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.