{"id":1004401151,"date":"2020-03-19T05:16:53","date_gmt":"2020-03-19T13:16:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004401151"},"modified":"2021-05-15T06:42:59","modified_gmt":"2021-05-15T14:42:59","slug":"swift-real-estate-partners-strikes-56m-deal-in-san-jose","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-partners-strikes-56m-deal-in-san-jose\/","title":{"rendered":"Swift Real Estate Partners Strikes $56M Deal in San Jose"},"content":{"rendered":"
\"\"<\/a>

Hellyer Oaks Technology Park. Image courtesy of CBRE<\/em><\/p><\/div>\n

In a $55.6 million deal, Swift Real Estate Partners, of San Francisco, has purchased the 347,000-square-foot Hellyer Oaks Technology Park in San Jose. CBRE represented the seller, Vertical Ventures, of Walnut Creek, Calif., and also arranged the acquisition financing.<\/p>\n

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READ ALSO<\/strong>: Swift Sells Downtown Sacramento Office Building<\/a><\/p>\n

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Completed in 1984, the Class B park consists of two interconnected office\/R&D buildings at 5215 and 5225 Hellyer Ave. in San Jose. Completed in 1984 and renovated in 2017, the project sits on nearly 21 acres and reportedly is 85 percent leased to a diverse tenant roster. Major tenants include Edgewater Networks and Tabuchi Electric, according to information provided to Commercial Property Executive<\/em> by Yardi Matrix.<\/p>\n

Since the prior renovation, Vertical Ventures reportedly has invested more than $5.4 million in capital improvements at the property, including upgrades to the buildings\u2019 lobbies, corridors, restrooms and fitness center.<\/p>\n

Hellyer Oaks Technology Park is near Highways 101 and 85 and 1 mile from the Blossom Hill Caltrain Station. Nearly 3,400 residential units and more than 400,000 square feet of retail (including Village Oaks) have recently been completed less than 2 miles from the park.  <\/p>\n

Scott Prosser, Joseph Moriarty and Jack DePuy of CBRE\u2019s San Jose office, and Russell Ingrum of the San Francisco office represented Vertical Ventures in the sale. CBRE Capital Markets\u2019 Debt & Structured Finance team in San Francisco, led by Mike Walker and Brad Zampa and including Megan Woodring and Taylor Shepard, represented Swift as acquisition financing advisor.<\/p>\n

The team arranged a $45.3 million, six-year, non-recourse financing at a competitive spread priced over 30-day LIBOR. The balance sheet loan was provided by an East Coast\u2013based bank to finance the acquisition, along with additional proceeds for future capital expenditures and tenant improvements.<\/p>\n

West Coast flurry<\/h2>\n

Swift has been a very active purchaser on the West Coast in recent months. In August, the company bought two office properties<\/a> in Bellevue, Wash., for nearly $60 million. In November, Swift acquired a three-building, 516,890-square-foot office portfolio<\/a> in Pasadena, Calif., for $193 million. The seller was PGIM Real Estate. And barely two weeks ago, Swift struck again in Bellevue, purchasing a five-story, 153,317-square-foot office building<\/a> for $23.6 million.<\/p>\n

According to CBRE research, the South San Jose R&D market has been one of Silicon Valley\u2019s best-performing markets since 2014, with nearly 2 million square feet of occupancy gains.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is the new owner of a two-building office campus. CBRE both represented the seller and arranged acquisition financing.<\/p>\n","protected":false},"author":882,"featured_media":1004401214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,36079,15],"tags":[32789,35046,34208],"class_list":["post-1004401151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-san-jose","category-west","tag-cbre","tag-cbre-capital-markets","tag-swift-real-estate-partners"],"acf":[],"yoast_head":"\nSwift Real Estate Partners Strikes $56M Deal in San Jose - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/swift-real-estate-partners-strikes-56m-deal-in-san-jose\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swift Real Estate Partners Strikes $56M Deal in San Jose\" \/>\n<meta property=\"og:description\" content=\"The company is the new owner of a two-building office campus. 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