John Donaldson, senior vice president and director of Capital Development Co. for the past 44 years, will retire from the Lacy-based company next month.

He witnessed the company grow from a single shopping center in Lacey to a firm that owns commercial real estate in 38 states. Capital Development either constructed or purchased a wide range of properties, including Walmart’s, national drug stores, distribution centers and state hospital facilities in Arkansas and Oklahoma.

The company’s portfolio has included a radio station, multiple shopping centers and office buildings in Texas, 30 buildings leased to the State of Washington and a corporate headquarters for Yahoo Corp. in California.

“I had intended to retire by the end of 2011, but after 44 years it just  took a little longer to unravel myself from some of the ongoing activities of the company,” Donaldson said. “I look forward to chasing the sun in the winter and spending a lot more time locally with my family and grandchildren – as well as a little consulting for small retailers.”