If $\alpha$ is a limit of $2^\alpha$-supercompact cardinals,
then by the Magidor characterization of supercompactness, for each $2^\alpha$-supercompact cardinal $\kappa < \alpha$, for some $\gamma < \kappa$, there is an elementary embedding $j : V_{\gamma}\to V_\alpha$ with critical point arbitrarily large below $\kappa$. Thus for each $\beta < \gamma$, there is an elementary embedding $j : V_{\gamma}\to V_\alpha$ such that $\gamma$ is between $\beta$ and the next $\alpha$-supercompact cardinal, which yields the property you asked about.

But if $\alpha$ is the least cardinal that is a limit of $\alpha$-supercompact cardinals, then $V_\alpha$ does not model replacement: from the perspective of $V_\alpha$, there are $\omega$-many supercompact cardinals that are cofinal in the ordinals. The reason is that the $2^{\alpha}$-supercompacts of $V$ are precisely the supercompacts of $V_\alpha$. Clearly the forwards implication holds, but conversely if $\delta$ is supercompact in $V_\alpha$, then $\delta$ is supercompact up to a cardinal $\kappa < \alpha$ that is $2^\alpha$-supercompact, and as a consequence, $\delta$ itself is $2^\alpha$-supercompact.

The optimal hypothesis is the existence of an ordinal $\alpha$ that is a limit of $\alpha$-Magidor supercompact cardinals, where a cardinal $\kappa$ is $\alpha$-Magidor supercompact if for some $\gamma < \kappa$, there is an elementary embedding $j : V_\gamma\to V_\alpha$ such that $\kappa = j(\text{crit}(j))$. Let $\alpha$ be the least ordinal as in your question. Let $\beta$ be the supremum of the $\alpha$-Magidor supercompact cardinals. If $\beta < \alpha$, then fix an elementary embedding $j : V_\gamma\to V_\alpha$ with $\beta < \gamma < \alpha$, and note that $j(\text{crit}(j)) \leq \beta < \gamma$ and hence $j$ witnesses that $\text{crit}(j)$ is huge, contrary to the minimality of $\alpha$. So $\alpha = \beta$ and hence $\alpha$ is a limit of $\alpha$-Magidor supercompact cardinals.

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