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March 20, 2018

Shopping center sells for $66M

GIG HARBOR — A shopping center at 4831 Point Fosdick Dr. N.W. has sold for $66 million, according to Pierce County records.

The seller was Point Fosdick Town Square LLC, an entity of TRC (previously Terramar Retail Centers, previously GMS Realty), which acquired the property in 2014 for almost $60 million.

The buyer was DS Point Fosdick LP, which is associated with Donahue Schriber of Costa Mesa, California.

Brokers were not announced.

In another deal recorded last week in King County, the same two parties traded Covington Square shopping center for $43 million. Together, the two deals were worth about $109 million.

Developed in 2012, Point Fosdick Town Square has tenants including Safeway, Michaels and Kohl's. There are about 186,000 square feet in 11 buildings.

A privately-held REIT, Donahue Schriber also owns local shopping centers in Interbay, Maple Valley, Tacoma and Auburn.

Nationally, Donahue Schriber owns and manages 62 shopping centers in California, Nevada, Oregon and Washington with about 11 million square feet.