Swift Real Estate Lands $112M Refi for San Diego Campus

CBRE Capital Markets secured the floating-rate loan with Annaly Commercial Real Estate Group.
Rancho Vista Corporate Center
Rancho Vista Corporate Center

Swift Real Estate Partners has obtained a $111.5 million loan to refinance Rancho Vista Corporate Center, an 817,000-square-foot office and research & development campus in San Diego. CBRE Capital Markets secured the floating-rate financing with Annaly Commercial Real Estate Group on behalf of the borrower. Swift purchased the Class B asset in 2016 for $69 million from Hewlett-Packard, according to Yardi Matrix data.

Located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket, Rancho Vista Corporate Center consists of seven buildings developed in phases, in 1970, 1988 and 1996, on 67.5 acres. Amenities include a conference center, café, basketball court and volleyball court. The property is currently fully leased, according to Yardi Matrix data.

After the 2016 purchase, Swift immediately started a $70 million transformation of the entire campus. Upgrades included the addition of a fitness center, an exterior renovation and landscaping, as well as the conversion of one of the buildings from research & development use to Class A creative office. Design firm Ware Malcomb and general contractor Level 10 Construction completed the campus redevelopment in 2018.

The campus is roughly 23 miles north of downtown San Diego, within the 588-acre Rancho Bernardo Industrial Park, 1 mile west of Interstate 15. Several restaurants, hotels and shopping malls are in the immediate area, including Plaza at Rancho Bernardo and Rancho Bernardo Town Center.

CBRE’s Mike Walker and Brad Zampa, together with Megan Woodring and Taylor Shepard, were part of the Debt & Structured Finance team providing the borrower with the financing.