WALNUT CREEK, CA — (Marketwired) — 10/08/13 — Tom Engberg, CEO of Loja Real Estate, announced the acquisition of two additional single-tenant Trader Joe-s properties for approximately $15 million. Located in Evanston, Illinois and Albuquerque, New Mexico, both properties are well-positioned in thriving communities with average annual household income in excess of $95,000 in a 1-mile radius. These acquisitions represent the fourth and fifth Trader Joe-s in the Loja portfolio.
Trader Joe-s Evanston, IL, acquired on October 2, 2013, is a 13,000 sq.ft. newly developed Trader Joe-s which opened for business on September 6th on 1.12 acres of land, located just 1.2 miles south of Northwestern University and 12 miles north of Chicago. This is Trader Joe-s first store in the City of Evanston which is supported by a top tier University and affluent commuter base.
Trader Joe-s Albuquerque, NM, acquired on September 17, 2013, is a 14,000 sq.ft. single-tenant Trader Joe-s developed in 2006 on 1.725 acres of land. It is part of Ventura Place, a 94,000 sq.ft. shopping center, co-anchored by Bed, Bath & Beyond. Trader Joe-s is prominently located on Paseo Del Norte NE, a major retail corridor serving an affluent community in north Albuquerque.
“These recent acquisitions fit our overall strategy of acquiring single-tenant retail properties supported by best in class retailers located in highly desirable locations. Trader Joe-s Albuquerque is well positioned in a stable and affluent local trade area. At Trader Joe-s Evanston we are drawn by the economic drivers of being located in a college community in an irreplaceable location,” stated Scott Kyman, Vice President of Acquisitions.
Trader Joe-s is a privately-held grocery store chain, operating 398 stores around the United States with annual sales reportedly in excess of $8.5 billion.
This represents the third and fourth acquisition for Loja Real Estate in 2013. The first two acquisitions were a Trader Joe-s and Vitamin Shoppe dual-tenant building in Woodbury, Minnesota and a single-tenant Office Depot in the U-Village area of Seattle, Washington. These acquisitions are part of Loja-s larger redeployment strategy after the successful disposition of Downtown Pleasant Hill shopping center in Pleasant Hill, California, earlier this year.
About Loja
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 commercial real estate assets throughout the United States. Additional information about Loja may be found at .
Contact:
Scott Kyman
Vice President, Acquisitions
Office: 925-935-4405, ext. 6