JLL brokers $193M sale, $160M financing of office portfolio

LOS ANGELES, November 11, 2019 – JLL announced today that it has closed the $193M sale and $160M financing of The Pasadena Collection, an institutional quality three-property office portfolio totaling 516,890 square feet in Pasadena, California.

JLL represented the seller, a global investment manager, and procured the buyer, Swift Real Estate Partners.  Additionally, JLL worked on behalf of Swift, to secure the three-year, floating-rate acquisition loan through Nuveen Real Estate. 

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% occupancy, the portfolio 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. 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.

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.

The JLL Capital Markets team that represented the seller was 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.    

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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