Terramar Retail Centers of Carlsbad has acquired Laulani Village Shopping Center in Hawaii for $99.5 million. The company said the newly developed 223,000-square-foot center is in Ewa Beach, Oahu.
The seller of the 20-acre center was Property Development Centers LLC, a subsidiary of Pleasanton-based Safeway Inc. Laulani Village is anchored by a 60,000-square-foot Safeway store.
Grocery-anchored centers are “solid, long-term performers” and are a top target for Terramar as it continues an “aggressive expansion” of its portfolio, company President and CEO Steve Bowers said in a statement.
Brokerage company CBRE will oversee management of the Hawaii property, with Jones Lang LaSalle handling leasing.
Terramar Retail Centers owns and operates 24 retail properties totaling more than 3.6 million square feet in the western United States. Its properties include the recently opened The Headquarters in downtown San Diego.