ROSEVILLE, CA—Marking a venture's third class-A office acquisition in the area, developer Barker Pacific Group and investment firm WHI Real Estate Partners LP recently acquired Douglas Corporate Center located at 2901 Douglas Blvd. in the Douglas Corridor. Totaling 213,982 square feet, the two-building complex was purchased in auction for $36.5 million, GlobeSt.com learns.
This purchase brings the JV's office ownership in Roseville to slightly less than 600,000 square feet, making the team one of largest office building owners in the area.
“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 Barker Pacific Group. “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. 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.”
No brokers were involved in the acquisition of Douglas Corporate Center and the joint venture 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.
“Combined with Olympus Corporate Center and Lava Ridge Business Park, Douglas Corporate is the third asset we've acquired within three years in Roseville,” Barker tells GlobeSt.com.
In San Francisco, Barker Pacific Group developed 100 First Plaza, and currently owns and manages One Sansome Street. Some of Barker Pacific Group's other notable projects include The Fine Arts Building at 626 Wilshire Blvd. and 5055 Wilshire Blvd. in Los Angeles, and 101 Continental in El Segundo, CA.
Additionally, Barker Pacific manages Storage Solutions, offering consumers and businesses a variety of self-storage space and supplies throughout California.
WHI Real Estate Partners LP manages a series of fully discretionary investment funds whose investors include university endowments, foundations, healthcare systems, pension plans and family offices, among others.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
