Donahue Schriber Buys Three Centers for $189M

[IMGCAP(1)]COSTA MESA, CA-Private REIT and shopping center developer Donahue Schriber has acquired three retail centers totaling 945,000 sf in Oregon, Arizona and California, setting a company record for the largest one-month acquisitions volume in the REIT’s history. The properties include the 650,000-sf Keizer Station in Keizer, OR; the 155,000-sf Warner Ranch Plaza in Tempe, AZ and the 140,000-sf Gold River Centre in Sacramento County, CA.

[IMGCAP(2)]The Keizer Station acquisition, which marks Donahue Schriber’s entrance into Oregon, is a power center that the Costa Mesa-based company acquired from Northwest National LLC, a private firm that developed the site. Located just north of Salem, at the northwest corner of Interstate 5 and Chemawa Road, Keizer Station includes Target, Lowe’s, Bed Bath & Beyond, Wickes, Ross, Petco, World Market and Staples. An additional 18-acre second phase will bring the tenant roster to nearly 70 retailers.

[IMGCAP(3)]Pat Donahue, CEO and president of Donahue Schriber, says that the company’s strategic plan “has always included an expansion into the Pacific Northwest.” He cites Keizer Station’s “location, tenants, barriers to entry and the area’s drastically underserved retail market,” adding that the acquisition will provide a platform for the company’s growth into the area.

Donahue Schriber also continued its strategy of diversifying its portfolio across the Western states and owning the best grocery-anchored shopping centers in a given trade area with the acquisition of Warner Ranch Plaza and Gold River Centre, comments Dave Mossman, executive vice president development and acquisitions for Donahue Schriber.

Warner Ranch Plaza is anchored by Fry’s Marketplace and is located at the northwest corner of Rural Road and Ray Road. The company’s eighth shopping center in Arizona, it was built in the mid-90’s and is 98% leased. The Gold River Centre is a fully leased property that was built in 1992 and is located at the southeast corner of Sunrise and Gold Country Boulevards in the unincorporated Gold River area of Sacramento County.