Ellis Partners Trades $45M CA Office Campus
- Aug 20, 2018
Vectra Management Group (VMG) has purchased The Summit at Douglas Ridge, a 185,541-square-foot Class A office campus outside Sacramento, Calif., for $44.5 million. The buyer financed the acquisition with $32.2 million in financing provided by Umpqua Bank.
The seller, Ellis Partners, picked up the two buildings in December 2012 as part of a nearly 700,000-square-foot office portfolio valued at $73 million from Hines Interests, according to Yardi Matrix. Earlier this year, an Ellis-led joint venture broke ground on a Class A office development in Oakland, Calif.
Located at 3721 and 3741 Douglas Blvd. in Roseville, the two three-story buildings are situated among a number of other low-rise office properties. Approximately 2 miles from Interstate 80, the asset is additionally accessible via a local bus route.
The two buildings opened its doors in 2005 under the ownership of The Westerra Group. The campus is home to Care Innovations, McCarthy Building Cos. and Charles Schwab. The structures have a combined vacancy rate of 14.4 percent, according to Yardi Matrix data from August 2018.
“Roseville has experienced significant absorption and rent growth in recent years, with limited addition to supply,” said Raju Shah, managing director of VMG, in a prepared statement. “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.”
The new owner has chosen Cushman & Wakefield to manage the two buildings.
Image courtesy of Yardi Matrix