Maui Sales

Hawaii Real Estate

Maui homes For Sale

Who is Terramar?

A California Developer buys 3 Shopping Centers from Safeway for $156M

Terramar, a California based shopping center owner and developer owns over 40 retail centers along the West Coast and Hawaii.  Recently Terramar closed three Hawaii sales including the newly opened Target anchored Puunene shopping center for $43.4M.  They also purchased the Safeway anchored Lahaina Cannery Shops for $60.3M and the unopened Safeway anchored Hokulei Village on Kauai for $52.25M. 

With these sales Terramar will now own 4 shopping centers in Hawaii.  Last year the company bought the Laulani Village Shopping center in Ewa Beach for $99.5M.  All these sales are part of a larger $830M Terramar acquisition of retail centers along the West Coast and Hawaii.

This is a continuing trend for Safeway which has been selling many of its established shopping centers and development projects to other investors.  Safeway was acquired by Cerberus Capital Management which owns Albertsons in January.    They plan to pair Safeway Stores with the Albertsons chain they already own. 

I don’t think we can expect to any significant changes to these shopping centers any time soon. 

Tags

About The Smith Team

Ken Smith, a Maui resident for 35 years, brings his extensive local knowledge and passion for the island to his successful real estate career. Alongside his daughter-in-law, Melissa Smith, and Greg Smith, the Smith Team provides a wealth of experience and dedication to clients seeking to buy or sell property in Maui.

Melissa Smith, a third-generation Maui native, combines her deep understanding of the island's growth with a commitment to exceptional service. She empowers clients with knowledge to make informed decisions in finding their dream homes. With a background as a top agent and a Broker's license, Melissa's expertise is invaluable.

Gregory P. Smith, a lifelong Maui surfer, channels his passion for the island and its natural beauty into his real estate profession. His enthusiasm, deep market knowledge, and dedication to exceeding client expectations make him an exceptional agent.

The Smith Team's combined local expertise, commitment to client service, and understanding of the unique Maui real estate market make them an ideal choice for those looking to navigate the island's property landscape. Their proven track record ensures a smooth and successful experience for both buyers and sellers.