Pacific Castle and Prudential Real Estate Investors (PREI) have formed a $500 million real estate fund designed to buy commercial properties west of the Mississippi.

“Our joint venture with PREI will allow us to significantly grow our current portfolio, enabling Pacific Castle to gain a more competitive edge in the marketplace,” says Pacific Castle President Rod Astarabadi. “This is a unique platform relationship that will primarily enable us to close deals in as little as 10 days, and acquire a single property or large portfolios on an all-cash basis.”

In a separate deal announced today, Pacific Castle spent $25 million to buy the Bay Plaza in National City, Calif. The seller was Safco Capital Corp. Pacific Castle also paid $27 million for the Rancho Cordova Town Center in Rancho Cordova, Calif. The seller was Passco Cos.

Reza Investment Group represented both the buyer and seller of Bay Plaza. Hanley Brown Group Real Estate Advisors represented the buyer and seller of Rancho Cordova Town Center.