Centennial, in partnership with industry veteran Sandeep Mathrani of Atlas Hill RE and former CEO of GGP and vice chairman of Brookfield Properties, has acquired Annapolis Mall. The super-regional shopping center is located in the greater Washington, D.C., market in Annapolis, Maryland. The terms of the deal have not been disclosed.
According to Steven Levin, founder and CEO of Centennial, the mall’s prime location in Maryland’s renowned Chesapeake Bay region makes it an ideal investment opportunity. With no other enclosed shopping centers within a 25-minute drive from Annapolis Mall, their immediate focus will be on improving the tenant mix through strategic remerchandising efforts that will enhance shoppers’ experience.
The acquisition was made possible through collaboration with other key partners such as Waterfall Asset Management and Lincoln Property Company . “Annapolis Mall meets all criteria for a top-performing retail asset: high sales volume; strong tenancy; affluent trade area; limited competition; and potential for adding residential development at its core,” added Mathrani.
Photo credit: Rick Brady
This news was originally published on Connect CRE.
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