Honolulu office building investment firm Pacific Office Properties Trust has arranged to sell another one of its properties as the company continues to work through financial losses.

Pacific Office has agreed to sell the 10-story downtown building Clifford Center to a California firm for $9.3 million, of which $4.6 million will be in the form of the buyer assuming a mortgage on the property at 810 Richards St.

The sale to McKinney Capital Group is scheduled to close by Oct. 3.

Pacific Office disclosed the pending sale in a quarterly financial report to the Securities and Exchange Commission on Wednesday.

In the report, Pacific Office said it suffered a $5.1 million net loss for the three months ended June 30. That was up from a $4.1 million loss in the same quarter last year.

Honolulu-based Pacific Office has had a tough time since it was established by local commercial real estate investor Jay Shidler in March 2008 just as an economic recession was unfolding.

Shidler formed Pacific Office by contributing several buildings that he owned with partners in his privately held firm The Shidler Group. The new company was set up as a real estate investment trust with publicly traded stock, and aimed to use public debt and equity markets to fund expansion.

At one time, Pacific Office owned 24 properties. However, the company has sold several buildings and lost others to foreclosure amid the economic downturn and recovery.

Now the firm has 10 office properties in its portfolio, of which four are wholly owned and in Honolulu: Waterfront Plaza, Davies Pacific Center, the Pan Am Building and Clifford Center.

Six other properties are owned through joint ventures and are mainly in California, along with one property in Arizona and one in Waikiki at 1833 Kalakaua Ave.

Pacific Office said 86 percent of the office space in its wholly owned Honolulu buildings is leased, though that figure is 76 percent for its entire portfolio.

The wider net loss in the second quarter was largely due to writing off an investment in a San Diego office building. The write-off represented a $900,000 hit to Pacific Office’s bottom line.

Despite its losses, Pacific Office had $11.2 million in unrestricted cash and cash equivalents at the end of June, as well as $3.8 million restricted for specific use. The company also said it may continue to sell buildings or stakes in some of its investments to meet continuing financial needs.

The pending sale of Clifford Center represents the second time Pacific Office has arranged to sell the building. Another tentative agreement was reached early last year with local real estate investment firm Alexander &Baldwin Inc. But that sale for $11.2 million was canceled by A&Bafter further study of the property and deal terms.

McKinney initially agreed in May to pay $10.3 million, but revised the purchase agreement with Pacific Office earlier this month to $9.3 million including the mortgage assumption.

Pacific Office has an additional Clifford Center mortgage loan with an outstanding balance of $2 million that was scheduled to mature Aug. 15.

Pacific Office said it intended to work with the lender to extend the loan’s maturity and repay the loan upon the sale closing.

Shares of Pacific Office stock, which trade infrequently on an over-the-counter market, most recently closed at 19 cents on Aug. 11. Over the last 52 weeks, the high price was 43 cents in November and the low was 16 cents in December. That compares to about $7 a share six years ago.

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