WALNUT CREEK, CA – Tom Engberg, CEO of Loja Real Estate, LLC, today announced the acquisition of a grocery-anchored, single-tenant property 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 the property from a private investment partnership for approximately $8.75 million. The transaction closed on January 4, 2012. This is Loja Real Estate’s fifth acquisition.
The property is an 18,742 sq.ft. single-tenant building, originally developed in 1951, on 1.1 acres of land located in Santa Barbara, California. Trader Joe’s is the sole tenant and has been since the property was renovated in 2003. Trader Joe’s is a privately-held grocery store chain, headquartered in Monrovia, CA, operating 361 stores around the United States with annual sales reportedly in excess of $8.5 billion.
“The acquisition of this asset very well fits our core investment strategy and parameters. It is a high quality property, with a top tier grocer producing huge sales volumes in a very desirable, supply constrained market,” stated Scott Kyman, Vice President, Acquisitions of Loja Real Estate.
The selling entity was represented by The NRIG-West Team of CBRE. Loja Group has retained Colliers International 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.
Based in Orange County, the NRIG-West Team is part of a seven team network at CBRE dedicated to retail investment sales. Long recognized as industry-leading investment experts, the NRIG-West Team specializes in portfolio, anchored centers, strip centers, single tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. The Team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.
About Loja Group LLC / Loja Real Estate, LLC
Loja Group LLC is a women-owned (WBE) real estate investment management firm with $166 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.