By Jack Stubbs
Following up on the acquisitions of three shopping centers—located in Gig Harbor, Covington and Bothell—over the past week for a total of approximately $140 million, California-based Donahue Schriber seems intent on expanding its Puget Sound region portfolio.
On Tuesday, March 13th, the company acquired the Canyon Park Place shopping center in Bothell for $52.5 million, or approximately $417 per square foot, according to public records filed with Snohomish County. The latest transaction brings the total of the four acquisitions to $194.8 million.
The seller of the complex was California-based Terramar Retail Centers, the same company who sold the three other shopping centers to Donahue Schriber.
Canyon Park Place, located at 22833 Bothell-Everett Hwy., totals 125,616 square feet and includes 570 parking spaces, according to Terramar Retail’s web site. The shopping center is anchored by a 45,772 square foot QFC and an 11,948 square foot Bartell Drugs. The web site also notes how the property is just five minutes from downtown Bothell, a city boasting roughly 200 acres of parks showcasing the Sammamish River, as well as open space and trails. Other major tenants also located in the shopping center include Holiday Inn Express, Chase Bank, Denny’s and Comfort Inn.
The shopping center is located along the the Bothell-Everett Highway and is approximately three miles to the north of Woodinville. Additionally, the property is roughly two miles from access to Washington State Route 522 and less than one mile from Interstate-405. According to Terramar’s web site, the property has strong demographics for its location in Bothell: there is a population of 245,227 within a five-mile radius (90,832 within a three-mile radius) and an average annual income of $88,494 within a one-mile radius.
Donahue Schriber is an active owner and developer of retail shopping centers on the West coast, focusing primarily on the California market. Some of its recent acquisitions in California include Westgate West, a 233,813 square foot community center in San Jose; Marigold Center, a 174,428 square foot neighborhood shopping center in San Luis Obispo; and Diamond Heights, a shopping center in San Francisco that totals 75,630 square feet., according to the company’s web site.
In November of 2017, the company received a $200 million equity investment from institutional investors advised by J.P. Morgan Asset Management and from New York State Teachers’ Retirement System (NYSTRS). Each has provided $100 million in capital planned to fund acquisitions and redevelopments focused on grocery-anchored shopping centers in high barrier to entry markets from San Diego to Seattle.
Donahue Schriber’s capture of Canyon Park Place marks an active period of activity in the Puget Sound region for the company over the past week. On March 16th, the company purchased two shopping centers in Pierce and King counties for a combined price of $110,403,931 from Terramar Retail Centers.
The company acquired the Point Fosdick Square in Gig Harbor—located at 4831 Point Fosdick Dr. NW—a 183,898 square foot shopping center anchored by Safeway, Kohl’s and Michael’s, among other retailers. Donahue Schriber paid $68,113,631, or just over $370 per square foot, for the property. In Covington, the company paid nearly $42.3 million, or approximately $279 per square foot, to acquire the 151,563 square-foot Safeway-anchored Covington Square Shopping Center located at 17023 SE 272nd Street.
The company also acquired the Lakeside at Canyon Park Shopping Center in Bothell—which is located just one mile to the south of Canyon Park Place—for $31.9 million, or approximately $350 per square foot.
The seller of all three shopping centers, Terramar or TRC Retail, is a company that owns, develops and operates shopping centers across the Western U.S. The company recently dispossessed another retail center in January of this year, selling the 214,834 square-foot Fairwood Shopping Center in Renton to Bethesda, Maryland-based First Washington Realty for $77.5 million.