POSTED: 10:55 a.m. HST, Jan 7, 2014
LAST UPDATED: 1:20 p.m. HST, Jan 7, 2014
A Safeway Inc. affiliate has sold the Laulani Village Shopping Center it developed a little more than a year ago in Ewa Beach to a San Diego-based retail property investment firm for $99.5 million.
The buyer, Terramar Retail Centers, announced the acquisition today, and said the deal is part of an aggressive plan to expand its portfolio of retail property.
Terramar owns and operates 24 retail centers with a combined 3.6 million square feet of store space in California, Washington, Oregon, Colorado and now Hawaii.
Laulani Village was developed by Property Development Centers, the development arm of Safeway, and opened in late 2012 with initial anchor tenants.
The 223,000-square-foot neighborhood retail center is anchored by Safeway and City Mill. Another 35 tenants were added last year and include Petco, Ross, Walgreens, Starbucks, Panda Express and Teddy's Bigger Burger.
Terramar said the center is 89 percent occupied and that more stores will open this year.
Commercial real estate firm CBRE will oversee management of the center and Jones Lang LaSalle will continue leasing efforts.