The Pasadena Collection Trades for $193M
The property is an institutional quality asset with three office properties, totaling 516,890 square feet in Pasadena, California.
This is the first transaction to be completed on behalf of Swift’s recently raised $500M 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.
In addition, Swift secured a $160 million loan to acquire the property. The loan has a three-year, floating-rate acquisition loan through Nuveen Real Estate.
JLL represented the seller with a team led by Michael Leggett, Andrew Harper and Matt McRoskey. JLL’s Capital Markets team that arranged the financing for the borrower was led by Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover.