Swift Real Estate Partners fund buys first asset
Swift Real Estate Partners has acquired The Pasadena Collection, an institutional-quality three-property office portfolio totaling 516,890 square feet in Pasadena, Calif., for $193 million.
This is the first transaction to be completed on behalf of Swift’s recently raised $500 million fund III, which is focused on value-add investments in Northern California, Southern California and the Pacific Northwest. The recently raised fund has $1.35 billion of buying power.
JLL represented the seller, a global investment manager, and procured the buyer. Additionally, JLL worked on behalf of Swift to secure the three-year, floating-rate acquisition loan through Nuveen Real Estate, totaling $160 million in financing.
The Pasadena Collection consists of a 146,313 square-foot building located at 790 East Colorado, a 211,792 square-foot building at 155 North Lake and a 158,785 square-foot building at 35 North Lake. At 68 percent occupancy, the portfolio provides Swift Real E