SAN FRANCISCO, CA – January 2, 2018 – CBRE Capital Markets’ Debt & Structured Finance team has secured a $18.8 million loan for the acquisition of 4640 Lankershim Boulevard, a 74,000-square-foot, Class A office building in North Hollywood, California.
Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE’s San Francisco office arranged the floating rate loan on behalf of an entity owned and controlled by Swift Real Estate Partners. Financing was provided by a foreign bank. Swift Real Estate Partners purchased the Property in an off-market transaction facilitated by Mike Longo, Sean Sullivan and Todd Tydlaska of CBRE’s Investment Sales team in El Segundo.
“I’m thrilled with the outcome of this execution,” said Mr. Walker, senior vice president, Debt & Structured Finance, CBRE. “Both domestic and foreign banks as well as mid-market life companies competed aggressively to finance this property. The diversified tenant base, burgeoning location and top-tier sponsorship attracted a variety of institutional lenders.”
“4640 Lankershim is a well-positioned boutique creative office project with abundant parking and easy freeway access. It offers tenants a discounted alternative to neighboring Burbank and Hollywood markets. Swift was eager to add this property to its growing North Hollywood portfolio,” said Kelsey Schultes of Swift Real Estate Partners.
4640 Lankershim is strategically located in the highly sought-after Media District submarket of Los Angeles. Prominently located in North Hollywood’s thriving media district, the Property is currently 70% occupied by eight tenants. The property sits adjacent to three major freeways and is just blocks away from the NoHo Metro subway station which provides excellent regional public transportation.
The high barrier to entry North Hollywood submarket has experienced 34% rent growth in the past four years as many companies migrate from Hollywood due to the lack of desirable vacancy and a better occupancy cost. With no new office supply expected to deliver in 2018 and offering the live/work/play environment tenants covet today, North Hollywood is primed for continued growth.
About Swift Real Estate Partners, Inc.
Swift Real Estate Partners is an independent and vertically integrated real estate investment firm which seeks to generate attractive risk-adjusted returns for its investors. Swift selectively acquires and repositions office and industrial assets in select West Coast markets, focusing on the San Francisco Bay Area, Southern California and the Pacific Northwest. Swift identifies unique opportunities and executes well-defined business plans. Swift’s professionals bring experience encompassing all aspects of real estate investment and management including acquisition, financing, leasing, disposition, and construction management. Founded in 2010 and headquartered in San Francisco, Swift Real Estate Partners, through their various funds, owns over 30 properties and has approximately $1.2 billion of assets under management. www.swift-rp.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.