Swift Real Estate Partners landed a $150 million loan from ACORE Capital to fund its acquisition of a three-building office complex in El Segundo.
The San Francisco-based investment firm purchased 2200-2230 East Imperial Highway from a joint venture between GI Partners and CalPERS in a deal that closed this week, sources told The Real Deal.
CBRE brokered the sale and financing.
The sale price was not immediately clear, but the site last traded hands for $112.5 million in July 2013, according to Real Capital Analytics. The partners had bought the 550,000-square-foot complex from Hines as part of a larger portfolio deal, which also included One Wilshire, a 31-story office tower at 624 S. Grand Avenue in Los Angeles.
The complex is fully occupied by aerospace and defense company Raytheon and DirecTV, whose leases expire in 2022 and 2028, respectively, according to data analytics firm Trepp. Part of the financing will be used toward renovations on the property. The loan carries a 94-month term.
“The property is located in a strong submarket and will benefit from significant upgrades to the common spaces to help attract and retain tenants,” said Josh Katzin, a managing director at ACORE.
Swift, headed by Christopher Peatross, also owns office buildings in San Francisco, San Mateo and Concord, according to its website.
Swift and GI Partners were not immediately available for comment, and representatives for CalPERS and CBRE declined to comment.
The city of El Segundo recently unveiled a proposal to transform 120 acres of its Smoky Hollow neighborhood into a hub for creative tenants. A change in the zoning code would be needed to allow for the development of roughly 3 million square feet of office, industrial and public housing over the next couple of decades.