Swift Real Estate Partners Acquires 101 Utah in San Francisco for $21MM

(EDITOR’S NOTE: According to sources with direct knowledge of the transaction detail, the property was sold for $21 million, or just under $284 per square foot. The buyer worked with San Francisco office of CBRE to secure $33 million in financing for the acquisition and repositioning of the asset. Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE’s San Francisco Institutional Debt & Structured Finance team arranged the five-year, non-recourse, floating-rate acquisition financing on behalf of Swift Real Estate Partners, according to a statement by CBRE. Financing was provided by a relative new entrant into the lending space who has recently raised a discretionary $1 billion+ investment vehicle targeting value-add lending opportunities with best-in-class sponsor borrowers in gateway markets.

Mike Walker, who led the financing for CBRE said, “Debt capital continues to gravitate disproportionally to elite sponsors like Swift Real Estate Partners, especially when there is a substantial rehab and lease-up component. Sponsorship is paramount on transactions like this. However, this is also an incredibly exciting location within San Francisco. The Showplace Square District is an established design and tech market with some of the better known social media, software and gaming companies headquartered and located there. It’s now evolving into a mixed-use submarket as housing is being developed and exciting food concepts are taking hold. It’s also only a few minutes away from where the new Chase Arena is being built.”

Situated in the highly desirable Showplace Square District, the two-story building is an approximately 74,000-sq.ft. showroom that will be modernized into a cutting edge “jewel box” PDR headquarters or multi-tenant workplace. The property benefits from two areas of shared and dedicated parking with convenient access to the on-ramp of the I-80, US 101 and the San Francisco Caltrain Station. The neighborhood has been deemed the “Social Media Triangle” and is favored by technology companies such as Zynga, Adobe, Dolby, Jawbone, Warner Brothers Games and many others.)

San Francisco, Calif. (December 4th, 2018) — Swift Real Estate Partners acquires 101 Utah, located in San Francisco’s Showplace Square District. The owner operator has expanded in their headquarter city with this, and the concurrent acquisition of 55 New Montgomery.

101 Utah is a two-story 74,000 square foot PDR (Production, Distribution & Repair) building located in the Showplace Square District of San Francisco. The building is currently 50% leased to 40 different tenants. They are excited about this asset class.

Key features of the building are the prominent freeway visibility and billboard signage. Three sides of the asset can be seen by US-101 offering tenants significant identity. The asset’s billboard signage adds substantial value to the property. One of the more interesting components of the building is the 20,000 square roof that can be used for future tenant use. The building also offers tenants exclusive and secured parking, a rarity for its location.

“We jumped on the opportunity to purchase 101 Utah. We understand the building’s complexity and are excited to see how we can reposition and add value,” said Nate Carlson, the Asset Manager of the acquisition.

For more about Swift’s acquisition, please contact info@swiftrp.com.

About Swift Real Estate Partners
Headquartered in San Francisco, Swift Real Estate Partners (“Swift”) is a vertically integrated real estate investment firm which seeks to generate attractive risk-adjusted returns for its investors. Swift acquires and repositions office and industrial assets in select West Coast markets, identifying unique opportunities and executing well-defined business plans while providing real-time, day-to-day oversight for each investment. Since inception, Swift has owned and operated real estate valued in excess of $3 billion across more than 8 million square feet. Swift’s professionals bring experience encompassing all aspects of real estate investment and management, including acquisition, financing, leasing, disposition, construction management, property management and creative and marketing services. Swift was founded in 2010 by Christopher Peatross.

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