SOURCE: Loja Real Estate

Loja Real Estate

July 27, 2011 11:30 ET

Loja Real Estate Acquires The Shops at Pacific Station

WALNUT CREEK, CA--(Marketwire - Jul 27, 2011) - Tom Engberg, CEO of Loja Real Estate, LLC, today announced the acquisition of The Shops at Pacific Station 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 Shops at Pacific Station from Pacific Station Property, LLC for $19.5 million. The transaction closed on July 25, 2011. This is Loja Real Estate's fourth acquisition.

The Shops at Pacific Station, a 38,828 square foot grocery-anchored neighborhood shopping center, is the retail portion of a 98,403 square foot vertical mixed-use center containing second and third-story office space totaling 9,733 square feet, and 47 residential condominium units. The Shops at Pacific Station is located in Encinitas, a coastal community in San Diego County, CA. In addition to a 25,000 square foot Whole Foods, which just opened in June, The Shops at Pacific Station has a strong tenant mix, including an Urban Solace (upscale restaurant), Bliss 101 (craft/furniture gallery), Icons (high-end clothing boutique), and a Bombshell Boutique Salon (to open in August). The Shops at Pacific Station is currently 96% leased. The development is LEED Silver Certified to achieve maximum energy efficiency with the least possible impact on the environment.

"This is a very exciting and important acquisition for Loja. The Shops at Pacific Station is anticipated to be the premier neighborhood grocery-anchored shopping center within the Downtown 101 corridor, a 100+ year-old coastal shopping district considered one of San Diego's most desirable retail destinations. Just three blocks from the beach, Pacific Station is the central gathering place for residents and tourists to dine, work, and shop," stated Scott Kyman, Vice President, Acquisitions of Loja Real Estate.

"Once development returns to the market, we anticipate a trend toward mixed-use projects in dense built-out suburban communities where land is scarce and planners want development aggregated around transit hubs. Pacific Station -- located next to the Encinitas train station, which is on a rail line that extends from San Diego into Los Angeles County -- perfectly exemplifies the direction of future development and investor interest," stated Mr. Engberg.

Loja Group was represented by Richard Lebert, Senior Vice President, Colliers International. Pacific Station Property, LLC was represented by Ryan Gallagher, Senior Managing Director, Holliday Fenoglio Fowler, LP. Loja Group has retained Capital Growth Properties, Inc. of La Jolla, CA, 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 Capital Growth Properties, Inc.
Capital Growth Properties is a full service property management and real estate brokerage firm, specializing in the management, sale and leasing of income properties located throughout San Diego County. Active in the property management and brokerage business since 1976, Capital Growth Properties currently manages a portfolio of apartment communities, shopping centers, office buildings, and industrial facilities for a broad spectrum of investors.

About Loja Group LLC/Loja Real Estate, LLC
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. Additional information about Loja may be found at www.lojagroup.com.

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