SACRAMENTO, Calif. (August 17, 2018) – Vectra Management Group (VMG) today announced the purchase of The Summit at Douglas Ridge located at 3721 & 3741 Douglas Boulevard, Roseville, Calif. Summit Associates, LLC, a VMG-controlled real estate holding company, purchased the 185,000-square-foot buildings for $44.5 million. Palmer Capital represented both VMG and Ellis Partners, the seller of the buildings, and secured $32.2 million of financing for the transaction from Umpqua Bank’s commercial banking division.
Managing Director Raju Shah and Director Bryan Barnes led the VMG team on the purchase and financing.
“Roseville has experienced significant absorption and rent growth in recent years, with limited addition to supply. 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,” said VMG Managing Director Raju Shah.
VMG retained Cushman & Wakefield for property management services.
The Summit at Douglas Ridge office buildings are strategically located at Douglas Boulevard and Sierra College Boulevard in close proximity to the executive residential enclave of Granite Bay. The two buildings, which were constructed from 2003 to 2005, cater to tenants seeking the highest image office space available in the submarket.
About Vectra Management Group
Vectra Management Group (VMG) is a full-service commercial real estate investment, development and management company specializing in office, retail and industrial properties with offices in Salt Lake City, New York and Los Angeles. Vectra Management Group is an active member of BOMA Utah, CCIM and IREM. For further information, visit www.vectra.com.