Progress Ridge TownSquare Sold to California Developer

Five years after its opening its door, Progress Ridge Town Square in beaverton has new owners. Donahue Schriber Realty Group, a company based in Costa Mesa, California, spent $101 million to buy the property from Gramor Development, which has owned it since before it opened.

The 213,849-square foot shopping center is anchored by New Seasons supermarket and a 14-screen Cinetopia movie theater. It also has a wide variety of offerings from fine and casual restaurants to an Ace Hardware, clothing stores, and medical offices.

The center is 98 percent occupied.

"The acquisition of Progress Ridge TownSquare allows us continued growth in key areas of the Pacific Northwest," said Jack Steinhauer, Vice President of Acquisitions and Development at Donahue Schriber. "The teams at Capital Pacific and Gramor Development made this a seamless acquisition.”

Donahue Schriber now owns more than 1 million square feet of retail space in the Pacific Northwest.

Photo via Gromar