WALNUT CREEK, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that an account advised by the US real estate business of UBS Global Asset Management has paid approximately $100 million for Downtown Pleasant Hill Shopping Center here in Pleasant Hill, CA. Loja Real Estate LLC is the seller of the 345,687-square-foot property.
Loja Real Estate is a wholly-owned subsidiary of Loja Group LLC, a real estate investment management firm, and, according to CEO Tom Engberg, UBS is expected to “carry on with the program of improvements” that Loja instituted at the property.
Downtown Pleasant Hill is the central business district for the town with 40 brand name retailers, including Century Theaters, Lucky Supermarket, Bed Bath & Beyond, Michaels, Ross, Golfsmith, Paul Mitchell the School, Carter's, and Zachary's Chicago Pizza.
As for reasons for selling, Katherine Burr, CEO of Loja Group LLC, says that “Downtown Pleasant Hill would be a great property to retain in our portfolio. We felt, however, that this was an opportune time to sell and advance other important initiatives at Loja.”
Engberg tells GlobeSt.com that the firm's "reinvestment initiatives, in addition to our primary business, which is investment in core retail in the Western US, include our NNN single tenant grocery business and our JV program."
Loja was represented in the sale by Kevin Van Voorhis, James Kaye, Jay Gomez and Lindsey Lantis of Colliers International.
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