PASADENA, CA-San Francisco-based investment firm the Swig Co. has acquired an eight-story, 85,860-square-foot office building at 595 Colorado Blvd. building in a deal that advances its long-term goal of expanding its presence in Southern California, the company says. The building, in the Playhouse District of Downtown Pasadena, was sold by Equity One, a retail REIT based in Miami. The sale was facilitated by Tom Bohlinger and Michael Longo of CBRE’s Institutional Sales Group, based in Los Angeles.
Jeanne Myerson, president and CEO of the Swig Co., commented in an announcement regarding the deal: "This acquisition furthers our long-term goal of expanding our presence in Southern California and offers a compelling opportunity to add value to a well located, strategic asset over time.” Terms of the sale were not disclosed, but an industry source says that Swig paid $16.7 million for the building.
Built in 1928 and renovated substantially in the 1950s and again in the 1970s, 595 Colorado is 85% leased. The major tenant is Bank of the West, which operates a full service bank branch on the first floor and which is also a major tenant of the Swig Company in Downtown San Francisco.
Swig describes the building tenants as "a strong base of sole practitioner tenants, particularly mental health professionals, attracted to the building’s narrower floor plates along Colorado Avenue. The building sits on the Rose Parade route in Downtown Pasadena and includes 204 covered reserved parking spaces in addition to ample additional unreserved covered parking.
Tomas Schoenberg, SVP of investments for Swig, commented: "Through a careful and considered program of capital improvements and proactive management, we plan to further advance its appeal to a wide range of tenants, including those already in the building."
The property is four blocks from the Pasadena Conference Center and Civic Auditorium and a short walk to the Del Mar, Memorial Park and Lake stations on the LA Metro Gold Line. The surrounding area is served by a variety of retail amenities including numerous restaurants, cafes and eateries.
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