U.S. Swift Real Estate buys office portfolio in Washington for $59.3 mln

California-based real estate investment firm Swift Real Estate Partners has acquired the Bellevue 520 Corridor office portfolio (520 portfolio) in the Puget Sound region, Washington for $59.3 million.

Swift bought the 520 Portfolio, comprised of Bel Kirk 520 and Centra Office Park, from rivals Regis Metro Associates and Schnitzer West, LLC, which will further perform property management services for the asset on behalf of Swift.

Bel Kirk 520 consists of two, two-story buildings with 94,221 rentable square feet whereas Centra Office Park, a two-building, three-story development, includes 91,706 rentable square feet, as well as an on-site micro-market.

Swift paid $26.7 million for the Bel Kirk 520 buildings with the ground lease in place and also paid $32.6 million for Centra Office Park, expanding its presence in suburban Bellevue to nearly 600,000 square feet.