Carlsbad-based Terramar Retail Centers announced Tuesday that it has paid $99.5 million to acquire the 223,000-square-foot Laulani Village Shopping Center in Ewa Beach, Oahu, Hawaii.
The seller of the property was Property Development Centers, a wholly-owned subsidiary of Safeway Inc. (NYSE: SWY).
Laulani Village is anchored by a 60,000-square-foot Safeway, with a 33,000-square-foot City Mill super-hardware store, and 35 neighborhood-serving shops and restaurants including Petco, Ross, Walgreens, Starbucks, Panda Express and Teddy’s Bigger Burger.
Safeway and City Mill opened in 2012, with the remaining stores opening in 2013. The center is currently 89 percent occupied with the additional stores to be completed and opened in 2014.
“This is a strategic, quality addition to Terramar’s retail portfolio. Grocery-anchored centers like Laulani Village are solid, long-term performers and a top target as we continue an aggressive expansion of our portfolio,” said Steve Bowers, Terramar president and CEO. “The Ewa Beach area is experiencing prolific growth with very strong demographics and a large customer base.”
CBRE (NYSE: CBG) will oversee the management and Jones Lang LaSalle (NYSE: JLL) will continue leasing the center.
Terramar is a privately held commercial investment, management and development company. Since its founding in 1996, it has acquired and managed more than 6.5 million square feet of retail properties.
Terramar recently opened The Headquarters at Seaport District, a restoration and reinvention of the historic 1930s-era police headquarters property into a 100,000-square-foot, open-air restaurant and retail destination on the waterfront in San Diego, adjacent to the company’s Seaport Village leasehold.
Terramar currently owns and operates 24 neighborhood, community, specialty and power centers totaling more than 3.6 million square feet in the Western United States.