Walnut Creek, CA – Tom Engberg, CEO of Loja Real Estate, LLC, today announced the acquisition of Lakeland Town Center for one of the Firm’s separate accounts. Loja Real Estate, LLC, is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm.
Loja Real Estate purchased Lakeland Town Center from Lakeland Town Center II, LLC,which was managed by Tarragon Property Services of Sumner, WA. The sale price for theproperty is $39.4 million. The transaction closed on June 17, 2011. The Lakeland TownCenter purchase is Loja Real Estate’s third acquisition and the first outside of California.
“We’re delighted with this, our first acquisition outside of California. Lakeland Town Center exemplifies Loja Real Estate’s target acquisition. It is a functionally and operationally strong shopping center anchored by a market-share leading grocery store, occupied by an attractive mix of stable tenants with proven sales records, and located in a high-barriers-to-entry, supply-constrained market,” stated Mr. Engberg.
“Our acquisition of Lakeland Town Center fulfills the diverse mandates of this particular client. We look forward to completing similar acquisitions in the future,” stated Katherine Burr, Founder and CEO of Loja Group LLC.
Lakeland Town Center is a 125,000 square foot community shopping center within Lakeland, a master-planned residential community with 10,000 residents, in Auburn, WA. Lakeland Town center is anchored by a 67,000 square foot TOP Food & Drug store and occupied by a 27-tenant mix of retailers, restaurants, and service businesses. TOP Food & Drug is owned and operated by Hagen, Inc., the largest independent grocer in the state of Washington.
Loja Group was represented by Kevin Van Voorhis of Colliers International (San Francisco). Lakeland Town Center II, LLC was represented by Paul and Bill Sleeth of Colliers International (Seattle). Loja Group has retained Colliers International (Seattle) to manage the property.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation, Colliers International focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners, and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, and mortgage banking and research.
About Loja Group LLC / Loja Real Estate, LLC
Loja Group LLC is a women-owned (WBE) real estate investment management firm with $135 million in assets under management. Through Loja Real Estate, LLC, a wholly-owned subsidiary, Loja acquires and manages grocery-anchored real estate assets throughout the United States for a variety of joint ventures, separate accounts, and commingled funds. Additional information about Loja may be found at www.lojagroup.com.