ANNAPOLIS, Md. — Annapolis’s popular mixed-use shopping center was sold for $187 million to Federal Realty on Monday, Oct. 13, according to a release from the company.
The center is anchored by Target and Whole Foods, popular destinations for residents in both Anne Arundel and Calvert counties. Anthropologie, Sephora, Restoration Hardware and Williams Sonoma also have stores in the shopping center, making it a home for nationally recognized brands that fit Federal Realty’s strategic investment criteria.
“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.”
Federal Realty is based in North Bethesda but owns and operates 102 properties all over the country. Recent acquisitions were in Leawood, Kansas, and Gainesville, Virginia. In Maryland, it owns Bethesda Row in Bethesda, Governor Plaza in Glen Burnie, the Laurel Shopping Center in Laurel and many others.
The company didn’t specify plans to change Annapolis Town Center or bring new stores in, but did say that “the asset presents both near- and long-term opportunities to drive performance through operational improvements, active merchandising and capital investment,” so residents will have to wait and see what those improvements look like and how it may impact their shopping options and experience.
Got a tip or photo? Text us at 888-871-NEWS (6397) or email news@thebaynet.com.
Join The BayNet Membership for exclusive perks and zero ads.
Don’t miss a story—sign up for our newsletter!