ANNAPOLIS, MD. — Centennial, along with investment partners Kildare Partners and Atlas Hill Real Estate, has sold Annapolis Mall. Macerich (NYSE: MAC) acquired the 1.6 million-square-foot retail center for $260 million. The Santa Monica, Calif.-based REIT also purchased an adjacent, vacant parcel that was formerly occupied by Sears for an additional $12 million.
Centennial acquired Annapolis Mall, which is located roughly 30 miles east of Washington, D.C., in September 2024. Unibail-Rodamco-Westfield (URW) previously owned the property and reported the 2024 sales price as $160 million.
Originally opened in 1980, the mall comprises approximately 200 shops and restaurants. During Centennial’s ownership, more than 500,000 square feet of new leases and lease renewals were executed. New tenants at the property include Dick’s House of Sport, UNIQLO, Offline by Aerie, Tesla, Swarovski, Jack & Jones, Abercrombie & Fitch and Dave & Buster’s. Existing tenants Talbots and lululemon also expanded their footprint at the mall following Centennial’s acquisition.
According to Macerich, 353,000 square feet of signed-not-open (SNO) leases are expected to commence throughout the remainder of 2026 and 2027.
Macerich funded the acquisition with cash on hand and $150 million from its revolving line of credit. The acquisition excluded a space occupied by anchor store Macy’s, which was not owned by Centennial, and a vacant former JCPenney anchor store.
“Annapolis [Mall] is exactly the kind of acquisition we said we would pursue,” says Jackson Hsieh, president and CEO of Macerich. “It’s located within a strong trade area with limited competition, the property is undergoing a significant elevation and transformation of its merchandising plan and tenant mix, including a new Dick’s House of Sport store opening in the fall, and there is a clear path to durable NOI growth.”
Macerich owns roughly 41 million square feet of real estate, including ownership interests in 39 retail centers and shopping malls. The company’s stock price closed on Wednesday, May 6 at $22.23 per share, up from $14.88 a year ago, a nearly 50 percent increase.
Centennial, which has been wholly owned by Dallas-based Lincoln Property Co. since 2024, is an owner and operator with a portfolio totaling 25 million square feet of retail and mixed-use space across 18 states.
— Hayden Spiess