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Monday, May 23, 2022

Donahue Schriber Sells IE Shopping Center for $121M

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Costa Mesa shopping center developer and investor Donahue Schriber Realty Group has sold the largest property in its portfolio, the sprawling Countryside Marketplace in the Inland Empire city of Menifee.

The nearly 722,000-square-foot center that runs alongside the 215 freeway in Riverside County recently sold for $121.2 million, or about $168 per square foot.

It’s among the largest open-air centers in the Inland Empire, and counts a Super Target, Lowe’s, Kohl’s, Best Buy, T.J. Maxx, HomeGoods, and Michaels among its anchor tenants.

The buyer’s name, said to be a prominent real estate investor based in Chino, was undisclosed.

The deal was brokered by Newport Beach’s Lucescu Realty.

Built in 2007, it’s “an institutional-quality center; one of the most dominant and successful centers in Southern California with a blue-chip tenant roster, high grossing anchors and shops, and ideally located in the middle of a rapidly expanding residential area,” noted the brokerage’s president, Mark Lucescu.

“Donahue Schriber did a great job of developing, managing and leasing the center and the buyer should continue that success,” he said.

New CEO

Donahue Schriber, which focuses on retail properties on the West Coast, counts 50 other centers in its portfolio, according to its website. Other prominent holdings include the Del Mar Highlands Town Center in San Diego County, which runs nearly 400,000 square feet. The privately held real estate investment trust, which counts a quartet of centers in OC, said last year it was valued at $3.5 billion.

The deal’s among the first transactions the company’s been reported to have been part of since new president and CEO Michael Glimcher was hired about a year ago.

Glimcher previously was CEO of Chicago-based Starwood Retail Partners. Before that he was CEO of Glimcher Realty Trust.

He took over the CEO role from Patrick Donahue, who retired after spending 41 years with the firm. 

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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