Acquisition Marks Venture’s Third Foray into Roseville Area
ROSEVILLE, CA – January 5, 2018 – 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 (Editor’s note: the sale has been reported by the Sacramento Business Journal to be $36.5 million, or juts over $170 per square foot). 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.”
ABOUT BARKER PACIFIC GROUP
Barker Pacific Group was founded more than 34 years ago and is comprised of experienced real estate professionals active in asset management, acquisitions, and development of major commercial projects. In San Francisco, BPG developed 100 First Plaza and currently owns and manages One Sansome Street.
Some of BPG’s other notable projects include The Fine Arts Building, 626 Wilshire Boulevard and 5055 Wilshire Boulevard in Los Angeles, 101 Continental in El Segundo, 100 First in San Francisco, and The Miami Arena and Columbus Center in South Florida.
Additionally, BPG manages Storage Solutions, a growing leader in the self-storage industry, offering consumers and businesses a variety of self-storage space and supplies throughout California.
BPG has offices in San Francisco, Los Angeles, Phoenix, and Walnut Creek. The company specializes in the development and acquisition of institutional-quality office, retail, and residential projects in select U.S. cities. For more information, visit www.barkerpacific.com.
ABOUT WHI REAL ESTATE PARTNERS, L.P.
WHI Real Estate Partners L.P. (“WHIREP”) is a real estate investment firm focused on repositioning middle-market properties throughout the United States. WHIREP seeks to generate attractive risk-adjusted returns by taking a highly-proactive approach to investment sourcing and asset management.
WHIREP manages a series of fully-discretionary investment funds whose investors include university endowments, foundations, health care systems, pension plans and family offices, among others. For more information, visit www.whirep.com.