Case Studies
The substantial returns on investment of The Shops at Waterford and Downtown Pleasant Hill are exemplary of Loja’s investment process, hands-on operations, and investment discipline.
Loja’s fiduciary duty to its investors and investment discipline dictated decision to sell these properties after substantial appreciation of property.
The Shops at Waterford
Property
The Shops at Waterford, a 125,670 sq. ft. neighborhood shopping center located in Dublin, CA, anchored by Safeway, occupied by a variety of local stores, chain stores, restaurants. Very strong position within local market area.
Acquisition
Original buyer tried to re-trade. With off-market intelligence, Loja submitted offer. Negotiations began Summer 2009, during global financial crisis. In times of great uncertainty Loja believed The Shops at Waterford a sound investment. Acquisition completed January 2010.
Operations
Hands-on operation, improvements in day-to-day management.
Starting with 91% occupancy, by June 2010 only one space available, already in negotiation with two tenants. 100% leased September 2010. Waitlist of regional and national chains interested in The Shops at Waterford.
Disposition
Off-market offer from reputable real estate manager, representing substantial appreciation.
Property
Downtown Pleasant Hill, a 345,687 sq. ft. neighborhood shopping center located in Pleasant Hill, CA, anchored by Century Theatres, Lucky’s Supermarket, Bed, Bath & Beyond, Michael’s, Ross Dress for Less, Paul Mitchell The School, and tenanted by a variety of local stores, chain stores, and restaurants. Dominant shopping center in trade area.
Acquisition
Purchased on-market, even though Loja was not the top bidder. Acquisition completed November 2010.
Operations
Hands-on operation, improvements in day-to-day management.
Starting with 96% occupancy, temporarily lowered to 89% when Border’s Books left the center, by December 2012 it was 98% occupied. Revitalized the center by bringing new tenants like Golfsmith, Zachary’s Chicago Pizza, Carter’s, Corner Bakery, Nama Sushi, and European Wax Center.
Disposition
On-market offer form reputable real estate manager, representing substantial appreciation.
