Swift Real Estate Partners has made another value-add office play in Southern California.
The West Coast real estate investor just closed on a three-building office complex in Pasadena from PGIM Real Estate for $193 million, according to a news release from commercial brokerage JLL, which brokered the sale. Swift financed the purchase with a $160 million acquisition loan from Nuveen Real Estate.
The properties, collectively known as “The Pasadena Collection,” span 517,000 square feet and are just 68 percent occupied, putting the deal at roughly $373 a square foot. The new owner is likely to renovate the properties and find new tenants to fill the space.
The complex consists of a 146,000 square-foot building located at 790 East Colorado Blvd., a 212,000 square-foot building at 155 North Lake Ave., and a 159,000 square-foot building at 35 North Lake Ave.
This is the first transaction to be completed on behalf of Swift’s recently raised $500M Fund III, which is focused on investments in Northern California, Southern California and the Pacific Northwest.
San Francisco-based Swift has been an especially active player in L.A. real estate of late.
Last week, Swift sold a North Hollywood office complex to a joint venture of Rockwood Capital and Artisan Realty Partners. The duo paid $30 million for 4640 Lankershim Boulevard in the NoHo Arts District.
In August, Rockwood Capital and Artisan Realty paid Swift $121.25 million for Academy Tower, about a mile away at 5200 Lankershim Boulevard. That deal penciled out to $520 per square foot for the two-building, 175,000-square-foot property. That made it one of the priciest real estate deals in NoHo.
Last year, the Swift paid $170 million for a three-building office complex in media and tech-heavy El Segundo.
The JLL capital markets team that represented PGIM was led by Michael Leggett, Andrew Harper and Matt McRoskey. The JLL team that arranged the financing for Swift Realty was led by Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover.
The Swift-PGIM deal went into contract before JLL merged with HFF in July, the brokerage said.