WALNUT CREEK, CA--(Marketwired - Jul 16, 2013) - Tom Engberg, CEO of Loja Real Estate, LLC, today announced the acquisition of a grocery-anchored, dual-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 $6.5 million. The transaction closed on July 12, 2013. This is Loja Real Estate's seventh acquisition.
The property is a 16,310 sq.ft. dual-tenant building, originally developed in 2005, on 2.59 acres of land located in Woodbury, Minnesota. Trader Joe's and Vitamin Shoppe are the sole tenants and have been tenants of the property since 2007 and 2009, respectively. Trader Joe's is a privately-held grocery store chain, headquartered in Monrovia, CA, operating 398 stores around the United States with annual sales reportedly in excess of $8.5 billion. Vitamin Shoppe is a publicly traded company on the NYSE under the symbol VS with a market capitalization of $1.37 billion and over 500 stores in 42 states. The property is part of a larger high-end open air lifestyle center known as Woodbury Lakes.
"This acquisition fits our investment profile of grocery-anchored retail coupled with an additional strong credit tenant, in an upscale location, next to a dominant regional shopping center. We are very pleased to add this acquisition to the Loja portfolio," stated Scott Kyman, Vice President, Acquisitions of Loja Real Estate.
Loja was represented by Orbell Ovaness, Artin Sepanian and Cory Stehr, of BRC Advisors, Inc. The selling entity was represented by Derek Doke, CCIM of Barclay's Realty & Management Company, Inc. 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.
About BRC Advisors, Inc.
BRC Advisors is a full service commercial real estate company, headquartered in downtown Los Angeles with additional offices throughout Southern California, Arizona and Nevada. In addition to its expertise as a Transactional Commercial Real Estate Brokerage, BRC Advisors has considerable success overseeing commercial leasing. BRC Advisors also offers full service property management, overseeing more than 500 combined units of residential, multi-family, office and retail assets. The BRC Advisors NNN Net Leased Group is one of the top Triple Net Lease producers on the west coast; and has a fully integrated Database of over 60,000 net leased properties throughout the United States.
About Loja Group LLC/Loja Real Estate, LLC
Loja Group LLC is a real estate investment management firm with $190 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.
Contact Information:
Contact:
Scott Kyman
Vice President, Acquisitions
Office: 925-935-4405, ext. 6
skyman@lojagroup.com