Donahue Schriber Goes Shopping in Silicon Forest
- Aug 24, 2016
By Anca Gagiuc, Associate Editor
Portland, Ore.—California-based REIT Donahue Schriber announced it has acquired Progress Ridge TownSquare in an off-market transaction from Gramor Development of Tualatin, Ore. Capital Pacific brokered the transaction.
The grocery-anchored center is located at the northwest intersections of Barrows Road and Horizon Boulevard in Beaverton, west of Portland. The area is home to companies such as Nike, IBM and Tektronix.
The 213,849-square-foot shopping center is anchored by New Seasons Market, a specialty grocer, and Cinetopia, a luxury movie theater featuring 14 screens. Other tenants include Ace Hardware, a variety of fine and casual restaurants, professional and medical services, apparel and other specialty stores. Additionally, Progress Ridge TownSquare stands as a gathering place for area workers and residents of Bull Mountain and other nearby communities.
“The acquisition of Progress Ridge TownSquare allows us continued growth in key areas of the Pacific Northwest. The center is 98 percent occupied, area demographics and education levels are strong, and New Seasons Market is a dominant grocer who clearly understands what local consumers want. The teams at Capital Pacific and Gramor Development made this a seamless acquisition,” said Jack Steinhauer, vice president of acquisitions and development at Donahue Schriber.