ALAMO, CA—When you combine the power of an anchor tenant such as Safeway with the likes of Rite-Aid, Panera Bread, Peet's Coffee and Tea and Round Table Pizza, along with numerous other restaurants and shopper conveniences, you get a center that's in high demand with investors. That's just what happened when Donahue Schriber Realty Group recently acquired Alamo Plaza from Invesco Advisers for an undisclosed price.
The Safeway-anchored property is located at the northwest corner of Stone Valley Road and Danville Boulevard. The 195,147 square foot shopping center features long-term tenants Safeway, Rite-Aid, 24 Hour Fitness, Richards Arts and Crafts and many restaurants. With access to and from Interstate 680 less than a quarter of a mile away, Alamo Plaza not only serves the residents of Alamo, but also commuters from Danville, Walnut Creek and other communities in the San Ramon Valley.
A farmer's market is held at the center year round every Sunday from 9 a.m. to 2 p.m. in the Bank of America parking lot at 110 Alamo Plaza. Throughout the season, the center features live music and special events to accompany the farmer's market offerings.
Chief investment officer Dave Mossman tells Globest.com: "Donahue Schriber continued their positive momentum right through the close of 2015 with the purchase of Alamo Plaza, a 195,147-square-foot Safeway-anchored shopping center located in Alamo, California. In 2015, the company has invested over $345 million in Bay Area and Pacific Northwest retail acquisitions. Donahue Schriber's belief and commitment to the area is very strong. We look forward to further enhancing each center's offerings and best serving the communities in which we do business."
Alamo Plaza was Donahue Schriber's fifth acquisition of 2015. Other recent purchases include Gilman District in Berkeley, CA, Village Oaks Shopping Center in San Jose, Lakeland Town Center in Auburn, WA, and Interbay Urban Center in Seattle. Donahue Schriber is a West Coast owner, operator and developer of neighborhood, community and power shopping centers. It is a privately held REIT with 66 shopping centers representing more than 10 million square feet of retail space throughout California, Nevada, Oregon and Washington.
"Donahue Schriber is so pleased to be the new owner of Alamo Plaza. We look forward to serving the community and adding to the already strong tenant mix. The property was a natural fit for Donahue Schriber as we continue to seek prime grocery/drug-anchored centers in high-barriers-to-entry locations from San Diego to Seattle," said chairman and chief executive officer, Pat Donahue.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
