This is the first joint venture between Donahue Schriber andCPPIB, and according to Donahue Schriber president and CEO PatrickDonahue, the investment "validates" the company's long term WestCoast US-based grocery-anchored shopping center strategy. Thestrategy he speaks of calls for Donahue Schriber's presence in "allWestern states—including Idaho, Montana, New Mexico, Utah,Washington and Wyoming." Generally, Donahue Schriber is interestedin acquiring anchored centers with a minimum GLA of 75,000 squarefeet and a minimum value of $7 million. However, according to thecompany's website, those parameters are readily adjusted to accountfor any value-added opportunity component.
As a private REIT, Donahue Schriber was unable to divulge howmuch the interest was purchased for, but CEO Donahue tellsGlobeSt.com that Del Mar Highlands Town Center has always producedstrong states. "It has excellent demographics, two major grocers,lots of daily trips and a solid merchandising mix throughout." Healso notes that the company plans to continue to enhance theproductivity of the center.
Donahue explains that the partnership with Pardee Homes has been"great for many years" and it was simply a "business decision" asfor the company selling the interest. He continues that thepartnership between Donahue Schriber and CPPIB is also a great fitbecause "CPPIB shares the same philosophy as Donahue Schriber asreal estate fundamentalists…plus the cultures of the twoorganizations were an excellent fit."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
