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Swift Real Estate Partners fund buys first asset
Transactions - NOVEMBER 12, 2019

Swift Real Estate Partners fund buys first asset

by Released

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 Estate Partners with the opportunity to enhance each building’s image and reputation in the market through a significant capital improvement program to provide a best-in-class work environment to its tenants and appeal to new tenants coming into the dynamic Pasadena market.

The portfolio is clustered in one of the most amenity-rich and walkable locations in the Tri-Cities market. Situated along the convergence of Pasadena’s two retail corridors, Lake Avenue and Colorado Boulevard, the portfolio features a Walk Score of 90 with numerous eateries, bars, boutiques, retail stores and entertainment/fitness offerings within minutes of the properties. Additionally, The Pasadena Collection is within close proximity to the world-renowned California Institute of Technology (Caltech), Art Center College of Design and Jet Propulsion Laboratory (JPL), which is a federally funded NASA R&D site operated and managed by Caltech. These institutions are driving a tech, life science and startup revolution entirely driven by sciences and technology patents that are created and controlled by Caltech and JPL.

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