Lakeland Town Center

 

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 loja.valestudios.com.

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Loja sells The Shops at Waterford

 

Walnut Creek, CA (Jan. 27th, 2011). Loja Real Estate, LLC announced today the sale of The Shops at Waterford in Dublin, CA to an entity managed by American Realty Advisors. Loja acquired The Shops at Waterford in January 2010.

“We are delighted to turn over a 100% leased, A-quality asset to the buyer,” said Tom Engberg, Chief Executive Officer of Loja Real Estate. “The buyer will benefit, as Loja has, from the dependable income produced by a grocery-anchored property in a high-barriers-to-entry market,” he said.

The Shops at Waterford is a 125,670 square foot neighborhood shopping center, anchored by Safeway and also occupied by a variety of local stores, chain stores and restaurants. The property is located on the northwest corner of Tassajara Road and Dublin Blvd. in Dublin, CA. The Shops at Waterford holds a very strong position within the local market area.

“Loja’s real estate team is to be commended for their strict adherence to Loja’s investment discipline. The discipline allowed the team to buy and fully lease The Shops at Waterford in times of great uncertainty. As such, the team created real value for Loja and its investors. The Shops at Waterford would be a great property to retain in our portfolio, however Loja’s fiduciary duty to our investors and our investment discipline dictated the decision to sell it when we had achieved substantial appreciation in the value of the property,” said Katherine Burr, CEO of Loja Group LLC, parent of Loja Real Estate.

Loja was represented in the sale by Kevin Van Voorhis of Colliers International and Robb Wehmueller of Eastdil Secured.

Loja Real Estate is an institutional real estate manager offering commingled private funds, separate accounts and joint-ventures, headquartered in Walnut Creek, CA. Loja currently targets core and core-plus retail real estate in the Western US.

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 Mr. Engberg, who also serves as Chief Investment Officer of Loja Group.

American Realty Advisors, a California corporation, is a leading provider of real estate investment management services to institutional investors with more than $3.5 billion in assets under management. More information regarding American can be found online at www.americanreal.com.

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Downtown Pleasant Hill

 

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.

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Scott Franklin joins Loja Group full time

 

Loja Group is pleased to announce the addition of Scott Franklin to our team as the new full-time Asset Manager for Loja Real Estate, LLC.

Mr. Franklin has been involved in commercial real estate for over 23 years and is currently principal of Thomas Scott Properties. Mr. Franklin previously was Senior Vice President of Capital & Counties USA, Inc., and before then was Vice President, Investments and Development, at Regency Centers. Prior to joining Regency, Mr. Franklin was one of the original 10 employees for online grocer Webvan, and was in charge of all real estate and development requirements (distribution centers) for the initial rollout plan of 26 markets to be deployed nationwide in 3 years.  Prior to Webvan, Mr. Franklin worked for the in-house real estate departments of national retailers Starbucks, Blockbuster and Bruegger’s Bagels, overseeing site selection and construction for rollouts in Northern California, Hawaii and Nevada.

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Loja in Contra Costa Times

 

The acquisition of The Shops at Waterford was covered in detail today by Contra Costa Times journalist George Avalos on the first page of the business section.  Loja Group CEO Tom Engberg was interviewed for the piece, which is available online through the Contra Costa Times website (Editor’s update: article is now archived).

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The Shops at Waterford

 

Walnut Creek, CA – Kevin Van Voorhis and Scott Kinsey of Colliers International represented Loja Real Estate Fund 1 in the acquisition of “The Shops at Waterford”, a Safeway anchored , mixed use shopping center located at 4440 Tassajara Road in Dublin, CA.

Loja Real Estate Fund 1 is the first of a series of funds to be operated by newly formed, Loja Real Estate, LLC. This first fund will be focused on core retail in the Western U.S.

“We are delighted that The Shops at Waterford is the first acquisition for the Fund,” said Tom Engberg, CEO of Loja Real Estate. “This property is exemplary of the type of property we will seek to acquire in similar markets in the west. High quality, stable assets in high barriers to entry locations with the market-share leading grocer as anchor,” he said. Loja Real Estate Fund 1 is targeted to be a $300MM investment pool.

In addition to Safeway (55,000 square feet), The Shops at Waterford is occupied by a high quality mix of retailers, restaurants and service businesses. The property is well known in the San Francisco Bay Area not only for its dominance in its market area but also because it is adjacent to, and mixed with, a 390 unit apartment complex. Several of the units are built on top of one of the shops buildings in the center, a rare but successful example of mixed use in a suburban setting.

The unconfirmed sale price for the property was $44,000,000. The transaction closed on January 21, 2010.

The Buyer was represented by Colliers International (Kevin Van Voorhis and Scott Kinsey), the Seller, Shea Properties, by Eastdil Secured (Chris Hoffman and Robb Wehmueller). Loja has engaged Colliers Property management Services to manage the property.

“Kevin Van Voorhis and Scott Kinsey of Colliers were instrumental in getting us, a new buyer in the market, in front of the Seller and getting the Seller’s attention,” said Engberg. “This acquisition was very competitive, even in this depressed real estate environment.” Mr. Engberg also cited the professionalism of Eastdil Secured as crucial to the deal.

Loja Real Estate is the General Partner in Fund 1 and 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 Investment Officer for Loja Group.

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About Us

The Loja team includes cycle-tested real estate industry veterans as well as fund managers experienced in multiple asset classes in various currency and interest rate environments.

Phone: +1 925.951.0630

2099 Mt. Diablo Blvd., Suite 200
Walnut Creek, CA 94596

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