Swift Real Estate Partners is investing $100m (€92m) on behalf of its third US value-add fund to acquire a 180,161sqft asset in California from Republic Urban Properties.
The Swift Real Estate Partners Fund III fund expects to invest $47.7m to buy the Gateway at Millbrae Station office and retail property in Millbrae, and will invest the additional capital needed to complete construction and improvement work on the asset.
The San Mateo County Transit District has recently committed to lease the office space of the property located south of San Francisco property to serve as its new headquarters.
Jack Waldsmith, a director at Swift, said: “We are thrilled to acquire such a well-located, high-quality office property despite a volatile market environment.
“This is a compelling opportunity that exemplifies the investments Swift is making in the office sector. This would be high-quality properties in the best markets with strong tenancy and cash flow.”
The transaction marks Swift’s first acquisition since April 2022, when they purchased the 425 Pontius office building in Seattle for $39.5m.
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