In a deal that closed in the waning days of August, San Francisco-based Swift Real Estate Partners sold two buildings in Santa Clara to an entity associated with Los Angeles-based Fortune Realty. The properties, located at 2400 and 2424 Walsh Avenue sold for $27.6 million, or just over $308 per combined square foot, according to public documents. Both buildings are late seventies vintage properties, single story structures that total around 90,000 square feet.
The larger of the two buildings, 2400 Walsh Avenue is occupied by Institute for Business & Technology, while the second building has a new technology tenant that has recently signed a lease at the property, according to a report by the Silicon Valley Business Journal.
In July of 2014, The Registry reported that Swift had acquired these two properties in a portfolio purchase from San Francisco-based DivcoWest Properties. Swift Realty paid $83 million to acquire the seven-property portfolio. The five assets in Santa Clara were situated at 2400, 2424, 2630 and 2710 Walsh Avenue and 2855 Bowers Avenue. The buildings in Sunnyvale are located at 928 and 930 East Arques Avenue. The investment was made in the Swift Real Estate Partners Fund I.
Swift has been active in the market recently and has both acquired and sold properties across the wider Bay Area region. In August, the company sold the 358,589 square foot One Concord Center for $70.5 million, or roughly $197 per square foot. In March of 2017, Swift purchased an Apple-leased building at 10900 North Tantau Avenue in Cupertino for $78 million, or $760 per square foot for the 102,000 square foot building. The seller was Alecta, a Swedish occupational pension fund manager.
In 2016, Swift sold a total of nine properties for a total of $282 million or $289 per square foot. These same properties had been acquired by the real estate investor over the previous few years for $172.7 million or $177 per square foot, adding over $100 million of additional value. Six of the nine transactions were located in the San Francisco Bay Area. The other three properties were two properties in Portland and one in Irvine.