EWA BEACH, HI-Terramar Retail Centers recently acquired a $99.5-million center here called Laulani Village Shopping Center. The newly developed 223,000-square-foot neighborhood retail center is located in in Ewa Beach, Oahu, Hawaii.
The seller was Property Development Centers, a subsidiary of Safeway Inc. Located on approximately 20 acres, at the corner of Fort Weaver Road (Route 76) and Keaunui Drive, it is at the center of the Ewa Beach residential neighborhoods of theTrades, Ocean Pointe, Hoakelei at Ka Makana, Huelani and Haleakea.
“This is a strategic, high quality addition to Terramar's retail portfolio,” explains Steve Bowers, president and CEO of the firm. “Grocery-anchored retail centers like Laulani Village are solid, long-term performers and a top target for Terramar Retail Centers as we continue an aggressive expansion of our portfolio.”
According to Bowers, “Ewa Beach area is experiencing prolific growth and the center has a dominant location with leading retailers in a region with very strong demographics and a large customer base.”
Laulani Village is anchored by a 60,000 square-foot Safeway, with a 33,000-square-foot City Mill super-hardware store, and 35 neighborhood-serving shops and restaurants including, Petco, Ross, Walgreens, Starbucks, Panda Express, and Teddy's Bigger Burger. Safeway and City Mill opened in 2012, with the remaining stores opening in 2013. The center is currently 89% occupied with additional stores to be completed and opened in 2014.
CBRE will oversee the management for Terramar Retail Centers, and Jones Lang LaSalle will continue leasing the center. Terramar Retail Centers is actively expanding its retail portfolio through acquisitions, new developments and redevelopments in select markets in the Western US.
“With over 20% population growth projected in the area between 2010 and 2018, West Oahu is fast becoming a secondary urban center on the island of Oahu,” notes Matthew W. Smith, VP of acquisitions for Terramar Retail Centers. “Located only 10 miles west of Honolulu and neighboring Pearl Harbor (two major employment centers) this area has become a very popular place to live given its newly built master-planned communities, affordable housing, strong schools, and close proximity to all of Hawaii's immense outdoor recreational activities”.
Jeff Weber, Chris Hoffmann, Rob Wehmueller, and Kerrie Weis of Eastdil Secured marketed the property on behalf of the Property Development Centers to a select group of institutional buyers. Terramar represented itself in the transaction.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
