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Swift Acquires Mixed-Use Building at Millbrae BART/Caltrain Station
Swift Real Estate Partners acquired Gateway at Millbrae Station, a 180,161-square-foot mixed-use office and retail property at 166 N. Rollins Rd. in Millbrae for $47.7 million, or $265 per square foot, from Republic Urban Properties. Located at the Millbrae BART/Caltrain station, the newly constructed shell building is part of one of the largest multi-modal transit-oriented developments in the western U.S.
The property, constructed in 2023, consists of three stories of office above two stories of parking and ground-floor retail. San Mateo County Transit District (Samtrans) recently leased the entirety of the office portion for its new headquarters. Swift will complete construction of improvements at the property, which will entail an overall investment exceeding $100 million.
“This is a compelling opportunity that exemplifies the investments Swift is making in the office sector – high-quality properties in the best markets with strong tenancy and cash flow,” said Jack Waldsmith, director at Swift. “Samtrans’ long-term commitment to the property is a testament to its appeal and we look forward to bringing this building to life.”
Eastdil Secured brokered the sale transaction and CBRE brokered the lease transaction.
Rendering courtesy of CBRE.
- ◦Sale/Acquisition
