Loja Real Estate from Walnut Creek, CA, announced on Tuesday the acquisition of a three tenant shopping center tenanted by Trader Joe's, Pier 1 Imports and Healthy Living Market located off Dorset Street in South Burlington. Loja Real Estate purchased the property from a private investor for approximately $24 million. The transaction closed on October 15, 2014.
Trader Joe's and Pier 1 Imports opened earlier this year on a newly developed parcel with Healthy Living Market operating at this location since 2008. The property, consisting of 55,152 square feet of building area and 5.85 acres of land, is across from University Mall.
Trader Joe's has added a level of high-end competition to the larger Healthy Living. VBM photo
"We are very excited to add this property to the Loja portfolio. Trader Joe's and Pier 1 Imports are a welcome recent addition to the South Burlington community and Healthy Living has been a strong performer since they relocated to this site in 2008. This acquisition fits well within our triple net grocery anchored investment strategy," stated Scott Kyman, Vice President of Acquisitions for Loja.
Loja stated it currently has in excess of $150 million of additional properties under contract or in its active pipeline.
Loja Group LLC is a real estate investment management firm with $245 million in assets under management. Through Loja Real Estate, LLC, a wholly-owned subsidiary, Loja acquires and manages commercial real estate assets throughout the United States.
VERY TOP PHOTO: Shoppers line up at the opening of Pier 1 in July 2014. VBM photo.
WALNUT CREEK, CA--(Marketwired - October 28, 2014) - Loja www.lojagroup.com.