In a $99.5 million deal, California-based Terramar Retail Centers has purchased the newly developed 223,000-square-foot Laulani Village Shopping Center in Ewa Beach, Oahu, from Property Development Centers, a subsidiary of Safeway Inc.
Located on approximately 20 acres at the center of the Ewa Beach residential neighborhoods, the property is anchored by a 60,000-square-foot Safeway, with a 33,000-square-foot City Mill super-hardware store, both of which opened in 2012.
Currently 89 percent leased, Laulani Village also features 35 shops and restaurants, including Petco, Ross, Walgreens, Starbucks, Panda Express and Teddy’s Bigger Burger. Additional stores are slated to open in 2014.
CBRE Group Inc. charged with management of the retail center, while Jones Lang LaSalle Inc. will continue to handle leasing.
“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,” Steve Bowers, president & CEO of Terramar Retail Centers, said in a prepared statement. “The Ewa Beach area is experiencing prolific growth, with very strong demographics and a large customer base.”
Founded in 1996, 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.
In other news, the Pacific Business News reports that Alexander & Baldwin Inc. has sold several retail and industrial assets on the Mainland and in Hawaii for a total of $330 million. The portfolio includes the Maui Mall in Kahului, the Activity Distribution Center and Rancho Temecula in California, the Savannah Logistics Park in Georgia, the Heritage Business Park in Texas, and Broadlands Marketplace and Meadows on the Parkway in Colorado.
The Honolulu-based company is using the proceeds to fund its $373 million purchase of Kaneohe Ranch and the Harold K.L. Castle Foundation’s Windward Oahu real estate portfolio. First announced in November, the acquisition closed on Dec. 20.