WALNUT CREEK, CA—Loja Real Estate said Thursday it had sold an 11-property retail portfolio to Clarion Partners on behalf of a commingled fund and a separate account managed by the firm. The $218-million sale closed on Tuesday.
Loja CEO Tom Engberg calls New York City-based Clarion “a skilled and focused real estate investor with a highly qualified team across the country. They are a first class organization and were a pleasure to work with throughout.”
The sale fits with Loja's long-term portfolio strategy, says executive chairwoman Katherine Burr. “Loja looks to seize opportunity when it presents itself, on both the buy side and the sell side,” she says. “With uncertainties around the election and given commercial property valuations, we felt it was a good time to move some properties.”
Ten of the properties were single-tenant, net-leased grocery stores located in Chicago, Florida, Minnesota and California. The portfolio also includes a multi-tenant, grocery-anchored shopping center in Denver, Arapahoe Marketplace, which Loja acquired in 2014. Loja plans to continue its retail property acquisition program in markets across the country.
WALNUT CREEK, CA—Loja Real Estate said Thursday it had sold an 11-property retail portfolio to Clarion Partners on behalf of a commingled fund and a separate account managed by the firm. The $218-million sale closed on Tuesday.
Loja CEO Tom Engberg calls
The sale fits with Loja's long-term portfolio strategy, says executive chairwoman Katherine Burr. “Loja looks to seize opportunity when it presents itself, on both the buy side and the sell side,” she says. “With uncertainties around the election and given commercial property valuations, we felt it was a good time to move some properties.”
Ten of the properties were single-tenant, net-leased grocery stores located in Chicago, Florida, Minnesota and California. The portfolio also includes a multi-tenant, grocery-anchored shopping center in Denver, Arapahoe Marketplace, which Loja acquired in 2014. Loja plans to continue its retail property acquisition program in markets across the country.
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