PacWest to Sell Four Properties for $12 Million

PacWest Bancorp in Los Angeles has agreed to sell four properties in California to a real estate firm.

Quarter Group said in a press release Wednesday that it will pay PacWest $12 million for the properties. The deal is expected to close in the first quarter.

The $21 billion-asset PacWest will lease the properties for an initial five-year period with an option to renew for another five years.

Quarter Group did not disclose the types of buildings it is buying; a call to PacWest wasn't immediately returned.

"These types of transactions are particularly attractive as they enable banks to put the capital trapped in their owned real estate to a higher and better use," Jared Wolff, co-managing partner of Quarter Group, said in the release. "This can include redeploying those proceeds into yield-producing assets or any number of other capital objectives."

D.A. Davidson advised Quarter Group.

PacWest agreed in October to sell two branches, along with $200 million in deposits, to First Foundation in Irvine, Calif. That deal is expected to close by the end of this year.