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AcquisitionsDevelopmentMarylandMixed-UseRetailSoutheastTop Stories

Centennial Acquires 1.6 MSF Annapolis Mall in Maryland from URW, Plans Mixed-Use Revamp

by John Nelson

ANNAPOLIS, MD. — Dallas-based Centennial, along with capital partners Sandeep Mathrani, Waterfall Asset Management and Lincoln Property Co. (LPC), has acquired Annapolis Mall, a 1.6 million-square-foot shopping mall in Annapolis. The mall sits roughly 30 miles east of Washington, D.C., in the Chesapeake Bay region. The property, which formerly operated as Westfield Annapolis, houses 200 shops and restaurants and is listed as the second-largest mall in the state, trailing only the 1.9 million-square-foot Arundel Mills mall in Hanover. Terms of the deal were not disclosed, but the seller and former operator, Paris-based mall giant Unibail-Rodamco-Westfield (URW), listed in its first-half 2024 earnings results that the company sold Annapolis Mall for $160 million. URW also reported it had received a nonrefundable deposit of $10 million as part of the disposition. According to Steven Levin, founder and CEO of Centennial, there are no other enclosed shopping centers located within a 25-minute drive of Annapolis Mall. “Long term, the property presents a unique opportunity to densify the site with complementary mixed uses that would benefit from retail as the integrated amenity,” says Levin. Annapolis Mall opened in 1980 and over the past few years has lost four anchor tenants — Lord & Taylor, Nordstrom, …

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AcquisitionsIndustrialMarylandSoutheast

Cushman & Wakefield Negotiates Sale of New 130,389 SF Warehouse in Hanover, Maryland

by John Nelson

HANOVER, MD. — Cushman & Wakefield has negotiated the sale of a newly constructed warehouse located at 7314 Race Road in Hanover, roughly 30 miles northeast of Washington, D.C. The 130,389-square-foot facility was 67 percent leased at the time of sale to one credit tenant. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented the undisclosed seller in the transaction. Sagard Real Estate purchased the warehouse for an undisclosed price. Situated near Md. Route 100 and I-95, 7314 Race Road features 32-foot clear heights, 32 loading positions and 98 parking spaces.

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DevelopmentIndustrialMarylandSoutheast

Hoar Construction Completes 80,000 SF Industrial Facility in Glen Burnie, Maryland

by John Nelson

GLEN BURNIE, MD. — Hoar Construction has completed an 80,000-square-foot industrial facility near Baltimore/Washington Thurgood Marshall International Airport in Glen Burnie. Working on behalf of the developer, Brennan Investment Group, the general contractor broke ground on the facility in August 2023. The asset is situated on 16 acres on Solley Road and features 32-foot clear heights, two ramped drive-in doors, 20 dock-high doors and approximately 2,000 square feet of spec office space. The development is designed to accommodate up to two tenants. The project team includes architect Powers Brown Architecture, civil engineer Morris & Ritchie Associates and leasing agent Colliers.

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LoansMarylandSeniors HousingSoutheast

Berkadia Secures $47.4M Refinancing for Seniors Housing Community in Suburban DC

by John Nelson

KENSINGTON, MD. — Berkadia has arranged a $47.4 million loan for the refinancing of Modena Reserve at Kensington, a 135-unit seniors housing community located in Kensington, a northern suburb of Washington, D.C. A debt fund provided the capital to the borrowers: Solera Senior Living, McCaffrey and an unnamed institutional investor. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the three-year, nonrecourse loan, which features interest-only payments for the full term. The loan will be used to refinance a maturing construction loan. Modena Reserve at Kensington originally opened in late 2021, reaching a stabilized occupancy within 24 months.

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AcquisitionsMarylandRetailSoutheast

CRC Sells Centre at Hagerstown Shopping Center in Maryland for $36.3M

by John Nelson

HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has sold Centre at Hagerstown, a shopping center in northern Maryland, for $36.3 million. The buyer was not disclosed. JLL brokered the transaction. Baltimore-based CRC purchased the 292,000-square-foot shopping center in 2019 for $23.5 million and has since sold nine of the center’s 10 freestanding pad sites for a total of $16.1 million. Located at the intersection of I-81 and National Pike at 17850 Garland Groh Blvd., Centre at Hagerstown was roughly 97 percent leased at the time of sale to tenants including Burlington, Crunch Fitness, HomeGoods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles and Party City.

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AcquisitionsMarylandRetailSoutheast

DLC, Meadow Partners Purchase 378,205 SF Penn Mar Shopping Center in Forestville, Maryland

by John Nelson

FORESTVILLE, MD. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot, grocery-anchored retail center in Forestville, for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed. Situated within the Washington, D.C., suburb of Prince George’s County, Penn Mar is anchored by Shoppers Food Warehouse, which recently extended its lease and fully renovated its store. Other tenants include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker, as well as outparcel pads for Starbucks, Truist Bank, Taco Bell, Raising Cane’s, IHOP, Wendy’s and Long John Silver’s. Penn Mar was 91.5 percent leased at the time of sale.

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AcquisitionsIndustrialMarylandSoutheast

Cushman & Wakefield Brokers $14.5M Sale of 8520 Pepco Place Industrial Property Near DC

by John Nelson

MARLBORO, MD. — Cushman & Wakefield has brokered the $14.5 million sale of 8520 Pepco Place, an industrial warehouse located in Marlboro, approximately 15 miles southeast of Washington, D.C. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented the seller, TSI Corp., in the transaction. EQT Exeter was the buyer. TSI Corp. developed the facility in 2011. Totaling 75,000 square feet, the property features 25- to 26-foot clear heights, 120 parking spaces, five drive-in doors, two dock doors and a 125-foot building depth. The warehouse was fully leased to Harris Co., a national mechanical contractor, at the time of sale.

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AcquisitionsMarylandRetailSoutheast

Finmarc Management Purchases Riverview Plaza Shopping Center in Frederick, Maryland for $30M

by John Nelson

FREDERICK, MARYLAND — Finmarc Management Inc. has purchased Riverview Plaza, a 185,275-square-foot regional shopping center in Frederick, for $30 million. Ryan Sciullo and H. Casey Benson Smith of CBRE represented the seller, a joint venture between Edens and JPMorgan Chase & Co., in the transaction. Built in 1998 on 23 acres, Riverview Plaza fronts Urban Pike (Maryland Route 355) and is situated approximately 40 miles from Washington, D.C. The shopping center was 95 percent leased at the time of sale to 10 retailers, including T.J. Maxx, PetSmart, Michaels, Staples, Sierra and Old Navy. Target and The Home Depot shadow-anchor the property, which features approximately 9,260 square feet available for lease, according to Finmarc.

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LoansMarylandMultifamilySoutheast

NewPoint Provides $22.3M Freddie Mac Refinancing for Two Adjacent Apartment Communities in Metro DC

by John Nelson

TAKOMA PARK, MD. — NewPoint Real Estate Capital has provided $22.3 million in Freddie Mac Workforce Housing Preservation financing to NOVO Properties for the refinancing of two apartment communities in Takoma Park. Located adjacent to one another, the properties — Tudor Place Apartments and Canonbury Square Apartments — are situated roughly five miles outside downtown Washington, D.C. Tudor Place and Canonbury Square offer a mix of one- and two-bedroom apartments, comprising 134 and 95 units, respectively. The refinancing agreement includes a provision to designate 50 percent of the units as affordable housing for residents earning 80 percent or less of the area median income (AMI). NOVO will continue to manage the properties through its in-house property management division. Martin Fayer of NewPoint originated the financing, which features a five-year term with interest-only payments for the full term.

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AcquisitionsIndustrialMarylandSoutheast

CBRE Negotiates $140.5M Sale of East Baltimore Industrial Portfolio

by John Nelson

BALTIMORE — CBRE has negotiated the $140.5 million sale of Baltimore Crossroads, a six-building industrial portfolio totaling nearly 900,000 square feet in Baltimore’s East industrial submarket. EQT Exeter purchased the portfolio, which was 97 percent leased at the time of sale. Bo Cashman and Jonathan Beard of CBRE represented the undisclosed seller in the transaction. The assets within the Baltimore Crossroads portfolio are situated on nearly 200 acres along the I-95 corridor near the Port of Baltimore. Located at 1405, 1409 and 1411 Tangier Drive and 11501, 11503 and 11505 Pocomoke Court, the buildings range in size between 42,275 and 435,490 square feet.

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