SEATTLE—Donahue Schriber Realty Group has acquired Interbay Urban Center, a 80,560-square-foot grocery anchored center located at 1827 15th Avenue West in Seattle. The transaction follows the company's purchase of Lakeland Town Center in Auburn, and Westgate North in Tacoma. The property sold for $48 million according to industry sources.
Acquired from Interbay Urban Center, LLC, the Whole Foods Market-anchored shopping center is located just three miles northwest of downtown Seattle on the highly-traveled 15th Avenue West, the main arterial road from downtown Seattle to the northwest communities of Magnolia, Queen Anne, Ballard, and Interbay. More than 54,000 cars travel this route daily. The center is currently 100% leased.
“The purchase of Interbay provided Donahue Schriber with a unique urban core opportunity. We believe the Pacific Northwest is one of the most attractive retail hubs on the West Coast. The company remains focused in its strategic pursuit of additional acquisitions in the region,” said Patrick Donahue, chairman and CEO of the privately-held retail REIT.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
