Walnut Creek, CA – 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.
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 www.lojagroup.com.
Scott Kyman, Vice President, Acquisitions
Office: 925-935-4405, ext. 6