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Loja Real Estate Acquires Lakeland Town Center June 24, 2011

Posted by Erik Swanson in Articles, Development, Research/Data, Retail News, Retail Sales Comps, Sale.
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Last week Loja Real Estate of Walnut Creek, CA purchased the Lakeland Town Center from Investco of Sumner. The transaction closed on June 17, 2011 with a sale price of $39.4 million – approximately $300 per square foot. The cap rate was not disclosed but sources tell us that it was “in the low 6 cap” range.

Source: Tarragon

The Lakeland Town Center is a 132,000 square foot grocery-anchored shopping center sitting on 12.4 acres. The center was built by Investco affiliate Tarragon in 2002. The center is anchored by a 67,000 square foot TOP Food & Drug and includes other quality tenants such as Blockbuster, Starbucks, The Rock Brick Oven Pizza and Brewery and McDonald’s. 

Loja Real Estate, LLC, is a wholly owned subsidiary of The Loja Group LLC,  a women-owned real estate investment management firm with $135 million in assets under management. This is their first purchase in Washington and their third outside California.

More evidence of the appetite for strong grocery anchored centers and proof that sellers in our region will continue to reap the benefits of a supply constrained market.

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