California real estate firm acquires Auburn’s Lakeland Town Center

Tom Engberg, CEO of Loja Real Estate, LLC, this week announced the acquisition of Lakeland Town Center in Auburn for one of the firm's separate accounts.

Tom Engberg, CEO of Loja Real Estate, LLC, this week announced the acquisition of Lakeland Town Center in Auburn for one of the firm’s separate accounts.

Loja Real Estate is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm based in Walnut Creek, Calif.

Loja Real Estate purchased Lakeland Town Center from Lakeland Town Center II, LLC, which was managed by Tarragon Property Services of Sumner. The sale price for the property is $39.4 million.

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The transaction closed on June 17. The Lakeland Town Center purchase is Loja Real Estate’s third acquisition and the first outside of California.

“We’re delighted with this, our first, acquisition outside of California. Lakeland Town Center exemplifies Loja Real Estate’s target acquisition,” Engberg said. “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.”

“Our acquisition of Lakeland Town Center fulfills the diverse mandates of this particular client. We look forward to completing similar acquisitions in the future,” stated Katherine Burr, Founder and CEO of Loja Group LLC.

Lakeland Town Center is a 125,000-square-foot community shopping center within Lakeland, a master-planned residential community with 10,000 residents, in Auburn. 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.

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.