Donahue Schriber Buys Pardee Interest
Costa Mesa-based shopping center developer Donahue Schriber announced the purchase of Pardee Homes’ interest in its Del Mar Highlands Town Center in San Diego, Ca. Donahue Schriber has formed a joint venture partnership with the Canada Pension Plan Investment Board (CPPIB) to effectuate the transaction.
Originally developed by Donahue Schriber through a joint venture with master-planned community developer, Pardee Homes, the 272,567-square-foot Del Mar Highlands Town Center opened in 1989 and continues to be one of the dominant community centers in the affluent Carmel Valley area of north San Diego County.
This is the first joint venture between Donahue Schriber and CPPIB. “CPPIB’s investment with Donahue Schriber validates our long term West Coast US-based grocery-anchored shopping center strategy,” said Donahue Schriber President and CEO Patrick Donahue. “We look forward to a long term relationship with CPPIB as an organization that shares our philosophy as real estate fundamentalists.”
“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,” said Graeme Eadie, senior vice president, Real Estate Investments, CPPIB. “We look forward to future investment opportunities with Donahue Schriber.”
Designed by architectural firm SGPA, Del Mar Highlands Town Center is located at the SEC of Del Mar Heights Road and El Camino Real and is anchored by Ralph’s Fresh Fare, Rite Aid, Ultra Star Cinemas, Barnes & Noble and Jimbo’s… Naturally.
About Donahue Schriber
Donahue Schriber has been involved in nearly 30 million square feet of retail properties within its 40-year history. Structured as a private REIT (Real Estate Investment Trust), 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. For more information about the company, visit its website at http://www.donahueschriber.com.
About Canada Pension Plan Investment Board (CPPIB)
The Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2009, the CPP Fund totaled $123.8 billion. For more information about the CPP Investment Board, please visit www.cppib.ca.
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