Dealmaker: Swift Real Estate Partners Buys San Diego High-Rise

Swift Real Estate Partners, San Francisco, acquired 530 B in downtown San Diego from Bosa Development, Burnaby, British Columbia.

Neither firm released financial information, but the San Diego Business Journal reported Swift paid $57.7 million for the 24-story asset.

Swift focuses on northern California but selectively acquires and repositions office and industrial assets in other West Coast markets.

“With Downtown San Diego experiencing its highest historical net absorption in 2016 and a significant decrease in vacancy combined with the continued growth of the downtown population, the Five Thirty B offering attracted significant interest from investors,” said CBRE Capital Markets Executive Vice President Louay Alsadek.

Alsadek and CBRE Capital Markets Senior Associate Hunter Rowe advised Swift in the transaction. CBRE Senior Vice President Matt Carlson, Vice President Jeff Oesterblad and Senior Associate Ryan Grant handle leasing for the 88 percent occupied property.

The building at 530 B Street in San Diego’s B Street Corridor totals 230,000 LEED Gold-certified rentable square feet.

Real Estate News Television said Bosa Development purchased 530 B for $53.2 million from Kearny Real Estate Co., Los Angeles, in 2016.