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
    State grant for homeless project in Downtown Riverside
    State grant for homeless project in Downtown Riverside
    State grant for homeless project in Downtown Riverside
    KB Investment Development's Darrell Butler and the site at the northeast corner of Alessandro Boulevard and Barton Street in Riverside (Google Maps)
    OC developer OK for two Inland Empire logistics warehouses
    OC developer OK for two Inland Empire logistics warehouses
    Hines finds a Penney among $250M in SoCal buys
    Hines finds a Penney among $250M in SoCal buys
    Hines finds a Penney among $250M in SoCal buys
    11672 San Vicente Boulevard in Brentwood (Google Maps)
    Brentwood retail complex fetches $2,000 psf
    Brentwood retail complex fetches $2,000 psf
    From left: Peter Borzak, CEO, Pine Tree; Todd Minnis, CEO, EB Arrow; 106 South Brand Boulevard (LoopNet, Pine Tree, EB Arrow)
    $64M deal for Glendale retail center bodes well for big-box
    $64M deal for Glendale retail center bodes well for big-box
    U.S. Vets plans affordable apartments for veterans in San Bernardino at 1351 N. E Street (Google Maps)
    U.S. Vets plans affordable apartments in San Bernardino
    U.S. Vets plans affordable apartments in San Bernardino
    An illustration of the Freeway Business Center (Freeway Business Center)
    Newport Beach investor gets 709K sf of industrial
    Newport Beach investor gets 709K sf of industrial
    Brixmor Property Group CEO James Taylor and the Brea Gateway Center (Brixmor, Google Maps)
    Brixmor buys grocery-anchored retail center in Brea
    Brixmor buys grocery-anchored retail center in Brea
    arrow_forward_ios

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

    Loading...