X Team International Partner John Cumbelich & Associates Arranges Sale Of Downtown Pleasant Hill
By: Identity Team
WALNUT CREEK, Calif., November 30, 2010 – X team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Walnut Creek, Calif.-based partner John Cumbelich & Associates arranged the sale of Downtown Pleasant Hill, a 345,687-square-foot community shopping center in Pleasant Hill, Calif. X Team International Partner John Cumbelich made the announcement.
Downtown Pleasant Hill, anchored by Century Theatres, Lucky Supermarket, Bed Bath & Beyond, Ross Dress For Less, Michaels and Borders, is considered a core retail property in a highly desirable demographic area, mixing a grocery store and other daily needs businesses with major hard and soft goods anchors, a state-of-the-art theatre and numerous successful dining establishments.
John Cumbelich & Associates represented the purchaser, Walnut Creek-based Loja Group, and will assume leasing and marketing responsibilities immediately. The seller was a joint venture between Prudential and Developers Diversified Realty, one of the nation’s largest real estate investment trusts.
“The bidding process for the property was extremely competitive,” remarked Cumbelich, noting that investors from across the country placed bids. “Loja delivered the winning combination of competitive terms and executive leadership with an established reputation for following through.”
“This asset is a strategic complement to our earlier acquisition in Dublin (referring to The Shops at Waterford in Dublin, Calif.) and is again an example of the type of property we seek: high quality, stable assets in high barriers-to-entry markets,” said Tom Engberg, chief investment officer of Loja Group.
About X Team
X Team is an international alliance of retail real estate advisors with
offices located throughout the U.S., Canada and Europe. X Team members average more than 20 years of experience, with expertise in more than 45 major markets, specializing in tenant representation, developer/landlord representation, retailer property dispositions and retail investments. X Team services include competition, market penetration and demographic analyses; site selection; transaction negotiation; site plan consulting; portfolio analysis; lease valuations; acquisitions; dispositions; asset assessment and valuation; and, due diligence support. For more information, please visit www.xteam.net.
About John Cumbelich & Associates
John Cumbelich & Associates is a San Francisco Bay Area-based firm that provides commercial real estate services to Fortune 500 retailers and select owners and developers of retail commercial properties. The firm’s expertise is in developing store networks for retailers seeking to penetrate the Northern California marketplace and the representation of premier Power Center and Lifestyle developments. For more information, please visit www.cumbelich.com.
About Loja Real Estate
Loja Real Estate is a fund manager offering commingled private funds and separate accounts, headquartered in Walnut Creek, CA. Loja currently targets core and core-plus retail real estate in the Western US.
Loja Real Estate is wholly owned by Loja Group LLC. Loja Group will duplicate its real estate investment model with funds that will invest in other asset classes including, energy, financial services and basic materials. The common theme of each of its investment focuses is “basic human necessity” according to Engberg who also serves as Chief Executive Officer for Loja Real Estate. For more information, please visit www.lojagroup.com.
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