FIGat7th, the 330,000-square-foot open-air shopping center in Downtown Los Angeles, has changed hands, with Brookfield selling the property to Newport Beach-based JH Real Estate Partners for a price in the high $60 millions. That figure appears large enough to cover the roughly $62 million loan tied to the mall, easing what had been an approaching repayment deadline and marking another step in Brookfield’s ongoing retreat from parts of the L.A. market.
Sale details and buyer
According to Bisnow, JH Real Estate Partners picked up FIGat7th at 735 S. Figueroa Street for “an amount in the high $60Ms,” citing a source with knowledge of the transaction. Brookfield’s ownership entity entered into a sales agreement in March, and public filings describe a price high enough to pay off the property’s outstanding debt. Both Brookfield and JH Real Estate Partners declined or did not immediately respond to requests for comment, according to the reporting.
Property size, tenants, and occupancy
As reported by The Real Deal, FIGat7th spans about 330,000 square feet and was roughly 85.8 percent occupied when it went on the market. The tenant roster includes anchors such as Target, Sephora and Zara, a mix that has helped keep weekday foot traffic fairly steady near the Financial District. The center’s location next to major office towers and transit lines has long made it one of Downtown’s most visible retail hubs.
Loan, maturity, and filings
Filings show the FIGat7th loan had climbed to about $61.7 million by the end of 2025 and was scheduled to mature on April 1, 2026, with an option to extend to May 29 if a sale was underway. As Bisnow notes, the price outlined in those documents was sufficient to “fully satisfy the outstanding debt.” The March sale agreement effectively gave Brookfield a way to exit without risking a more disruptive foreclosure or receivership on the property.
Part of a wider Brookfield selloff
The FIGat7th deal is not a one-off. In March, Brookfield sold the Victoria Gardens shopping center for roughly $530 million, according to The Real Deal. The company has also been marketing or unloading several Downtown office buildings as values and leasing demand remain choppy in the post-pandemic landscape. Taken together, the moves reflect a broader effort to reduce leverage and reallocate capital while large urban office portfolios stay under pressure.
DTLA office market context
Across commercial real estate, distressed loans, special servicing and receiverships have become more visible, particularly in the office and retail sectors. CoStar News recently highlighted several high-profile receiverships and defaulted loans in retail and office CMBS pools, underscoring the financing stress that is shaping how deals get done. That backdrop helps explain why Brookfield opted for a clean sale that would wipe out FIGat7th’s loan instead of holding the asset and waiting for a full market rebound.
Who is the buyer?
JH Real Estate Partners, based in Newport Beach, has built a portfolio focused on West Coast retail, often targeting smaller shopping centers. The Los Angeles Times reported that the firm paid $37.5 million last year for Village Walk Center in Pico Rivera. Its buying pattern suggests a strategy of acquiring stabilized, tenant-anchored retail centers at pricing that can support steady cash flow even when the broader market is softer.
What this means for shoppers and tenants
For now, shoppers at FIGat7th are unlikely to see dramatic changes overnight. Most existing leases are expected to remain in place under the new ownership, and high-performing anchors that draw consistent traffic are not likely to move anytime soon. The deal is another sign of Downtown’s ongoing retail and office reshuffle, but day-to-day visitors should see gradual evolution rather than sudden upheaval.
