A Roseville office building has sold for $5.6 million, reflecting the improving market on the suburb’s heavily-traveled Douglas Boulevard corridor.
The 25,000-square-foot building at 2237 Douglas Blvd. was purchased by Ingemanson Enterprises, a Sacramento commercial real estate firm.
Tyler Boyd of Voit Real Estate Services, who represented Ingemanson, said the deal comes as office vacancy rates on Douglas have shrunk from more than 35 percent to below 20 percent in the past few years.
Douglas Boulevard, loaded with real estate firms and mortgage brokers, suffered when the housing bubble burst but has slowly recovered. “We’ve come a long way,” Boyd said.
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The building is 92 percent occupied. The main tenants are Williams & Paddon, an architecture firm that built the property 15 years ago, and Voit Real Estate.
The seller was a partnership called Next Millenium Investors LLC.
Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.