This is the first joint venture between Donahue Schriber and CPPIB, and according to Donahue Schriber president and CEO Patrick Donahue, the investment "validates" the company's long term West Coast US-based grocery-anchored shopping center strategy. The strategy he speaks of calls for Donahue Schriber's presence in "all Western states—including Idaho, Montana, New Mexico, Utah, Washington and Wyoming." Generally, Donahue Schriber is interested in acquiring anchored centers with a minimum GLA of 75,000 square feet and a minimum value of $7 million. However, according to the company's website, those parameters are readily adjusted to account for any value-added opportunity component.

As a private REIT, Donahue Schriber was unable to divulge how much the interest was purchased for, but CEO Donahue tells GlobeSt.com that Del Mar Highlands Town Center has always produced strong states. "It has excellent demographics, two major grocers, lots of daily trips and a solid merchandising mix throughout." He also notes that the company plans to continue to enhance the productivity of the center.

Donahue explains that the partnership with Pardee Homes has been "great for many years" and it was simply a "business decision" as for the company selling the interest. He continues that the partnership between Donahue Schriber and CPPIB is also a great fit because "CPPIB shares the same philosophy as Donahue Schriber as real estate fundamentalists…plus the cultures of the two organizations were an excellent fit."

"We're pleased to invest alongside Donahue Schriber as a company with an experienced management team and strong track record of success in this sector," says Graeme Eadie, senior vice president of real estate investments at CPPIB, in a prepared statement.

Originally developed by Donahue Schriber through a joint venture with Pardee Homes, the 272,567-square-foot Del Mar Highlands Town Center opened in 1989 and is considered to be "one of the dominant community centers in the affluent Carmel Valley area of north San Diego County," according to a prepared statement. Just south of the Del Mar Race Track, Del Mar Highlands Town Center is located a half mile east of the 5 Freeway on the corner of Del Mar Heights Road and El Camino Real. Designed by architectural firm SGPA, Del Mar Highlands Town Center is anchored by Ralph's Fresh Fare, Rite Aid, Ultra Star Cinemas, Barnes & Noble and Jimbo's.

Donahue Schriber has been involved in nearly 30 million square feet of retail properties within its 40-year history. The firm owns and operates a portfolio of 85 neighborhood and community shopping centers encompassing 12 million square feet throughout California, Nevada, Arizona and Oregon.

Pardee Homes and CPPIB did not respond to GlobeSt.com queries by deadline.

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