Maryland Open-Air Center Sold for $187M

Federal Realty Investment Trust (N. Bethesda, Md.) announced it has acquired the Annapolis Town Center in Maryland for $187 million. Though the company did not release the name of the seller, The Baltimore Sun identified that party as PGIM Real Estate Services (Newark, N.J.)

The 480,000-square-foot, open-air shopping destination in Anne Arundel County is anchored by a Whole Foods and shadow-anchored by Target, and is also home to a Life Time luxury athletic club and a mix retail mix that includes such national brands as Anthropologie, Sephora, RH and Williams Sonoma.

“This is exactly the kind of opportunity we target: a dominant asset with strong fundamentals, competitive positioning and the potential to unlock further value under our ownership,” said Don Wood, President and CEO of Federal Realty. “The traction we’ve seen across our other recent acquisitions gives us confidence in both our disciplined approach and our ability to scale strategically.”

The complex “presents both near- and long-term opportunities to drive performance through operational improvements, active merchandising and capital investment,” the company said in a statement.

Federal Realty noted that it typically brings new retail tenants to the complexes it acquires, but did not announce any immediate changes at the Annapolis center. In all, the REIT owns and operates just over 100 developments, including Santana Row (San Jose, Calif.), Camelback Colonnade (Phoenix) and the Town Center Plaza/Town Center Crossing (Leawood, Kansas).