By Meghan Hall
Investment in commercial property throughout the Puget Sound region has sprung from a variety of sources, including from many entities in the Bay Area. Walnut Creek, Calif.-based Loja Real Estate is slowly expanding its presence in the Puget Sound and recently closed on three buildings located within Woodinville’s Woodgate Shopping Center. The acquisition totaled $12.86 million according to King County property records, and the seller was Seattle-based TRF Pacific.
Loja Real Estate acquired the center’s Buildings A, B and C, located at 13300 and 13400 NE 175th St. The three buildings are part of a set of five that make up the 46,000 square foot shopping center and are home to several enterprises such as Northwest Martial Arts and Cruzin Kidz Boutique. The property is adjacent to Woodinville’s Town Center with additional local shopping and dining.
Loja Real Estate also owns two other retail assets in the Puget Sound: Office Depot University Village in Seattle and the Trails End Marketplace in Oregon City, Oreg. The Office Depot University Village is a 26,691 single tenant building, while the Trails End Marketplace totals 102,191 square feet spread across six buildings and 11 acres. According to its website, the real estate management and operations firm targets retail assets throughout the United States.
TRF Pacific works to acquire both commercial and residential properties throughout the region. Currently, the firm owns HT Market Oaktree Village, a 45,260 square foot grocery anchor space in Seattle, as well as the Gateway Shops in Woodinville. The firm provides development and commercial, association and residential management to its clients.
King County and the Seattle metropolitan area at large outperforms much of the nation when it comes to retail vacancy and rent growth states Kidder Mathews in its first quarter Retail Real Estate Market Overview. Every county in the immediate region has a direct vacancy rate of just below four percent, and King County, where the property is located, has the lowest direct vacancy rate, at 3.08 percent. While many investors in the regional market target core product, new construction is on the rise and a strong investment climate exists for daily needs-anchored centers and single-tenant net leased properties, says Kidder Mathews, a positive sign for investors such as Loja Real Estate who are growing their footprint in the region.
