BrightSpire Capital Sells Two Industrial Properties for $300 Million
BrightSpire Capital, Inc. announced through an 8-K filing that its subsidiaries, CLNC NNN Alberts AZ, LLC and CLNC NNN Alberts CA, LLC, have entered into an Agreement for Purchase and Sale of Real Estate. The agreement involves the sale of two industrial properties located in Tolleson, Arizona, and Tracy, California, to ALTOAZ001 LLC and ALTRCA001 LLC for a total purchase price of $300 million. This divestment aligns with BrightSpire's strategic plan to transition from owning real estate to focusing on its primary strategy of originating first mortgage loans. The transaction is expected to close by September 14, 2026, contingent upon the satisfaction of closing conditions, including lender approval for the assumption of existing mortgage and mezzanine loans on the properties.
Key Highlights
- BrightSpire Capital's subsidiaries agreed to sell two industrial properties in Arizona and California for $300 million.
- The sale is part of the company's strategy to shift from owned real estate to first mortgage loans.
- The properties had a GAAP carrying value of approximately $239 million as of March 31, 2026.
- An earnest money deposit of $6 million has been made by the purchasers.
- The acquisition is expected to close by September 14, 2026, subject to certain conditions.
Price Impact
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