(EDITOR’S NOTE: According to public documents, Donahue Schriber paid $48 million, or around $635 per square foot, for this property. The loan amount that was issued by TIAA was in the amount of $24 million.)
Donahue Schriber Realty Group, a West Coast owner, operator, and developer of neighborhood, community, and power shopping centers announced the acquisition of Diamond Heights Shopping Center located in San Francisco, California. The 75,630 square-foot retail property is anchored by Safeway and Walgreens and serves the local neighborhoods of Diamond Heights, Noe Valley and Glen Park. Diamond Heights represents Donahue Schriber’s first acquisition in the City of San Francisco.
Executive Vice President & Chief Investment Officer, Dave Mossman stated, “Diamond Heights is in perfect alignment with Donahue Schriber’s strategy of expanding its presence in high barriers to entry core markets from San Diego to Seattle. The seller representatives at Diamond Heights Shopping Center, Inc. and the brokerage team led by Nicholas Bicardo at Newmark Knight Frank (NKF) San Francisco were responsive and flexible throughout the entire due diligence process. Craig Zarro of Preferred Capital Advisors played an instrumental role in capitalizing the acquisition with a new loan from TH Real Estate, an affiliate of Nuveen, the investment manager of TIAA (“TH”). We were very impressed with TH’s ability to match up their loan structure with our desired ownership goals. Donahue Schriber is now focused on enhancing the center’s already strong lineup of existing merchants.”
About Donahue Schriber Realty Group
Donahue Schriber Realty Group is a privately-held Real Estate Investment Trust (REIT) with 60 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.