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Swift Real Estate Partners Spends $55.65 Mil on Bay Area Office/R&D Asset

3/18/20

Swift Real Estate Partners closed on its purchase of Hellyer Oaks Technology Park, a 347k sf office/R&D property in San Jose, for $55.65 mil ($160/sf). The transaction was financed with a $45.3 mil acquisition loan arranged by CBRE.

Hellyer Oaks Technology Park consists of two inter-connected buildings and sits on just under 21 acres at 5215 and 5225 Hellyer Ave, east of Hwy 101. The property is 85% leased to a diverse tenant roster. The seller, Vertical Ventures, invested over $5.4 mil in capital improvements at the property over the past three years, including improvements to the building’s lobbies, corridors, restrooms, fitness center, and management office.

Hellyer Oaks Technology Park is located near highways 101 and 85, and one mile away from the Blossom Hill Caltrain Station. Nearly 3,400 residential units were recently built less than two miles from the property and more than 400k sf of new retail has been completed, including Village Oaks.

Scott Prosser, Joseph Moriarty and Jack DePuy of CBRE’s San Jose office, along with Russell Ingrum of CBRE’s San Francisco office, represented Vertical Ventures in the deal. Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard, also with CBRE, repped Swift Real Estate Partners, as their acquisition financing advisor. The team arranged a six-year, non-recourse financing at a competitive spread priced over 30-day LIBOR. The balance sheet loan was provided by an east-coast based bank and will finance the acquisition, including additional proceeds for future capex and tenant improvements.

“Banks are gravitating now more than ever to assets like Hellyer Oaks; well-leased, cash flowing and located in a growth area of a top West Coast market. The strength of the asset and location coupled with best-in-class institutional sponsorship checked all the boxes for debt providers,” commented Walker.

According to CBRE research, the South San Jose R&D market has been one of the best performing markets in Silicon Valley since 2014 with nearly two million square feet of occupancy gains.





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