WALNUT CREEK, CA--(Marketwired - Jul 30, 2013) - Tom Engberg, CEO of Loja Real Estate, LLC, today announced the acquisition of a single-tenant Office Depot for one of the Firm's separate accounts. Loja Real Estate, LLC, is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm.
Loja Real Estate purchased the property from a private investment partnership for approximately $13.74 million. The transaction closed on July 26, 2013. This is Loja Real Estate's eighth acquisition.
The property is a 25,691 sq. ft., single-tenant building, originally developed in 1996, on 1.56 acres of land located in Seattle, Washington. Office Depot is the sole tenant and has been with the property since its initial construction. Office Depot is a publicly traded office supply chain on the NYSE under the symbol ODP. They are headquartered in Boca Raton, FL, operating 1,628 stores worldwide with annual sales reportedly in excess of $10.7 billion. The property is near the University of Washington campus and adjacent to University Village, a high-end retail shopping center.
"This acquisition fits our investment profile of single-tenant NNN retail located in a highly desirable area with significant barriers to entry. The University of Washington provides a strong and stable economic driver for the local retail trade area," stated Scott Kyman, Vice President, Acquisitions of Loja Real Estate.
Loja and the selling entity were represented by Tony Omlin of Rainier Commercial Real Estate Services. Loja Group has retained Colliers International to manage the property.
About Colliers International
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. A subsidiary of FirstService Corporation, Colliers International focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners, and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, and mortgage banking and research.
About Rainier Commercial Real Estate Services
Rainier Commercial Real Estate Services is a boutique brokerage firm based in beautiful Gig Harbor, in Washington State. We specialize in corporate real estate services for both tenants and property owners throughout the Pacific Northwest and in Alaska. We focus our energy on the retail sector of the marketplace. With tools, resources, and a work ethic unmatched in the market, our goal with every relationship is to exceed expectations by providing unsurpassed service and market knowledge.
About Loja Group LLC/Loja Real Estate, LLC
Loja Group LLC is a real estate investment management firm with $190 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. Additional information about Loja may be found at www.lojagroup.com.
Contact Information:
Contact:
Scott Kyman
Vice President, Acquisitions
Office: 925-935-4405, ext. 6
skyman@lojagroup.com