First Washington Realty Acquires Donahue Schriber

First Washington Realty, Donahue Schriber, J.P Morgan
Courtesy of FWR

Acquisition brings together two of the best private, open-air platforms in the U.S., specializing in the ownership and management of neighborhood-driven convenience and necessity retail. 

BETHESDA, Md.–(BUSINESS WIRE)–First Washington Realty (“First Washington” or “FWR”), a fully integrated national real estate investment and management firm, today announced that an affiliate of FWR has acquired Donahue Schriber Realty Group (“Donahue Schriber” or “DSRG”) from institutional investors advised by J.P. Morgan Global Alternatives. 

First Washington specializes in the ownership and operation of convenience and necessity retail. DSRG is a private real estate investment trust (REIT) with a portfolio of high-quality shopping centers in the growing markets of the Western U.S., including the Bay Area, Orange County, Portland, Sacramento, San Diego, and Seattle. 

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 high-quality neighborhood and community centers in attractive, growing markets across the United States. The acquisition, which closed on March 31st, 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. “Our combined portfolio will offer the highest quality real estate to retail tenants in the U.S. open air sector.” 

“We are excited to work together with our new colleagues to chart this next chapter in our growth journey, which will deliver uncommon value for our investors, employees, tenants, and the communities we serve,” said Daniel Radek, President of First Washington Realty. 

For over 50 years, the Donahue Schriber brand has stood for excellence in all facets of the shopping center business, focusing on necessity-based neighborhood, community, and power-center formats. With an excellent quality and well-located portfolio, Donahue Schriber’s focus, integrity, and unwavering commitment to provide an exceptional retail experience made it an ideal fit with FWR’s shared emphasis on enduring excellence. 

“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 DSRG 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. 

DLA Piper LLP (U.S.) served as primary legal counsel to FWR and Goodwin Procter LLP served as legal counsel to DSRG. Eastdil Secured was the exclusive financial advisor to the seller, DSRG. 

About First Washington Realty 

First Washington Realty (FWR) is a fully integrated national real estate investment and management firm that specializes in the ownership and operation of essential retail real estate. Founded in 1983, FWR currently owns interests in over 150 shopping centers with a value of $8.9 billion located in 22 states and the District of Columbia. The company is headquartered in Bethesda, Md. with offices in Dallas, Kansas City, Orange County, Portland, Sacramento, and San Diego.

About Donahue Schriber 

For over 50 years, the Donahue Schriber brand has stood for excellence in all facets of the shopping center business, focusing on necessity-based neighborhood, community, and power-center formats. Donahue Schriber’s high-quality and well-located portfolio in growing markets of the Western U.S., including San Diego, Orange County, the Bay Area, Sacramento, Portland, and Seattle, will continue to serve tenants, shoppers and communities as part of FWR. 

About J.P. Morgan Global Alternatives and J.P. Morgan Asset Management – Real Estate Americas 

J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. With nearly US$69 billion (Gross Asset Value as of December 31, 2021) in assets under management and more than 170 professionals, the platform offers real estate strategies that span from core to opportunistic and across debt and equity. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$215 billion in assets under management and more than 700 professionals (as of December 31, 2021), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives.