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First Washington Realty acquired Donahue Schriber and its 60 open-air retail properties from a group of institutional investors advised by J.P. Morgan Global Alternatives. The deal values the portfolio at $3 billion, according to reports. First Washington had an institutional partner of its own, as pension fund CalPERS provided equity to help fund the purchase.
The deal expands First Washington Realty’s portfolio to 150 neighborhood and community centers across the U.S. with 20 million square feet and 3,600 tenants. Donahue Schriber sold about 1 million square feet of its top properties to Edens last week before announcing the deal with First Washington Realty.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
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