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CST: 18/07/2019 14:53:44   

Loja Real Estate Acquires Three Shopping Centers for a Combined $86.4 Million

9 Days ago

WALNUT CREEK, Calif., July 09, 2019 (GLOBE NEWSWIRE) -- Walnut Creek, California-based Loja Real Estate announced today the acquisition over the past eight months of three shopping centers in Colorado, Washington and Iowa. 

Village West, a multi-tenant shopping center anchored by TJ Maxx, is located in Littleton (Denver MSA), Colorado. Woodgate Center, a multi-tenant unanchored shopping center, is located in Woodinville (Seattle MSA), Washington. Water Tower Place, a community shopping center anchored by Whole Foods and Best Buy, among other leading retailers, is located in Des Moines, Iowa. 

Village West was purchased from an undisclosed seller for approximately $19.4 million in a transaction that closed December 20th, 2018. Palmer Capital represented the Seller in the transaction. 

Woodgate Center was purchased for approximately $15.0 million in a transaction that closed May 1st, 2019. Capital Pacific represented the Seller in the transaction. 

Water Tower Place was purchased for approximately $52.0 million in a transaction that closed on May 30th, 2019. Pegasus Investments represented the Seller in the transaction.

"All three acquisitions meet our investment goal of targeting well located assets in supply constrained markets," stated Scott Kyman, Loja's Senior Vice President of Acquisitions. "Village West is an asset in a highly desirable trade area we know well. We think there are some good opportunities to increase revenue from the shopping center through a creative leasing strategy upon lease rollovers. Woodgate Center provides us the ability to lease up a 66% occupied center through a re-positioning strategy. Water Tower Place is a stable asset in a very stable market that will provide long-term secure cash flow for our investor.”

Loja continues to pursue quality, well located value-add and opportunistic retail acquisitions in core markets throughout the United States. 

ABOUT LOJA

Loja Real Estate is a private equity real estate investment firm with $300 million in assets under management. Loja acquires and manages commercial real estate assets throughout the United States.  Additional information about Loja may be found at www.lojagroup.com.

ACQUISITIONS CONTACT: Scott Kyman, Senior Vice President, Acquisitions, 925-951-0632, skyman@lojagroup.com.

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