Highland Crossing is a fully leased neighborhood center anchored by a Safeway and Longs Drugs. It was built in 2003. The sale price was $41.5 million. The seller was a private partnership.
The 14-acre property is located at the northeast corner of Pleasant Grove Boulevard and Roseville Parkway, near Donahue Schriber's Highland Reserve Marketplace, the Kohls-anchored community center the company built last year. With this acquisition, Donahue Schriber owns four centers in Roseville totaling 1 million sf.
The Marketplace is a lifestyle community center located at the intersection of Ming Avenue and Haggin Oaks Road in Bakersfield. It is anchored by Vons, Rite-Aid and an Edwards 14-screen movie theater. Donahue Schriber acquired the fully leased property for $84.5 million from Bakersfield-based Castle & Cooke California Inc. The property is Donahue Schriber's second in Bakersfield.
"Even though the Marketplace includes lifestyle tenants among its roster, we feel that having the 'weekly needs' tenants helps successfully marry two different concepts," says Donahue Schriber development VP Dave Mossman.
A private REIT since 1997, the Donahue Schriber owns and/or operates 12 millions sf of retail in 71 neighborhood, community, power and community lifestyle shopping centers in California, Nevada and Arizona.
Last week, Donahue Schriber sold its 242,674-sf Park Place II power center in Sacramento to Los Angeles-based SCI Real Estate Investments for $71.5 million. The center is located in the North Natomas neighborhood of northwestern Sacramento and anchored by Kohl's, Marshalls, Bed Bath & Beyond and Borders. Donahue Schriber opened the center last year and continues to operate the nearby Park Place I.
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