Prudential Funds Retail Centers at $119M

SAN FRANCISCO—In an update to a previous story on the four retail centers purchased by Donahue Schriber Realty Group, GlobeSt.com chatted with the firm’s chief investment officer, Dave Mossman, about Prudential Mortgage Capital Company’s $118.5 million in funding to solidify the acquisitions. The financing, provided in four separate 10-year, cross-collateralized, fixed-rate loans, is secured by four grocery-anchored shopping centers in California and Washington: Gilman District in Berkeley, CA; Village Oaks in San Jose, CA; Lakeland Town Center in Auburn, WA; and Westgate North in Tacoma, WA.

Mossman tells GlobeSt.com: “The first acquisition was the Target and Safeway anchored center, Village Oaks Marketplace located in San Jose. Given the seller’s strong reputation, the asset quality, including the favorable tenant line-up and the location of the asset, checked a lot of boxes for all the major institutions. We knew that if we were selected as the buyer we would need to move quickly, especially if we wanted to enhance our returns and place financing on the asset. Although we were prepared to pay all cash for the asset, Prudential was able to meet our tight closing schedule in January 2015 which included working through the holidays.”