Donahue Schriber Finances West Coast Shopping Center Purchases with $118.5 Million Loan

by Scott Reid

Berkeley, Calif. — Prudential Mortgage Capital Co. has provided Donahue Schriber Realty Group with $118.5 million in financing to acquire four grocery-anchored shopping centers in California and Washington.

The properties include Gilman District in Berkeley, Calif.; Village Oaks in San Jose, Calif.; Lakeland Town Center in Auburn, Wash.; and Westgate North in Tacoma, Wash.

A Whole Foods Market and Office Depot anchor the 91,228-square-foot Gilman District, while the 320,000-square-foot Village Oaks is anchored by Safeway, Target and Lowe’s. These centers were recently built. Haggen, the largest independent grocer in the Pacific Northwest, anchors the 125,421-square-foot Lakeland Town Center, and the 129,229-square-foot Westgate North is anchored by Safeway and Ace Hardware.

The four separate, 10-year, fixed-rate loans are cross-collateralized. Craig Zarro of Preferred Capital Advisors consulted the Donahue Schriber Realty Group throughout these financings.

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