Barker Pacific Acquires Union Development

Barker Pacific Group has acquired family-owned Union Development Co., a 110-year-old real estate development and management company based in Cerritos with nearly 1.2 million square feet of property, including shopping centers, apartments, offices, industrial parks and storage facilities.

A real estate industry source valued the sale at more than $100 million. New York Investment manager Angelo Gordon & Co. helped fund the deal.

Union Development will operate as a unit of Los Angeles-based Barker Pacific.