Culver City, CA (October 15, 2014) – A joint venture between The Swig Company of San Francisco and Boston-based Intercontinental Real Estate Corporation has acquired the 75,300 square foot Fox Hills Business Park at 6100-6160 Bristol Parkway in Culver City in an all-cash transaction. Terms of the transaction were not disclosed.
Fox Hills Business Park is a four-building office campus in the Westside Los Angeles market of Culver City, which is seeing a spillover of interest from tenants seeking quality space to expand on the Westside without incurring the high rents of Santa Monica andPlaya Vista. The new owners plan to make a strong initial investment in the property to position it firmly as one of the signature creative office environments in the market.
“This acquisition provides an excellent opportunity to provide updated office product designed to cater to users desiring high-volume, open-plan layouts in an attractive campus setting and capitalizes on the strong economic activity rippling out from Santa Monica, Playa Vista and other Westside Los Angeles submarkets,” said Tomas Schoenberg, Senior Vice President of Investments for The Swig Company.
This is the first transaction Intercontinental has concluded in a joint venture with The Swig Company. Intercontinental made the investment on behalf of its latest fund, U.S. Real Estate Investment Fund, LLC, which already has investments in more than 28 commercial assets nationwide.
“We have been considering new acquisitions in both Southern and Northern California with The Swig Company for some time and this is a perfect asset for our partnership,” said Jessica Levin, Director of Acquisitions for Intercontinental. “Fox Hills is an attractive office investment which allows our joint venture the opportunity to reposition and add value over time by providing high quality space at a lower cost than other Westside locations,” she added.
Bob Safai and Matt Case of Madison Partners brokered the off-market transaction and Madison Partners has also been engaged by the new owners to handle the leasing assignment. Swig’s regional management team in Southern California, led by Vice President Cory Kristoff, will handle day-to-day operations.
About Intercontinental Real Estate Corporation:
Intercontinental Real Estate Corporation is a Boston, MA-based SEC registered investment adviser with expertise in real estate investment, development, asset management, and construction management. Since inception in 1959, Intercontinental has managed, developed, and owned over $8 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $3.2 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.Intercontinental.net for more information.
About The Swig Company:
The Swig Company, LLC (www.swigco.com) is a privately-owned, San Francisco based real estate operator and investor with a 78 year history of investment, development, partnership and management of commercial real estate properties in major markets throughout the United States. Founded in 1936 by Benjamin Swig, The Swig Company is today a vertically integrated platform that combines expertise in investment (both joint-ventures and wholly-owned assets), institutional-quality accounting and controls, proactive asset management, leasing, and property management, adds value to the portfolio and informs market perspective creating strong relationships among tenants, brokers, capital partners, and key community stakeholders. The Company’s real estate history provides a long-term perspective combined with agility and experience stewarding investors safely through many market cycles. These qualities have been the foundation for successful wealth creation and sustainability. With this foundation, The Swig Company continues to evolve a platform to merge its legacy and “generational thinking” with a growth platform based on experience, flexibility and nimbleness, keeping the company at the forefront of emerging trends in the commercial real estate industry.