Property Development Centers (PDC), a wholly owned real estate subsidiary of Safeway Inc., announced it has reached an agreement to acquire from Alexander & Baldwin, Inc. (NYSE:ALEX) a 24.45-acre site at the corner of Mokulele Highway and Ho‘okele Street in Kahului, Maui to develop the Puunene Shopping Center. PDC will in turn sell approximately 11.88 acres to Target, Inc., which will serve as the center’s anchor retailer.
“This new retail center in the heart of Kahului’s retail district, is part of our ongoing commitment to provide new lifestyle shopping options for the Hawaii community,” said David Zylstra, chief operating officer of Property Development Centers.
In addition to Target, PDC is exploring leases with a mix of national and local companies, including mid-box retailers, specialty shops, restaurants, service providers and other businesses.
“We have been receiving positive interest from potential tenants who see the benefits of the center’s convenient location in central Maui,” said Wendell F. Brooks III, senior vice president for CBRE, which is handling the leasing and property acquisition on behalf of PDC.
Upon full build out, the shopping center will add approximately 275,000 square feet of retail space to the Kahului area, and will include approximately 1,425 parking stalls. The project is expected to generate an estimated 250 construction jobs. When fully occupied, the center is anticipated to bring up to 300 jobs to the area. The project is expected to open in March 2015.
See more at www.pdcenters.com
Safeway can continue to run what can only be called an embarrassment of a store in Kahului, while simultaneously acquiring/announcing a deal to build a Target shopping center?
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