The Pasadena Collection, a three-building office portfolio, has sold for $193 million.
Swift Real Estate Partners purchased the property from an investment manager, brokerage Jones Lang LaSalle Inc. announced Nov. 11.
JLL’s Michael Leggett, Andrew Harper and Matt McRoskey represented the seller and found the buyer. JLL’s Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover also secured a $160 million loan from Nuveen Real Estate Ltd.
The Pasadena Collection comprises nearly 517,000 square feet, with roughly 146,000 square feet at 790 E. Colorado Blvd., nearly 212,000 square feet at 155 N. Lake Ave. and almost 159,000 square feet at 35 N. Lake Ave.
The portfolio was 68% occupied at the time of the sale.
The deal, according to a JLL press release, “provides Swift Real Estate Partners the opportunity to enhance each building’s image and reputation in the market through a significant capital improvement program in order to provide a best in class work environment to its tenants and appeal to new tenants coming into the dynamic Pasadena market.”
The Pasadena office market is in high demand. During the third quarter, vacancy in the city was only 11.7%, down from 15.2% during the same period the previous year. Asking rent was $3.79 per square foot, up from $3.20 the previous year.
The buildings in the Pasadena Collection complex were built in the early 1980s. It last sold in 2013 as part of a seven office-property sale for $405 million. CoStar Group Inc. estimates that the Pasadena Collection made up $183 million of the sale.
Swift Real Estate Partners recently raised a $500 million fund. This is the first transaction made by the fund.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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