Donahue Schriber Ends 'Stellar Year' With $345M In Shopping Center Acquisitons
Donahue Schriber Realty Group acquired five shopping centers in 2015 in deals that totaled $345M.
President and COO Lawrence P. Casey (snapped speaking at a Bisnow event in 2014) tells us it was a stellar year for the firm, which started off with a bang in February when it received a $250M growth capital commitment from its major investors, J.P. Morgan Asset Management - Global Real Assets and the New York State Teachers' Retirement System.
The privately held REIT, which owns 66 shopping centers in California, Nevada, Oregon and Washington, made its fifth and final acquisition for the year with the purchase of Alamo Plaza shopping center from Invesco Advisers on Dec. 22.
That played a key role in the five shopping center acquisitions. Those acquisitions also included Gilman District in Berkeley; Village Oaks Shopping Center in San Jose; Lakeland Town Center in Auburn, WA; and Interbay Urban Center in Seattle.
Donahue Schriber's latest purchase, Alamo Plaza, is a Safeway-anchored, 195,147 SF shopping center at the corner of Stone Valley Road and Danville Boulevard in Alamo. The center is near Interstate 680, making it convenient to both residents and commuters from Danville, Walnut Creek and elsewhere in the San Ramon Valley.
Donahue Schriber also funded $158M of long-term loans with Prudential Insurance Co at today's favorable rates, Lawrence tells us, and continued its aggressive growth plan into high-barrier-to-entry markets. Center occupancy was above 97% and shop space was above 92% for the year as property fundamentals strengthened, he says.
Donahue Schriber also launched its Del Mar Highlands Town Center Reimagining 2.0 project at its flagship center in Del Mar, he tells us.