NorCal Likes Us, Ready to Make Its Move
We're used to NorCal investors only mining our area for electronic equipment and Hollywood starlets. Now they're here for our buildings. San Fran-based Swift Real Estate Partners acquired its first SoCal asset, the 67k SF 111 Pacifica in the Irvine Spectrum submarket.
Malcolm O’Donnell, who runs the Swift SoCal office in Irvine, tells us Orange County (and lots of SoCal) lagged behind NorCal's tech-infused recovery. Now, after four-plus years of declining rents, we're moving up and vacancy is declining. Orange County is rebounding with positive job growth, "but it's hardly robust yet.”
Now’s the time to get in, Malcolm says: There have been pockets of strength, but it's "overall improving fundamentals that will provide opportunities." Swift acquired the property from Kilroy Realty in a deal brokered by JLL’s Bob Prendergast and Baker Morphy. 111 Pacifica is 74% leased with major tenants including Lee & Associates, Hall & Co, and RLI Insurance Co. (If you've got an ampersand, they've got the property for you.)