Acquisition Marks Venture’s Third Foray into Roseville Area
Roseville, Calif.- The developer Barker Pacific Group (BPG) and investment firm WHI Real Estate Partners L.P. (WHIREP) have acquired Douglas Corporate Center in Roseville, CA-the venture’s third Class-A office acquisition in the area. Totaling 213,982 square feet, the two-building complex further solidifies BPG and WHIREP’s presence in the burgeoning Roseville market. This purchase brings BPG and WHIREP’s office space ownership in Roseville to just under 600,000 square feet, making them one of largest office building owners in the area.
Located at 2901 Douglas Boulevard in Roseville’s Douglas Corridor, the complex is in a convenient and desirable location for tenants and visitors. The venture’s other Roseville projects include nearby Olympus Corporate Centre and Lava Ridge Business Park.
“Douglas Corporate Center is another promising Roseville asset and we’re excited to begin modernizing and managing the project,” says Michael Barker, Managing Director and CEO of BPG. “The complex has an impressive list of current tenants, including New York Life Insurance, Ernst & Young LLP and Kratos Defense. We see a great opportunity to add value to this property, and we look forward to further investing in the Roseville market.”
No brokers were involved in the acquisition of Douglas Corporate Center-the joint venture purchased the property through auction, and secured debt financing from BBVA Compass Bank. Chris Lemmon and Zac Collie of Newmark Cornish & Carey will handle leasing for the property, continuing their relationship with Barker Pacific’s Roseville office portfolio.
“With the acquisition of Douglas Corporate, BPG and WHIREP are proud to be one of the largest owners and operators of office space in Roseville,” says Barker. “The city has been and continues to be an attractive office market, and we’re excited to play a larger role in the future of this emerging area.”