OAKLAND, CA—The Swig Company purchased the Wakefield Building located at 426 17th St. in December 2014. Reflecting continued interest in the Uptown area of Oakland, an affiliate of The Swig Company has sold a 49% interest in the building to an affiliate of Stars Investments, a family-owned investment company headquartered in Santiago, Chile. It is the first partnership between the two firms and Stars' first investment in the Bay Area.
“We were introduced to Stars in early 2016 during their search for right Bay Area partner that not only shares their investment philosophy but also offered a robust integrated investment and operational platform,” Tomas Schoenberg, executive vice president of investments for The Swig Company, tells GlobeSt.com. “In addition to pursuing a sale of our interest in The Wakefield Building, we have pursued numerous other Bay Area investment opportunities together. We have found the Stars team to be very astute and extremely responsive. They understand what is required to compete effectively to execute on Bay Area real estate investment opportunities.”
The eight-story 56,676-square-foot landmark building is leased to six tenants and Powerhouse (formerly SfunCube), the solar energy incubator affiliated with Oakland-based Sungevity, occupies the top three floors. The building's proximity to the 19th Street BART station and Uptown's trendy bars and restaurants, combined with its classic architecture and open floor plans, has allowed the building to achieve some of the highest rents in the downtown creative office market.
“We are very excited to be entering the Oakland market with this investment and partnering with The Swig Company, an organization which we believe shares our values and our long-term approach towards real estate investing,” said Oscar Boettiger, head of real estate at Stars Investments.”
Seth Segal and Adam Lasoff of Cushman & Wakefield represented The Swig Company in the interest sale. The HFF team of Brandon Roth, Rob Bova and Bruce Ganong represented the new venture in securing the financing from JP Morgan Chase Bank. Tony Ratner of Farella Braun + Martel LLP, and Elliott Califfe and Michael Baum of Greenberg Traurig LLP provided legal representation for the transaction.
In connection with the interest sale, the new joint venture also received a new $10.45 million first mortgage loan secured by the property from JP Morgan Chase Bank.
As previously reported, Mason at Hive is a class-A market rate multifamily property, part of the larger Hive mixed-use development in Uptown Oakland.
OAKLAND, CA—The Swig Company purchased the Wakefield Building located at 426 17th St. in December 2014. Reflecting continued interest in the Uptown area of Oakland, an affiliate of The Swig Company has sold a 49% interest in the building to an affiliate of Stars Investments, a family-owned investment company headquartered in Santiago, Chile. It is the first partnership between the two firms and Stars' first investment in the Bay Area.
“We were introduced to Stars in early 2016 during their search for right Bay Area partner that not only shares their investment philosophy but also offered a robust integrated investment and operational platform,” Tomas Schoenberg, executive vice president of investments for The Swig Company, tells GlobeSt.com. “In addition to pursuing a sale of our interest in The Wakefield Building, we have pursued numerous other Bay Area investment opportunities together. We have found the Stars team to be very astute and extremely responsive. They understand what is required to compete effectively to execute on Bay Area real estate investment opportunities.”
The eight-story 56,676-square-foot landmark building is leased to six tenants and Powerhouse (formerly SfunCube), the solar energy incubator affiliated with Oakland-based Sungevity, occupies the top three floors. The building's proximity to the 19th Street BART station and Uptown's trendy bars and restaurants, combined with its classic architecture and open floor plans, has allowed the building to achieve some of the highest rents in the downtown creative office market.
“We are very excited to be entering the Oakland market with this investment and partnering with The Swig Company, an organization which we believe shares our values and our long-term approach towards real estate investing,” said Oscar Boettiger, head of real estate at Stars Investments.”
Seth Segal and Adam Lasoff of Cushman & Wakefield represented The Swig Company in the interest sale. The HFF team of Brandon Roth, Rob Bova and Bruce Ganong represented the new venture in securing the financing from
In connection with the interest sale, the new joint venture also received a new $10.45 million first mortgage loan secured by the property from
As previously reported, Mason at Hive is a class-A market rate multifamily property, part of the larger Hive mixed-use development in Uptown Oakland.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
