UPDATE 1-Supervalu to sell 5 chains to investor group, posts profit

* Selling Albertsons, Acme, Jewel-Osco, Shaw's, Star Market

* Investor group led by Cerberus

Jan 10 (Reuters) - Supervalu Inc, the No. 3 U.S. grocery store operator, plans to sell five retail grocery chains to an investor group led by Cerberus Capital Management LP , the company said on Thursday.

Supervalu, which also reported a quarterly profit, said it would sell the Albertsons, Acme, Jewel-Osco, Shaw's and Star Market chains and related Osco and Sav-on in-store pharmacies as in the deal. The transaction will be valued at $3.3 billion.

The investor group includes real estate firms Kimco Realty Corp, Klaff Realty LP, Lubert-Adler Partners and Scottenstein Real Estate Group.

Cerberus will also offer to buy up to 30 percent of the remaining Supervalu for $4 per share.

Goldman Sachs Group Inc and Greenhill & Co Inc advised Supervalu on the transaction. Lazard and Barclays PLC advised Cerberus.

Supervalu reported a quarterly profit of $16 million, or 8 cents per share, for the third quarter ended Dec. 1, compared with a year-earlier loss of $750 million, or $3.54 per share.

Excluding an after-tax gain related to a cash settlement from credit card companies and after-tax charges primarily related to store closures, it earned $5 million, or 3 cents per share.