his time with Pegasus, Nathan will have the opportunity to collaborate with our diverse team and gain invaluable hands-on experience in commercial real estate brokerage, asset management, and capital markets services. We look forward to his valuable contribution and continued career growth within the industry. #CRE #internship #career