WORLD PROPERTY CHANNEL ®

If good things often come in small packages, then the $39.4 million sale of a 125,000-square-foot retail center in tiny Auburn, WA is a prime example. A subsidiary of a women-owned and operated real estate investment management firm paid $315.20 per square foot to acquire Lakeland Town Center.

Loja Real Estate LLC, a subsidiary of Loja Group LLC, bought the center. It was the group's first acquisition outside of California, according to Tom Engberg, CEO of Walnut Creek, CA-based Loja Real Estate LLC.

In a prepared statement, Engberg said, "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."

Added Katherine Burr, founder and CEO of Loja Group LLC:  "Our acquisition of Lakeland Town Center fulfills the diverse mandates of this particular client. We look forward to completing similar acquisitions in the future."

Loja Real Estate purchased Lakeland Town Center from Lakeland Town Center II, LLC, which was managed by Tarragon Property Services of Sumner, WA.

Lakeland Town Center is a 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 Haggen, 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 Billy Sleeth of Colliers International (Seattle). Loja Group has retained Colliers International (Seattle) to manage the property.

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. Colliers is a subsidiary of FirstService Corp.

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. 

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