WALNUT CREEK, CA--(Marketwired - Jul 9, 2014) - Tom Engberg, CEO of Loja Real Estate, announced the acquisition of Arapahoe Marketplace, a Sprouts anchored community shopping center located in Greenwood Village, Colorado. Loja Real Estate purchased the property from a private investor for approximately $46.2 million. The transaction closed on July 3, 2014.
Arapahoe Marketplace consists of approximately 192,000 square feet on 17 acres and includes 33 tenant spaces; the center is currently 82.4% occupied. The property is located at the intersection of Arapahoe Road and Yosemite Street adjacent to Interstate 25 in Greenwood Village, a suburb southeast of Denver.
"We are very pleased to add Arapahoe Marketplace to the Loja portfolio. The acquisition fits our core-plus acquisition criteria and represents the ability to own a well located, successful shopping center with the ability to grow NOI in the short term through our lease-up and remerchandising strategies," stated Scott Kyman, Vice President of Acquisitions.
In addition to its core-plus acquisition initiative, Loja is pursuing quality single-tenant grocer acquisitions throughout the United States. Loja currently has in excess of $100 million of additional properties under contract or in its active pipeline.
Loja Group LLC is a real estate investment management firm with $200 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.