The Swig Co. JV Sells LA Creative Campus
- Feb 14, 2019
A partnership between The Swig Co. and Intercontinental Real Estate Corp. has sold Bristol 61, a 75,941-square-foot creative office campus in Culver City, Calif. Alexandria Real Estate Equities purchased the property for $39.2 million, according to Yardi Matrix data. The joint venture had acquired the four-building asset in 2014 for $20.2 million from EverWest Real Estate Partners.
Built in 1979, the property is located at 6100-6160 Bristol Parkway in the Corporate Pointe submarket, adjacent to a dense residential area, and offers easy access to freeways 405 and 10. Bristol 61 is positioned less than 5 miles away from LAX and less than 3 miles from the offices of YouTube and Facebook. The former owner spent four years to modernize the asset previously known as Fox Hills Business Park and in 2015 rebranded it as Bristol 61. According to Yardi Matrix, tenants include Siemens and the Los Angeles County Office of the Assessor.
“We saw the potential of this property to offer a lower cost alternative to smaller companies wanting the same creative campus atmosphere being offered in Playa Vista,” said Tomas Schoenberg, executive vice president of investments for The Swig, in prepared remarks.
NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Rob Hannan and Senior Managing Director Laura Stumm brokered the sale, while Andrea Salvi of law firm Bradley & Associates represented the seller in the transaction. Shannon was also part of the NKF team that mediated the $19 million sale of Cornerstone Plaza in San Diego.
Image courtesy of Intercontinental Real Estate Corp.