COSTA MESA, CA—Donahue Schriber Realty Group (DSRG), a privately-held REIT specializing in retail, has received a $250 million equity investment from institutional investors advised by J.P. Morgan Asset Management and New York State Teachers' Retirement System.
Each have provided $125 million in capital which will fund acquisitions focused on grocery-anchored neighborhood and community shopping centers, as well as power centers in high barriers to entry markets along Coastal California to the Pacific Northwest.
This additional equity comes on the heels of Donahue Schriber acquiring three properties in the past 60 days - Village Oaks Shopping Center, a 320,000 square foot center anchored by Target and Safeway located in San Jose; Gilman Village, a 91,300 square foot Whole Foods Market anchored center in Berkeley; and Westgate North, a Safeway anchored center in the greater Seattle/Tacoma, WA area.
In the past three and a half years, J.P. Morgan Asset Management-advised investors and New York State Teachers' Retirement System have invested a total of $450 million of growth capital with Donahue Schriber. The privately-held REIT operates nearly $3 billion in shopping center assets.
“Our relationship with J.P. Morgan Asset Management and New York State Teachers' Retirement System has been exceptional,” said Patrick Donahue, chairman and CEO. “We will be utilizing the $250 million equity investment to expand our existing portfolio throughout Coastal California and the Pacific Northwest. Our company's philosophy will remain strategic and disciplined in the grocery-anchored sector.”
Donahue Schriber owns 70 shopping centers representing over 11 million square feet of retail space throughout California, Nevada, Arizona, Oregon, and Washington. J.P. Morgan Asset Management – Global Real Assets has more than $82 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific.
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