San Francisco, CA (August 26, 2014) – The Swig Company has acquired a 72,500 s.f. creative office complex and adjacent parking garage located at 443 South Raymond Avenue in Pasadena, California. The property is fully leased to Disney Stores USA and serves as the company’s world headquarters. Disney Stores USA is a wholly-owned subsidiary of the Walt Disney Company, Inc.
The single-story plus mezzanine property was built in 1922 to house the Royal Laundry Company’s warehouse and laundry operation. The historic property underwent a significant renovation in 2005 and was re-introduced to the market as a creative office and design environment with high-volume, open-plan space featuring wooden truss and saw-tooth roof systems. An attached four-level parking structure has capacity for 225 cars.
“Pasadena is one of several markets we have targeted for additional portfolio growth because it offers one of the best live/work/play environments in the Los Angeles Basin along with outstanding access to public transportation, all factors which are attractive to companies looking to attract and retain talent,” said Tomas Schoenberg, Director of Investments, The Swig Company.
Terms of the transaction were not disclosed. The Swig Company represented itself in the transaction. Brokers Bob Safai and Matt Case of Madison Partners represented the seller, Karlin Real Estate.
This building is the second purchased by The Swig Company in Pasadena in recent years. The company also owns an historic building at 595 East Colorado Boulevard in the city’s Playhouse District. Earlier this month, The Swig Company announced plans to renovate and re-position 1460 Broadway, a 16-story office building with ground floor retail space one block south of Times Square on the border between New York’s Garment and Theater Districts.
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.