BEAVERTON, Ore.--(BUSINESS WIRE)--Donahue Schriber Realty Group, a West Coast owner, operator, and developer of neighborhood, community, and power shopping centers announced the acquisition of Progress Ridge TownSquare from Gramor Development. The off-market transaction was brokered by Capital Pacific. The grocery-anchored center is located at the northwest intersections of Barrows Road and Horizon Boulevard in Beaverton, Oregon. Just west of Portland, Beaverton is often referred to as the “Silicon Forest,” and is home to top international companies such as Nike, IBM, and Tektronix.
The 213,849-square-foot shopping center is anchored by specialty grocer, New Seasons Market, and Cinetopia, a luxury movie theater featuring 14 screens. Other offerings include Ace Hardware, and a wide variety of fine and casual restaurants, professional and medical services, apparel, and other specialty stores. Progress Ridge TownSquare is a gathering place for area workers and residents of Bull Mountain and other surrounding communities.
Jack Steinhauer, Vice President of Acquisitions and Development at Donahue Schriber, stated, “The acquisition of Progress Ridge TownSquare allows us continued growth in key areas of the Pacific Northwest. The center is 98% occupied, area demographics and education levels are strong, and New Seasons Market is a dominant grocer who clearly understands what local consumers want. The teams at Capital Pacific and Gramor Development made this a seamless acquisition.” Donahue Schriber now owns over 1 million square feet of retail space in the Pacific Northwest.
About Donahue Schriber Realty Group
Donahue Schriber Realty Group is a privately held Real Estate Investment Trust (REIT) with 64 shopping centers representing over 10 million square feet of retail space throughout California, Nevada, Oregon, and Washington. For more information about the company, visit www.DonahueSchriber.com.