The purchase marks the second Bay Area acquisition for the company within the past month
(EDITOR’S NOTE: Sources familiar with the transaction stated that the purchase price was $33 million or $361 per square foot.)
COSTA MESA, Calif.–Donahue Schriber Realty Group (DSRG) acquired Gilman Village in Berkeley, California this past Friday, January 30. The purchase marks the second Bay Area acquisition for the company within the past month. The company also purchased the recently completed Village Oaks shopping center, a 320,000 square foot center anchored by Target and Safeway located in San Jose, California.
Gilman Village is a 91,300 square foot Whole Foods Market anchored center located off Interstate 80 that splits Gilman Street between 9th and 10th Avenue in West Berkeley. The 47,000 square-foot Whole Foods is located on the north side and features the first Allegro Coffee (Whole Foods owned) on the West Coast in addition to its vast produce and other specialty food offerings.
Chief Investment Officer, David Mossman said, “In August 2012, Donahue Schriber formed a unique relationship with Gilman Partners (a venture between Foothill Partners and The Pratt Company). We were able to use our balance sheet and provide Gilman Partners construction financing in exchange for a purchase option on the property once Whole Foods Market and Office Depot opened for business. We have exercised that option and couldn’t be more pleased with this quality asset in such a vibrant city as Berkeley. The individual members who make up Gilman Partners did a terrific job on this re-development and Donahue Schriber’s commitment to the Bay Area could not be stronger.”
Donahue Schriber is a privately-held Real Estate Investment Trust (REIT) with 70 shopping centers representing over 11 million square feet of retail space throughout California, Nevada, Arizona, Oregon, and Washington. For more information about the company, visit its website at www.DonahueSchriber.com.