Terramar Retail Centers: Safeway sells real estate arm Property Development Centers for $830 million

Safeway Inc. has sold shopping center and real estate development assets worth $830 million from its subsidiary, Property Development Centers, LLC, to Carlsbad-based Terramar Retail Centers. Safeway undertook the sale of PDC in connection with the pending merger between Pleasanton-based Safeway and grocery chain Albertsons, the grocery chain said in a company statement. The merger was announced in March and is expected to close in January. The properties sold to Terramar include 11 completed retail…