(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
AUBURN, WA-Loja Real Estate LLC has purchased Lakeland Town Center for one of the firm’s separate accounts. The sale price for the property is $39.4 million.
Loja Real Estate purchased Lakeland Town Center from Lakeland Town Center II LLC, which was managed by Tarragon Property Services of Sumner, WA. Loja Real Estate LLC is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm.
The Lakeland Town Center purchase is Loja Real Estate’s third acquisition and the first outside of California. “We’re delighted with this,” explains Tom Engberg, CEO of Loja Real Estate. “Lakeland Town Center exemplifies Loja Real Estate’s target acquisition.”
Engberg points out that the center 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.”
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. It 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 Haggen Inc., the largest independent grocer in the state of Washington.
“Our acquisition of Lakeland Town Center fulfills the diverse mandates of this particular client. We look forward to completing similar acquisitions in the future,” says Katherine Burr, founder and CEO of Loja Group LLC.
Loja Group was represented by Kevin Van Voorhis of Colliers International. Lakeland Town Center II LLC was represented by Paul Sleeth and Billy Sleeth of Colliers International. Loja Group has retained Colliers International to manage the property.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
