SAN FRANCISCO — Prudential Mortgage Capital Co. has provided Donahue Schriber Realty Group with $118.5 million in financing to acquire four grocery-anchored shopping centers in California and Washington. The properties include Gilman District in Berkeley, Calif.; Village Oaks in San Jose, Calif.; Lakeland Town Center in Auburn, Wash.; and Westgate North in Tacoma, Wash.
A Whole Foods Market and Office Depot anchor the 91,228-square-foot Gilman District, while the 320,000-square-foot Village Oaks is anchored by Safeway, Target and Lowe’s. These centers were recently built.
Haggen, the largest independent grocer in the Pacific Northwest, anchors the 125,421-square-foot Lakeland Town Center, and the 129,229-square-foot Westgate North is anchored by Safeway and Ace Hardware.
The four separate, 10-year, fixed-rate loans are cross-collateralized.
“These properties are located in strong retail locations with dense populations and high median incomes,” says Elizabeth Velazquez, a director with Prudential Mortgage Capital Co.’s San Francisco office, who led the transaction.
“The superior quality of these Class A properties, two of which are newly constructed, along with their strong grocery anchors, helped make this an attractive transaction for us,” continues Velazquez. “Another key factor in deciding to finance these properties was the experience and strength of Donahue Schriber. This is our first loan with the firm, and we look forward to continuing our relationship with them.”
Craig Zarro of Preferred Capital Advisors consulted the Donahue Schriber Realty Group throughout these financings.
Costa Mesa, Calif.-based Donahue Schriber is a private REIT that owns and manages more than 70 shopping centers throughout California, Arizona, Nevada, Oregon and Washington.
Prudential Mortgage Capital Co. is a full-service commercial and multifamily mortgage finance business with more than $84.7 billion in assets under management and administration as of the end of 2014.
— Nellie Day