WALNUT CREEK, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that an account advised by the US real estate business of UBS Global Asset Management has paid approximately $100 million for Downtown Pleasant Hill Shopping Center here in Pleasant Hill, CA. Loja Real Estate LLC is the seller of the 345,687-square-foot property.
Loja Real Estate is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm, and, according to CEO Tom Engberg, UBS is expected to “carry on with the program of improvements” that Loja instituted at the property.
Downtown Pleasant Hill is the central business district for the town with 40 brand name retailers, including Century Theaters, Lucky Supermarket, Bed Bath & Beyond, Michaels, Ross, Golfsmith, Paul Mitchell the School, Carter's, and Zachary's Chicago Pizza.
As for reasons for selling, Katherine Burr, CEO of Loja Group LLC, says that “Downtown Pleasant Hill would be a great property to retain in our portfolio. We felt, however, that this was an opportune time to sell and advance other important initiatives at Loja.”
Engberg tells GlobeSt.com that the firm's "reinvestment initiatives, in addition to our primary business, which is investment in core retail in the Western US, include our NNN single tenant grocery business and our JV program."
Loja was represented in the sale by Kevin Van Voorhis, James Kaye, Jay Gomez and Lindsey Lantis of Colliers International.
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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.
