Costa Mesa-based shopping center owner and developer Donahue Schriber Realty Group has paid top dollar for a recently built property just outside Portland, Ore.
The company late last month announced the acquisition of Progress Ridge TownSquare, a 213,849-square-foot shopping center anchored by specialty grocer New Seasons Market and by Cinetopia, a 14-screen luxury movie theater.
The center is in Beaverton, home of Nike, and about 5 miles from downtown Portland.
Donahue Schriber paid $101 million, or a little more than $472 per square foot, for the center, according to local news reports. It’s the company’s priciest reported acquisition since early last year, when it paid $111 million for a new center in Silicon Valley.
There’s a tech cluster of sorts in Beaverton, as well, Donahue Schriber notes. The area is referred to as the Silicon Forest, and companies such as IBM and Tektronix operate there, the real estate company said in a statement.
Progress Ridge was sold by Gramor Development, a Tualatin, Ore.-based firm that built it in 2011 for a reported $60 million.
The center was 98% occupied at the time of the sale, according to Donahue Schriber, which has a retail portfolio totaling more than 10 million square feet. It owns properties in California, Nevada, Oregon and Washington.
It now owns two properties in Oregon and more than 1 million square feet of retail space in the Pacific Northwest, according to the company.
Last year Donahue Schriber reported getting a $250 million equity investment from institutional investors advised by J.P. Morgan Asset Management and the New York State Teachers’ Retirement System.
It planned to use the funds to buy grocery-anchored neighborhood and community shopping centers in California and the Pacific Northwest, the company said at the time.
Fullerton Buy
Los Angeles-based industrial real estate investor Rexford Industrial Realty Inc. has picked up a five-building complex in Fullerton.
The real estate investment trust paid about $40.1 million for Fullerton South Business Park, a 345,756-square-foot property at the intersection of Orangethorpe and Acacia avenues just north of the Riverside (91) Freeway.
The deal works out to a price of about $116 per square foot.
The property was sold by Newport Beach-based Operon Group, according to CoStar Group Inc. records. Rexford said it paid for the Fullerton property using cash on hand.
The largest building there, 1600 Orangethorpe, is a 230,195-square-foot corporate headquarters facility that originally was a build-to-suit West Coast parts warehouse for Chrysler Corp., according to marketing materials from the Irvine office of Cushman & Wakefield, whose Rick Ellison and Randy Ellison had the listing.
The complex is now 100% leased to eight tenants at average estimated rents more than 20% below market, according to Rexford. Space recently had been marketed at monthly rents around 60 cents per square foot, according to marketing materials for the sale.
Larger tenants include Factory Motor Parts, a seller of automotive parts that also goes by FMP. It leased 127,774 square feet at 1600 Orangethorpe late last year.
Rexford’s market value is about $1.5 billion. Earlier this year it paid Newport Beach-based CT Realty Investors a reported $191 million for a 1.5-million-square-foot portfolio of Southern California industrial properties, including five buildings in Orange County. It now owns roughly 2.5 million square feet of industrial space here.
Santa Ana Rentals
One new apartment complex in Santa Ana is ramping up construction while another just opened its doors in the city.
Los Angeles-based LaTerra Development said it began work on The Line at Santa Ana, a 3.9-acre, 228-unit complex at 3630 W. Westminster Ave. a few blocks south of the Garden Grove (22) Freeway and next to Harbor Boulevard.
The project is being financed with institutional joint venture equity and a construction loan, according to LaTerra, which paid a reported $6.2 million for the land early last year.
Newport Beach-based Lyon Living is taking the wraps off its latest local project, a 264-unit complex at 1901 E. First St. near the Xerox Centre office tower and about 2 miles from The Line.
The high-end Nineteen01 complex has units ranging from 770 square feet to 2,020 square feet. Rents go from $2,000 to $4,500 per month.
