(EDITOR’S NOTE: Accoring to public records, the transaction closed for $30.45 million.)
Donahue Schriber Realty Group, a West Coast owner, operator, and developer of neighborhood, community, and power shopping centers, continues to expand its presence in the Bay Area with the acquisition of Los Gatos Village Square. The 46,235 square foot property anchored by Trader Joes is located at 15466 Los Gatos Boulevard between California Highways 85 and 17. The two highways serve over 214,000 cars daily, with 35,000 vehicles traveling the property’s frontage. Center occupancy is currently at 100 percent.
Dave Mossman, Donahue Schriber’s Chief Investment Officer, stated, “Los Gatos Village Square was a natural fit for our company and its growth strategy in the Bay Area. The center possesses high barriers-to-entry, stellar demographics, a strong anchor in Trader Joe’s, and excellent historical occupancy. Given the core aspects of this transaction, the seller sought a quick close. Donahue Schriber was prepared to close all cash, but through the council of Craig Zarro at Preferred Capital Advisors, we obtained a very attractive loan from River City Bank, who met our aggressive timelines.” Other recent company acquisitions include Alamo Plaza in Alamo, Gilman District in Berkeley, Village Oaks Shopping Center in San Jose, and Downing Center also in Los Gatos.
About Donahue Schriber
Donahue Schriber is a privately-held Real Estate Investment Trust (REIT) with 67 shopping centers representing over 11 million square feet of retail space throughout California, Nevada, Oregon, and Washington. For more information about the company, visit www.DonahueSchriber.com.