Donahue Schriber Realty Expands WA Retail Portfolio
- Mar 26, 2018
Donahue Schriber Realty Group has acquired four grocery-anchored shopping centers, totaling 552,125 square feet, in the Puget Sound communities of Seattle.
Two of the properties in the portfolio—Canyon Park Place, a 125,616 square-foot QFC-anchored center, and Lakeside at Canyon Park, a 91,048 square-foot Safeway-anchored center—are located in Bothell, while Covington Square, a 151,563 square-foot Safeway-anchored center is situated in Covington, and the 183,898 square-foot Safeway-anchored Point Fosdick Square is located in Gig Harbor.
“The acquisition of these Washington State assets presented Donahue Schriber with the unique opportunity to expand our presence in a marketplace with high barriers to entry,” Pat Donahue, Donahue Schriber’s chairman & CEO, said in a prepared release. “These core, core-plus, value-add, and development opportunities serve the exceptionally strong Puget Sound demographic and will seamlessly align with our company’s West Coast expansion strategy.”
According to Donahue, the company will move forward, concentrating on enhancing the portfolio’s already robust tenancy.
Seattle is strong
The latest Marcus & Millichap Seattle Retail Market Report revealed that a healthy economy is translating into robust performance for retail in the metro, aided by one of the strongest job markets in the U.S. Solid fundamentals, such as vacancies under 3 percent in the city of Seattle and on the Eastside, are outweighing challenges that the sector has been facing recently.
Donahue Schriber Realty Group’s portfolio currently consists of 62 shopping centers representing more than 11 million square feet of retail space throughout California, Nevada, Oregon and Washington.
Earlier this month, Donahue Schriber Realty Group sold Westlake Village, a 31,980-square-foot retail center in Sacramento, Calif. In January, the company sold Colony Plaza, a 73,199-square-foot shopping center in Ripon, Calif., for $5.6 million.
Image courtesy of Donahue Schriber Realty Group