December 6, 2018
Swift Real Estate Partners acquired a pair of San Francisco assets for a combined purchase price of $85 million. The properties include the historic Sharon Building at 55 New Montgomery St. (pictured), and 101 Utah St., a 74,000-square-foot light industrial building.
Swift bought the eight-story, 100,183-square-foot Sharon Building, home to the popular House of Shields bar, from an undisclosed private owner for $64.25 million. The building, constructed in 1912, was fully-leased to nearly 80 tenants when it came to market. It will be renovated and rebranded as 55 New Montgomery.
CBRE’s Mark Geisreiter handled the Sharon Building sale, while CBRE’s Mike Walker secured an acquisition loan.
The 50% occupied industrial property houses the Jewelry Center in the Showplace Square District, and was bought for $21 million. Swift’s value-add plans include repositioning the asset into a “modern, creative workspace.”
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