Harbor Group International LLC has acquired California-based Roseville Parkway, a single-tenant office building. The price of the purchase is $39.45 million. The property is 100 percent occupied by global healthcare firm Penumbra Inc.
SACRAMENTO, Calif., March 5, 2020 /PRNewswire/ — Harbor Group International, LLC (“HGI”), a privately-owned international real estate investment and management firm, and its affiliates, today announced the purchase of 630 Roseville Parkway, a single-tenant office building, for $39.45 million. The 157,518 square foot property is located in the Roseville submarket of Sacramento and is 100% occupied by Penumbra, Inc., a global healthcare company.
“The Roseville market is undergoing significant growth that is influencing office demand,” said Greg Heller, Senior Vice President of Acquisitions, HGI. “Finding high-quality, single-tenant assets with long-lease durations presents investors with an attractive opportunity to achieve high cash-on-cash returns.”
630 Roseville Parkway is in proximity to a new retail campus currently in development and is situated among office complexes for several healthcare and technology companies. The property also includes a campus-like outdoor recreation facility complete with an amphitheater, barbecue, bocce ball court and other amenities.
This purchase marks HGI’s fourth office investment in the California market as the firm continues to expand its footprint on the West Coast. HGI owns two office buildings in Cupertino and purchased an office tower in San Francisco’s central business district as part of a joint venture in January 2019. HGI also funded preferred equity investments in two Los Angeles multifamily properties in 2019.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $12.5 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.8 million square feet of commercial properties and 45,000 apartment units. For additional information, please visit www.harborgroupint.com.