Big deal for big-box retail: Donohue Schriber gets $121.2M for largest property in portfolio

Countryside Marketplace in Menifee totals 722,000 square feet

Los Angeles /
Nov.November 23, 2021 03:00 PM
(YouTube)

Retail investor and developer Donahue Schriber Realty Group has sold its largest property.

The Costa Mesa-based firm sold the 722,000-square-foot Countryside Marketplace in Menifee, Riverside County for $121.2 million, according to the Orange County Business Journal.

CoStar reported last week that the buyer was Chino-based investor Shin Yen Management. The deal equates to around $168 per square foot. Newport Beach-based Lucescu Realty brokered the deal.

The retail center was built in 2009 and sits at 3000 Haun Road, just off Interstate 215 at the corner of Newport Road and Huan Road.

It was not only one of Donahue Schriber’s largest properties, but one of the largest open-air retail properties in the Inland Empire.

It includes seven big box retail spaces, two blocks of smaller, connected retail spaces and several smaller standalone buildings, mostly rented to chain restaurants.

There were two spaces available at the property, according to a Lee & Associates leasing brochure accurate as of six months ago. The complex sees 132,545 cars per day, according to the brochure.

The largest tenants are Lowe’s Home Improvement, a Super Target, Kohl’s, Best Buy, and TJ Maxx.

Smaller tenants include Staples, Petco, and Homegoods. Restaurants include In N’ Out, Panera Bread and Red Robin. There are also Wells Fargo and Chase bank outposts.

The deal is one of the first transactions for Donahue Schriber since CEO Michael Glimcher took the helm about a year ago from longtime CEO Patrick Donahue.

The firm owns around 50 properties, including four in various locations around its home base of Orange County. It estimates the value of its portfolio at around $3.5 billion.

Shin Yen adds the property to a roughly 2-million-square-foot big box retail portfolio. The firm owns eight properties in California, one property in Nevada and another in Arizona.

Countryside Marketplace is its largest property by square footage.

[OCBJ] — Dennis Lynch




     

    Related Articles

    arrow_forward_ios
    Onni Group wants apartments in place of Long Beach strip mall
    Onni Group wants apartments in place of Long Beach strip mall
    Onni Group wants apartments in place of Long Beach strip mall
    Shopoff Realty Investments CEO and Bill Shopoff
    Shopoff master plan: 1,460 acres, 3,650 residential units
    Shopoff master plan: 1,460 acres, 3,650 residential units
    Downtown Riverside apartment complex fetches $80M
    Downtown Riverside apartment complex fetches $80M
    Downtown Riverside apartment complex fetches $80M
    64 West Colorado Boulevard in Pasadena (Loopnet)
    Rockwood seeks modest gain on Colorado Boulevard
    Rockwood seeks modest gain on Colorado Boulevard
    Rexford's Michael Frankel and Howard Schwimmer with the Cerritos property (Rexford, LoopNet)
    Rexford’s latest splurge: $107M for four new properties across SoCal
    Rexford’s latest splurge: $107M for four new properties across SoCal
    (City of Riverside / Greens Development)
    Riverside hears appeals on long-planned downtown hotel project
    Riverside hears appeals on long-planned downtown hotel project
    The Anaheim Home Depot (Sunbelt Investment Holdings Inc)
    $53M sale of Home Depot biggest for OC retail
    $53M sale of Home Depot biggest for OC retail
    Shea Properties CEO Colm Macken and Newegg CEO Anthony Chow with the property (Newegg, Shea)
    Newegg gets 245k sf nest at Ontario warehouse
    Newegg gets 245k sf nest at Ontario warehouse
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...