Del Mar Highlands’ owner Donahue Schriber acquired by First Washington
First Washington Realty, a national real estate investment and management firm, has acquired Donahue Schriber Realty Group, the owners of Del Mar Highlands Town Center in Carmel Valley.
The combined company will operate as First Washington Realty and will be the leading private, open-air real estate investor and operator in the country, with over 150 neighborhood and community centers in growing markets across the country, according to a news release. The acquisition, which closed on March 31, expands First Washington’s portfolio to include over 20 million square feet of retail space, serving over 3,600 tenants across 22 U.S. states and the District of Columbia.
“We are thrilled to purchase these grocery-anchored centers and to hire terrific new colleagues, which, together with our existing portfolio and people, will create the leading private, open-air retail platform in the United States,” said Alex Nyhan, CEO of First Washington Realty in the news release. “Our combined portfolio will offer the highest quality real estate to retail tenants in the U.S. open air sector.”
For over 50 years, the Donahue Schriber (DSRG) brand has focused on all facets of the shopping center business. Del Mar Highlands has undergone several renovations over the last few years, adding multiple new tenants and opening the highly anticipated Sky Deck last year.
“Our founders, Dan Donahue and Tom Schriber, built a remarkable platform, and Pat Donahue enhanced DSRG’s commitment to excellent assets and strong tenant service under his many years of leadership,” said Michael Glimcher, president, chairman, and CEO of Donahue Schriber. “It is because of them that we are able to achieve this exceptional level of success.”
First Washington’s offices will expand to include the current Donahue Shriber offices in Orange County, San Diego, Portland and Sacramento. The combined company will be led by the current First Washington executive management team.
Additional financial terms regarding the transaction were not disclosed.
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