ROSEVILLE, CA—Given the lively pace of the Bay Area market, regional acquisition choices are a welcome alternative for investors. Having bounced back from the recession, Sacramento is providing that type of option.
Class-A office assets in Roseville seem to fit the bill, such as Lava Ridge Business Center situated on 12.03 acres. It consists of three two-story multi-tenant buildings totaling 182,302 square feet. Current tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance and Wells Fargo.
The buildings, located at 2990, 3000 and 3010 Lava Ridge Ct., were built in 2000 and feature a campus-like setting with market-ready floor plates adaptable to a variety of tenant needs and sizes. More than 5 million square feet of regional retail amenities are within a two-mile radius of the property, including the region's fortress mall, the Nordstrom-anchored Westfield Galleria at Roseville.
Barker Pacific Group recently entered into a joint venture with WHI Real Estate Partners to acquire the business center, for a reported $27.6 million or approximately $151 per square foot, GlobeSt.com learns. The Palmer Capital team, consisting of Bill Palmer, Ryan Thompson and Brad Idleman, brokered the sale of the property. Palmer Capital's Jeremy Thornton assisted the JV in securing new lender financing from Compass Bank of approximately $21.5 million.
“The Roseville/Sacramento market currently offers better opportunities for value add investing than the Bay Area,” Michael Barker, Barker Pacific Group's managing director and CEO, tells GlobeSt.com. “We are currently looking closely at another deal in the market and have had good leasing interest on our Lava Ridge property since we closed escrow. We'll invest a few million to upgrade the properties to meet today's standards, adding more convenient entries from the parking areas and adding a garden area for employees to enjoy at lunchtime.”
Chris Lemmon and Zac Collie of Newmark Cornish & Carey are Lava Ridge's new leasing agents, tasked with accelerating occupancy and rents through renovations. This efforts will include updated lobbies, new building signage and construction of a new lobby at the rear of the 3010 Building that will provide better access to parking.
“Lava Ridge Business Center is located in a beautiful and amenity-rich area in Roseville that features spectacular valley and mountain views from both tenant and outdoor plaza areas,” said Barker. “The Roseville office submarket is the premier suburban office location in the Sacramento region and there is significant opportunity to reposition the asset.”
The acquisition of Lava Park Business Center is the JV's first foray into the Sacramento market, and the partnership will continue to search for value-add office properties.
“Roseville is the second largest jobs center in the region and the Douglas Corridor in particular is highly desirable,” said WHI Real Estate Partners' Beau Wittmer. “Lava Ridge is an excellent opportunity to break into this exciting market and we are thrilled to partner with BPG on the acquisition.”
ROSEVILLE, CA—Given the lively pace of the Bay Area market, regional acquisition choices are a welcome alternative for investors. Having bounced back from the recession, Sacramento is providing that type of option.
Class-A office assets in Roseville seem to fit the bill, such as Lava Ridge Business Center situated on 12.03 acres. It consists of three two-story multi-tenant buildings totaling 182,302 square feet. Current tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance and
The buildings, located at 2990, 3000 and 3010 Lava Ridge Ct., were built in 2000 and feature a campus-like setting with market-ready floor plates adaptable to a variety of tenant needs and sizes. More than 5 million square feet of regional retail amenities are within a two-mile radius of the property, including the region's fortress mall, the Nordstrom-anchored Westfield Galleria at Roseville.
Barker Pacific Group recently entered into a joint venture with WHI Real Estate Partners to acquire the business center, for a reported $27.6 million or approximately $151 per square foot, GlobeSt.com learns. The Palmer Capital team, consisting of Bill Palmer, Ryan Thompson and Brad Idleman, brokered the sale of the property. Palmer Capital's Jeremy Thornton assisted the JV in securing new lender financing from
“The Roseville/Sacramento market currently offers better opportunities for value add investing than the Bay Area,” Michael Barker, Barker Pacific Group's managing director and CEO, tells GlobeSt.com. “We are currently looking closely at another deal in the market and have had good leasing interest on our Lava Ridge property since we closed escrow. We'll invest a few million to upgrade the properties to meet today's standards, adding more convenient entries from the parking areas and adding a garden area for employees to enjoy at lunchtime.”
Chris Lemmon and Zac Collie of Newmark Cornish & Carey are Lava Ridge's new leasing agents, tasked with accelerating occupancy and rents through renovations. This efforts will include updated lobbies, new building signage and construction of a new lobby at the rear of the 3010 Building that will provide better access to parking.
“Lava Ridge Business Center is located in a beautiful and amenity-rich area in Roseville that features spectacular valley and mountain views from both tenant and outdoor plaza areas,” said Barker. “The Roseville office submarket is the premier suburban office location in the Sacramento region and there is significant opportunity to reposition the asset.”
The acquisition of Lava Park Business Center is the JV's first foray into the Sacramento market, and the partnership will continue to search for value-add office properties.
“Roseville is the second largest jobs center in the region and the Douglas Corridor in particular is highly desirable,” said WHI Real Estate Partners' Beau Wittmer. “Lava Ridge is an excellent opportunity to break into this exciting market and we are thrilled to partner with BPG on the acquisition.”
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