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Safeway Launching a Development Arm

Safeway, owner of Dominick's grocery stores, has created a real estate development business that has reviewed 36 projects for possible development and is working actively on a handful of the projects, a spokesman confirmed.

The spokesman declined to identify the projects' locations.

One example of a project would be Safeway developing a shopping center where it operates a grocery store, and leasing or selling the retail space surrounding its store. Safeway would retain ownership of its grocery store in that center.

"The opportunities [to develop undervalued real estate] are pretty extraordinary right now for people who can step up to the table," Safeway CEO Steve Burd told Wall Street analysts during an investor conference on Thursday at Safeway headquarters in Pleasanton, Calif. "We have 36 projects under [review] with very little capital investment at this point."

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