A real estate firm recently purchased a condominium interest in California. Swift Real Estate acquired an interest in an office asset spanning more than 219,000 square feet in San Francisco. These properties featuring commercial leases remain in demand in other parts of the state as well, including in Los Angeles.
The real estate firm paid more than $109 million for the condo interest, which Broadreach Capital owned after purchasing it for more than $42 million back in 2007. The property, which was renovated at that time, features retail space on the ground level and houses noteworthy tenants, including the City of San Francisco and Twitter. San Francisco in 2017 renewed a lease for more than 69,000 square feet, which it is using for its city attorney’s office.
The real estate investment firm has acquired several properties over the past 12 months in key real estate markets along the West Coast. For instance, it recently added an office property in Silicon Valley as well as an office tower in San Diego. However, the company has also sold multiple properties and generated profits during the past 12 months in such areas as Irvine, California, and Portland, Oregon.
Purchasing and selling properties featuring commercial leases can be both an exciting and a daunting undertaking. This is especially the case for those who have never gone through the process before. However, a real estate attorney in Los Angeles can provide the necessary guidance to cross every “t” and dot every “i” during even the most complicated commercial real estate transactions in the Golden State.
Source: cpexecutive.com, “Swift Real Estate Grabs $110M SF Office Tower“, Barbra Murray, May 23, 2018