VMG Pays Nearly $45M for Summit at Douglas Ridge
Palmer Capital represented both VMG and Ellis Partners and secured $32.2 million of financing for the transaction from Umpqua Bank’s commercial banking division.
ROSEVILLE, CA—Vectra Management Group has acquired two office buildings in this tight submarket of Sacramento, CA from Ellis Partners of San Francisco for $44.5 million.
Summit Associates, LLC, a VMG-controlled real estate holding company, purchased the properties at 3721 and 3741 Douglas Blvd. in Roseville, which total 185,000 square feet.
Palmer Capital represented both VMG and Ellis Partners and secured $32.2 million of financing for the transaction from Umpqua Bank’s commercial banking division. VMG managing director Raju Shah and director Bryan Barnes led the VMG team on the financing and purchase of the properties.
The Summit at Douglas Ridge office buildings, which were constructed in 2003 and 2005, are located at Douglas Boulevard and Sierra College Boulevard near the executive residential enclave of Granite Bay.
“Roseville has experienced significant absorption and rent growth in recent years, with limited addition to supply. We view this acquisition as a unique opportunity for us to acquire two best-in-class buildings in a highly sought after, supply constrained, dynamic submarket,” states VMG’s Shah.
VMG, which specializes in office, retail and industrial properties, reports it has retained Cushman & Wakefield for property management services. The real estate investment, development and management company, maintains offices in Salt Lake City, New York City and Los Angeles.