AUBURN, WA—Loja Real Estate has completed the sale of Lakeland Town Center in Auburn to Donahue Schriber Realty Group for approximately $51.5 million. Loja Real Estate, LLC, is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm.
“Although hard to part with this high quality asset, the timing was right for our overall investment strategy,” said Tom Engberg, chief investment officer of Loja Group. “This asset will be a great compliment to DSRG's (Donahue Schriber) strong Northwest portfolio.”
Lakeland Town Center is a 125,000 sq. ft. neighborhood shopping center anchored by Haggen Northwest Fresh, and includes a number of quality national tenants and local chains. The center is located in the planned community of Lakeland in Auburn, a suburb of Seattle.
“Loja's real estate team is to be commended for adding value to an already strong property. It has been a real pleasure to own Lakeland Town Center and to now see it transferred into very able hands,” said Katherine Burr, CEO of Loja Group LLC.
Loja was represented in the sale by Kevin Van Voorhis of Colliers International. DSRG was represented by Paul and Billy Sleeth, also of Colliers.
Donahue Schriber is a privately-held real estate investment trust with 70 shopping centers representing 11 million square feet of retail space throughout California, Nevada, Arizona, Oregon and Washington.
Loja Group LLC is a real estate investment management firm with $350 million in assets under management.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
