Virginia-based Harbor Group International (HGI) has acquired a single-tenant office building at 630 Roseville Pkwy. in Roseville, CA, for $39.45 million. The 157,518-square-foot property is located at Roseville Innovation Park, within the Hewlett Packard/Campus Oaks 375-acre master-planned, mixed-use campus.

The property is 100% occupied by Penumbra, Inc., a global healthcare company. The seller was a joint venture between Farallon Real Estate Partners and Strada Investment Group.

This purchase marks HGI’s fourth office investment in the California market, as the firm continues to expand its footprint on the West Coast. The company’s current Northern California portfolio includes two office projects in Silicon Valley’s Cupertino and a third in San Francisco’s CBD.

According to HGI’s SVP Greg Heller, “The Roseville market is undergoing significant growth that is influencing office demand. Finding high-quality, single-tenant assets with long-lease durations presents investors with an attractive opportunity to achieve high cash-on-cash returns.”

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