With little fanfare, the Rancho del Mar Shopping Center has been Sold to a property development company in Carlsbad, California. Terramar Retail Centers LLC bought a number of properties from Property Development Centers LLC (a subsidiary of Safeway Stores Inc.), including the the proposed Scotts Valley Town Center and our own Rancho Del Mar Shopping Center, in a deal worth $830 million.
Earlier in December, tenants in Rancho del Mar had been asked to provide estoppel certificates to the new buyers, indicating that a sale was imminent. There has been no announcement from Terramar Retail Centers as to what this will mean for the proposed Rancho del Mar Redevelopment project, however it is likely that the Terramar will be planning on making significant changes to the shopping center, as according to their web site, their “primary business is the acquisition and development of exceptional commercial real estate.”
Terramar presently owns a portfolio of 24 shopping centers on the west coast of the United States, mostly around the San Francisco Bay Area, Monterey Bay Area, Los Angeles, San Diego, Portland, and Seattle. Locally, they own the Santa Rita Plaza in Salinas and El Paseo de Saratoga in San Jose. Aptos Community News is keeping an eye on the project and the latest developments, and we’ll work to keep you informed as time goes by.
See also: Safeway Press Release regarding the sale