Walnut Creek, CA - Loja Real Estate, LLC announced today the acquisition of Downtown Pleasant Hill on behalf of an institutional investor.
“We are delighted that Downtown Pleasant Hill is now part of Loja Real Estate’s portfolio,” said Tom Engberg, Chief Investment Officer of Loja Group, parent of Loja Real Estate. “This asset is a strategic complement to our earlier acquisition in Dublin and is again an example of the type of property we seek: high quality, stable assets in high barriers to entry markets,” he said. The firm acquired The Shops at Waterford in Dublin, CA earlier this year.
Downtown Pleasant Hill is a grocery-anchored neighborhood/community shopping center consisting of approximately 350,000 square feet. Located in Pleasant Hill, California, the center has won design awards for its architectural style. As implied by its name the property constitutes the downtown of Pleasant Hill and is designed as such with buildings organized in something of a grid pattern and bisected by a “main street” (Crescent Drive). Unlike a typical downtown, however, the center is also populated with major everyday use and entertainment themed tenants (Lucky Supermarket, Century Theatres, Ross Dress For Less, Michaels, Bed Bath & Beyond and Borders) which energize the shops and restaurants and expand the draw of the center beyond the immediate market area.
The City Hall of Pleasant Hill is located immediately adjacent to the property and the City is very involved in and committed to its vitality.
Loja was represented in the acquisition by John Cumbelich of John Cumbelich and Associates. Colliers Property Management Services has been engaged to manage the property.
Loja Real Estate is a fund manager offering commingled private funds and separate accounts, headquartered in Walnut Creek, CA. Loja currently targets core and core-plus retail real estate in the Western US.
Loja Real Estate is wholly owned by Loja Group LLC. Loja Group will duplicate its real estate investment model with funds that will invest in other asset classes including, energy, financial services and basic materials. The common theme of each of its investment focuses is “basic human necessity” according to Engberg who also serves as Chief Executive Officer for Loja Real Estate.