Costa Mesa, Calif. -- Donahue Schriber announced the acquisition of its third grocery-anchored shopping center in the last two months. The company reported the close of escrow on Del Mar Heights Village Center in San Diego County, Calif., which follows the acquisitions of Four Corners Shopping Center in Washington State and Bonita Centre, also in San Diego County.
The purchase of Four Corners Shopping Center, 30 miles outside of Seattle, marks the company's entry into Washington State and expands the company's presence in the Pacific Northwest. Donahue Schriber has owned and operated 667,720-sq.-ft.Keizer Station in Keizer, Ore. since 2008.
Four Corners Shopping Center is a 120,740-sq.-ft. Safeway-anchored center located on State Routes 169 and 516 in Maple Valley, one of the fastest growing market areas in the state of Washington. It will be featured as part of the grocery-anchored center real estate section in the upcoming Aug/Sept issue of Chain Store Age.
"The acquisition of Four Corners Shopping Center fits with our core strategy to align with the number one or two grocers in a given trade area," said Donahue Schriber'schief investment officer David W. Mossman. "The center's Safeway is one of the chain’s highest performing stores."
The 107,846-sq.-ft. Del Mar Heights Village Center in Del Mar, Calif. closed escrow August 3, 2012 and is shadow anchored by Vons and CVS Pharmacy and home to 31 local and regional tenants. The center complements Donahue Schriber's newly renovated flagship property Del Mar Highlands Town Center, located only a few blocks west.
Bonita Centre in Chula Vista, Calif., closed escrow on July 3, and is anchored by Vons and Rite Aid Pharmacy. Donahue Schribersaid it plans a substantial remodel of the 98,854-sq.-ft. center.
"We plan to continue our acquisitions program, aggressively targeting quality properties in Coastal California and the Pacific Northwest with strong, well-performing tenants and solid demographics," said Mossman.
The purchase of these properties follows the company's announcement earlier in the year of the acquisition of two additional California shopping centers: The Crossings at Paso Robles on the Central Coast; and Mandalay Village Marketplace in Port Hueneme, Ventura County.