Donahue Schriber Buys 3 Retail Properties for $189M
- Feb 28, 2008
Costa Mesa, Calif.-based REIT Donahue Schriber has wrapped up the acquisition of three shopping centers from separate owners for an aggregate $189 million. The properties account for a total of nearly 1 million square feet of retail in Oregon, Arizona and California. The acquisitions gave Donahue Schriber the opportunity to take a major step in its expansion strategy, which calls for increasing its presence in its target area, the Western U.S. The purchase of the 650,000-square-foot Keizer Station in Keizer, Ore., constituted perhaps the shopping center owner and developer’s most significant purchase, as it marked its entrée into the Pacific Northwest. Located just outside of Salem, the center was developed by the seller, Northwest National L.L.C., and is currently in the midst of an 18-acre expansion that will bring the total number of stores to 70. The other properties that Donahue Schriber bought allowed for the company’s growth in familiar territory. Located in Tempe, Ariz., Warner Ranch Plaza is a 155,000-square-foot shopping center that was developed in the mid-1990s. With the purchase of the grocery-anchored property, Donahue Schriber increased its Arizona portfolio to a total of eight assets. And in the unincorporated Gold River area of Sacramento County in Northern California, the company snapped up Gold River Center. The 140,000-square-foot grocery-anchored property, developed in 1992, is presently fully leased. A four-decade-old company, Donahue Scriber is a private REIT that owns and/or operates 93 neighborhood, community, power and community lifestyle shopping centers. The company’s portfolio consists of 16 million square feet–including 3.7 million square feet of development projects–predominantly in California, as well as in Arizona, Nevada and now, Oregon.