The New York City-based Morgan unit, which is a diversified real estate commingled pension trust fund, says it made the investment as part of a strategy to expand its investments in retail real estate, including neighborhood and community centers in the western US.

Thomas L. Schriber, chairman and CEO of Donahue Schriber, described the Morgan entity as "a core real estate investor" that looks for long-term investments, adding that the funds from JPMorgan Fleming Asset Management will help to provide "stability in the ownership and operation of Donahue Schriber for the long term." He says the two firms have a history of working together, dating to 1992 when they collaborated in the development and management of the Glendale Galleria shopping center in Glendale, CA.

Strategic Property Fund joins investors such as New York State Teachers Retirement System and BPMT, a Dutch metalworkers' pension fund, both of which previously made investments in the Costa Mesa company.

Donahue Schriber has developed or redeveloped more than 15 million sf of retail space in its 34-year history. It owns and operates 67 neighborhood, community, power and regional centers encompassing more than 13 million sf of retail space in California, Nevada and Arizona. Its projects have included the development of a special retail portion, "The Zone," in the Glendale Galleria; the repositioning of Fashion Island in Newport Beach; Market Place, the former Tustin Market Place, in Tustin, CA; the Galleria at Tyler in Riverside, CA; and the "demalling" at Anaheim Plaza in Anaheim, CA.

JPMorgan Fleming Asset Management is a global asset management firm with assets of $516 billion under management, as well as a provider of real estate investment management services to institutional investors with approximately $16 billion of equity real estate assets under management.