Safeway Inc. has announced the sale of shopping center and real estate development assets worth $830 million to Carlsbad-based Terramar Retail Centers LLC.
The properties are owned by Safeway’s subsidiary Property Development Centers LLC and consist of 11 completed retail shopping centers, nine retail shopping centers under construction and five projects in other phases. The centers and projects are located predominantly in California and Hawaii.
Safeway undertook the sale of the properties in connection with its merger with Albertsons, which was announced in March and is expected to close in January.
In November, Property Development Centers opened La Costa Town Square, a Vons-anchored retail center totaling 285,000 square feet, in Carlsbad’s La Costa neighborhood.
Terramar has 24 existing properties with over 700 tenants and 3.4 million square feet. It is re-developing the old police headquarters in downtown San Diego
Safeway operates Safeway, Vons, Pavilions, Randalls, Tom Thumb and Carrs stores.
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