Swift Real Estate Partners snags $150M financing for El Segundo office buy

CalPERS and GI Partners sold the property this week

Los Angeles /
May.May 18, 2018 04:00 PM
Swift Real Estate Partners’ Christopher Peatross and 2200-2230 Imperial Highway

Swift Real Estate Partners landed a $150 million loan from ACORE Capital to fund its acquisition of a three-building office complex in El Segundo.

The San Francisco-based investment firm purchased 2200-2230 East Imperial Highway from a joint venture between GI Partners and CalPERS in a deal that closed this week, sources told The Real Deal.

CBRE brokered the sale and financing.

The sale price was not immediately clear, but the site last traded hands for $112.5 million in July 2013, according to Real Capital Analytics. The partners had bought the 550,000-square-foot complex from Hines as part of a larger portfolio deal, which also included One Wilshire, a 31-story office tower at 624 S. Grand Avenue in Los Angeles.

The complex is fully occupied by aerospace and defense company Raytheon and DirecTV, whose leases expire in 2022 and 2028, respectively, according to data analytics firm Trepp. Part of the financing will be used toward renovations on the property. The loan carries a 94-month term.

“The property is located in a strong submarket and will benefit from significant upgrades to the common spaces to help attract and retain tenants,” said Josh Katzin, a managing director at ACORE.

Swift, headed by Christopher Peatross, also owns office buildings in San Francisco, San Mateo and Concord, according to its website.

Swift and GI Partners were not immediately available for comment, and representatives for CalPERS and CBRE declined to comment.

The city of El Segundo recently unveiled a proposal to transform 120 acres of its Smoky Hollow neighborhood into a hub for creative tenants. A change in the zoning code would be needed to allow for the development of roughly 3 million square feet of office, industrial and public housing over the next couple of decades.


Related Articles

arrow_forward_ios
Drawbridge Realty's Mark Whiting and Pacific Center office park at 1600-1610 Saint Andrew Place (Loopnet, Drawbridge Realty, Getty)
Collectibles outfit backed Mets’ owner Cohen, Nets’ star Durant adds 102K sf at Santa Ana campus
Collectibles outfit backed Mets’ owner Cohen, Nets’ star Durant adds 102K sf at Santa Ana campus
From left: Greenbridge Investment Partners' Sean Hashem and Fareed Kanani with  525 E. Colorado Blvd (Getty, Loopnet, Greenbridge)
Burrito chain leases at historic newspaper building in Pasadena
Burrito chain leases at historic newspaper building in Pasadena
Stream Realty Partners' Mike McVean, QuadReal's Dennis Lopez, and Stream Realty Partners' Lee Belland with 1800 Tapo Canyon Rd
First tenant signed at Simi Valley industrial park
First tenant signed at Simi Valley industrial park
Mayfair hotel at 1256 West 7th Street (TripAdvisor, Getty)
ICO wants $70M for shuttered Mayfair hotel in DTLA
ICO wants $70M for shuttered Mayfair hotel in DTLA
444 South Flower Street in L.A. with Oaktree's Howard Marks and Coretrust Capital Partners' John Sischo (LinkedIn, OakTree, Google Maps)
Foreclosure looms for 444 South Flower in Downtown LA
Foreclosure looms for 444 South Flower in Downtown LA
Mike Sullivan and rendering for 6000 W. Hollywood Blvd (The Sullivan Family, Getty Images)
Toyota of Hollywood could turn into a retail village
Toyota of Hollywood could turn into a retail village
LVMH's Bernard Arnault, Beverly Hills mayor Lili Bosse and rendering of Cheval Blanc (Lili Bosse, LVHM, Peter Marino Architect, Getty)
Beverly Hills City Council approves Rodeo Drive hotel
Beverly Hills City Council approves Rodeo Drive hotel
Gary Safady and rendering of Bulgari Resort Los Angeles, at 9704-9712 West Oak Road (Getty, Bulgari Hotels)
Planned Bulgari Resort in Benedict Canyon celebrity brouhaha
Planned Bulgari Resort in Benedict Canyon celebrity brouhaha
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...