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
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