Pasadena Office Building Portfolio Sells for $193 Million

Published : Wednesday, November 13, 2019 | 6:21 AM

A San Francisco-based real estate investor has acquired The Pasadena Collection, three multi-story office properties with a total of 516,890 square feet in Pasadena.

The property consists of a 146,313 square-foot building at 790 E. Colorado Blvd., a 211,792 square-foot building at 155 North Lake Avenue, and a 158,785 square-foot building at 35 North Lake.

The portfolio is 68 percent occupied, according to a statement issued by Chicago-based commercial real estate services firm JLL Monday.

The statement said Swift Real Estate Partners in San Francisco acquired the Pasadena portfolio for $193 million.

JLL represented the seller, an unnamed global investment manager, and procured the buyer, according to the report. JLL also secured the three-year, floating-rate $160-million acquisition loan through Nuveen Real Estate.

The JLL statement said The Pasadena Collection 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,” JLL said.

The Pasadena Collection is considered by the investors to be sufficiently close to Caltech, JPL and the Art Center College of Design.

“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,” JLL added.

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, JLL added.

JLL’s Michael Leggett, Andrew Harper and Matt McRoskey represented the seller. JLL’s Capital Markets team led by Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover.arranged the acquisition financing, the statement said.

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