Roseville, Calif. – Ellis Partners announced today that it has generated significant leasing activity in its sprawling ten building portfolio in Roseville along Douglas Boulevard. Through 32 tenant transactions, Ellis Partners is contributing to the rebound of the Roseville economy.
In its first eight months of ownership, the firm has leased a total of 123,000 square feet, including adding 77,000 square feet of new tenants to its portfolio. These include:
- MillerCoors’ regional sales office has relocated and expanded into a new state of the art space and now occupies over 13,000 square feet at The Summit.
- First American Title will move to nearly 20,000 square feet at 3300 Douglas Boulevard this November. It will maintain its Douglas Boulevard premier business address while retaining signage and enjoying a major renovation of the property.
- KB Homes is moving from Natomas to Roseville and leasing approximately 11,000 square feet at the Olympus Corporate Centre. This will allow them to have an efficient layout of their space to increase productivity and meet growing demand.
- TMC Financing, an SBA lender, opened a new 2,400 square foot center in the region and is now housed at 3300 Douglas Boulevard. This is a leading indicator of local job growth and positive prospects for the region.
“We anticipated that Sacramento in general and Roseville specifically was well poised to start participating in the jobs recovery, but we did not anticipate being quite this active this quickly,” stated Will Miller, Ellis Partners’ Senior Vice President in charge of the Roseville portfolio. “We are extremely pleased to have completed thirty-two transactions in such a short time. We look forward to continuing this momentum.”
The portfolio includes buildings in The Summit at Douglas Ridge, Olympus Corporate Centre, Johnson Ranch Corporate Centre and Roseville Corporate Centre. Chris Lemmon, Todd Eschelman and Zac Collie of Cornish and Carey are the exclusive listing agents and Hines Interests continues to manage the properties on behalf of Ellis. All of the properties are within a two-minute drive of one another.
New tenant Chris Cady, Division President of KB Homes said, “This is a growing market and our newly relocated space in Roseville will give us a great place to serve our customers and keep our employees happy through shorter commute times and a better quality of life. We are thrilled to call Olympus Corporate Centre home.”
Primary growth in leasing of the ten properties has been driven by a rebound in the overall economy. Several sectors, including home building and related industries, financial services firms and healthcare related services are all experiencing resurgence.
“We’ve had our Pacific Region sales operation on Douglas Boulevard for over eighteen years, so we’ve been sold on the location,” said Scott Norell, Sales Operations Manager for MillerCoors. “With our recent merger of Miller and Coors in the U.S., it was time to upgrade our facilities and have them better fit with our new culture; the space at The Summit turned out better than we even hoped to imagine and it’s a great working environment for our employees.”
“We believed early on in a recovery for Roseville and are thrilled that it has become apparent thanks to the hard work of the Ellis, Cornish & Carey and Hines teams,” said Jim Ellis, Co-founder and Managing Principal for Ellis Partners. “Roseville offers significant advantages to other submarkets in the region, and we are seeing that play out in our leasing progress. Our locations offer proximity to great housing, shorter commute times and, my personal favorite, they’re a little over an hour’s drive to Donner Pass and all the recreation the Sierras have to offer.”
Roseville has the healthiest leasing rates in the region. Cornish and Carey reported in their second quarter market report that, although the overall region has had positive absorption for the two quarters in a row for the first time since 2007, only six of the twenty-two markets have been positive. This is led by Roseville’s 305,000 square feet of positive net absorption year-to-date.
“It’s a great sign for the region that so many of our existing tenants are growing again and that those that are stable are ready to commit to staying in Roseville and in our portfolio,” added Will Miller of Ellis Partners. “We’ve done several early renewals with tenants, which is a sign that tenants are again ready to make space decisions and secure their real estate needs longer term.”
Larry Challis, Branch Manager of Cherry Creek Mortgage is renewing and extending his lease early so he can accommodate growth. The mortgage banker is doubling its space and said, “It’s clear that Ellis is investing in and upgrading the properties, and we wanted to remain in this great environment as we grow; we’ve found them very easy to work with.”
Todd Eschelman, Senior Vice President with Cornish and Carey and on the listing team added, “I’ve worked in this region for 20+ years and although we’re clearly seeing a regional recovery for the first time in five years, Roseville is unquestionably bouncing back the fastest with the most velocity.”