The Deal of the Week was the $140.49 million sale of the 285,000-square-foot La Costa Town Square shopping center under construction in Carlsbad.
The center, located on La Costa Avenue and Rancho Santa Fe Road, was one part of an acquisition that included 11 completed shopping centers, nine centers under construction and five projects in the planning phases, with a total value of $830 million.
The buyer was a unit of Carlsbad-based Terramar Retail Centers.
The properties were sold by Pleasanton, Calif.-based Safeway Inc. subsidiary Property Development Centers as a divestiture stemming from the upcoming merger of the Safeway (NYSE: SWY) and the Albertsons LLC supermarket chains.
Steve Avoyer, president of Flocke & Avoyer Commercial Real Estate, has handled leasing for shopping center.
"That's one of the jewels [in] the crown of the portfolio," Avoyer said, adding that Terramar "was interested in this center before it was built."