August 23, 2016
Real estate investment trust Donahue Schriber Realty Group bought the 213,849-square-foot Progress Ridge TownSquare from Gramor Development, the project’s developer. The New Seasons Market-anchored center in Beaverton, OR, was purchased through an off-market transaction, which Capital Pacific brokered.
Additional tenants in the center at 14925 S.W. Barrows Rd. include the 14-screen Cinetopia Progress Ridge, Subway Restaurant and Ace Hardware. Much of the 98%-occupied center’s tenants are local and regional retailers.
The sales price was undisclosed, with Washington County, OR valuing the 14.4-acre site at $55.4 million. According to the records, Gramor Development of Tualatin, OR acquired the land in 2010 for $4.5 million.
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