Swift Real Estate Partners, investing on behalf of its third US value-add fund, has acquired a $56m (€52.2m) office building located at 3495 Deer Creek Road in Palo Alto, California.
The manager’s Swift Real Estate Partners Fund III fund has acquired the fully-let 81,031sqft property from Pollack Financial Group. Eastdil Secured represented the seller in the transaction.
The Deer Creek Road office building has been fully leased for the past 20 years.
Christopher Peatross, founder and CEO of Swift, said: “The office segment will provide the best risk-adjusted returns in real estate in the coming years and we are actively investing in new opportunities in the strongest markets. The depth of dislocation in office today requires owners to have local market knowledge, deep relationships, and vertically integrated expertise to succeed.
“We are well suited to take advantage of opportunities in today’s market because of our experience, capabilities, and access to capital.”
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