Safeway Sells Hawaii Centers to Terramar Retail Centers for 156 Million Dollars
PLEASANTON, CA - Safeway reportedly just closed yet another deal with California-based company Terramar Retail Centers, this time for real estate located in Hawaii.
The two properties located on Maui and one on Kauai reportedly cost Terramar $156 million, part of the $830 million acquisition we previously reported that the companies had agreed to for a number of properties along the West Coast.
According to a Pacific Business News report, the latest locations Safeway sold accumulate to almost 60 acres of land; a 23-acre Safeway-anchored property in Lihue’s Hokulei Village on Kauai, the 12-acre Safeway-anchored Lahaina Cannery Shops, and the 24.5-acre Target-anchored Puunene Shopping Center, both located on Maui.
Terramar owns 40-plus properties in Hawaii and along the West Coast, according to Pacific Business News, and these are not the first sales the two companies have agreed to. The normally community-focused shopping company bought the Safeway-anchored Laulani Village shopping center in West Oahu for almost $100 million last year.
Total cash payment to Safeway stockholders is an estimated $2.45 per share, $2.38 of which is estimated to be paid at the close of the Safeway/Albertsons merger, for Property Development Centers.
AndNowUKnow will bring you the latest on this story as it develops.
