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Roseville's Lava Ridge Business Center to be Acquired
ROSEVILLE, CA - Barker Pacific Group (BPG) has entered into a joint venture with WHI Real Estate Partners (WHIREP) to acquire Lava Ridge Business Center in Roseville, CA, a Class "A" office asset situated on 12.03 acres of land, consisting of three two-story multi-tenant buildings totaling 182,302 square feet. Current notable tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance, and Wells Fargo.
The buildings, located at 2990, 3000, and 3010 Lava Ridge Court, were built in 2000 and feature a campus-like setting with market-ready floor plates adaptable to a variety of tenant needs and sizes. Over 5 million square feet of regional retail amenities are within a two-mile radius of the property, including the region's fortress mall, the Nordstrom-anchored Westfield Galleria at Roseville.
The Palmer Capital team, consisting of Bill Palmer, Ryan Thompson, Brad Idleman, brokered the sale of the property. Palmer Capital's Jeremy Thornton assisted the JV in securing new lender financing from Compass Bank.
With Chris Lemmon and Zac Collie of Newmark Cornish & Carey lending their talents as Lava Ridge's new leasing agents, BPG and WHIREP are excited to take advantage of the potential to accelerate occupancy and rents through renovations, which will include updated lobbies, new building signage, and construction of a new lobby at the rear of the 3010 Building that will provide better access to parking.
"Lava Ridge Business Center is located in a beautiful and amenity-rich area in Roseville that features spectacular valley and mountain views from both tenant and outdoor plaza areas," said Michael Barker, BPG's Managing Director and CEO. "The Roseville Office Submarket is the premier suburban office location in the Sacramento region and there is significant opportunity to reposition the asset."
The acquisition of Lava Park Business Center is the JV's first foray into the Sacramento market, and they will continue to search for value-add office properties.
"Roseville is the second largest jobs center is the region and the Douglas Corridor in particular is highly desirable," said WHIREP's Beau Wittmer. "Lava Ridge is an excellent opportunity to break into this exciting market and we are thrilled to partner with BPG on the acquisition."
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