Annapolis Mall Sold in $272 Million Deal Amid Major Upgrades
Annapolis Mall Sold in $272 Million Deal As Major Upgrades Continue
A major retail property operator and developer is set to take over ownership of Annapolis Mall in a deal worth more than $270 million, CBS Baltimore reports.
California-based Macerich Co. announced plans to purchase most of the 1.5 million-square-foot shopping center for $260 million, along with the neighboring vacant Sears property for an additional $12 million.
According to the company, the acquisition does not include Macy’s, which remains one of the mall’s anchor stores, or the vacant JCPenney building, which officials said is currently being marketed to new tenants.
The separate Sears parcel spans 13.1 acres and sits on one of the busiest corners of the property, giving Macerich room for potential future retail, mixed-use, or alternative development projects.
The company says several new retailers and entertainment concepts are expected to join the mall in the coming months, including Dick’s House of Sport, Dave & Buster’s, Tesla, Uniqlo, lululemon’s expanded storefront, OFFLINE by Aerie, Aeropostale, Abercrombie & Fitch, Pop Mart, and Jack & Jones.
Additional businesses have also recently opened at the mall, including Urban Planet, DTLR, Talbots, and an upgraded Hollister location.
Originally opened in 1980, Annapolis Mall has remained a major shopping destination in Anne Arundel County for decades.
Company officials said the Annapolis market continues to attract investment because of its location between Baltimore and Washington, along with the area’s strong military and government workforce tied to the United States Naval Academy, Fort Meade, and the National Security Agency.
“Annapolis is exactly the kind of acquisition we said we would pursue,” Macerich President and CEO Jackson Hsieh said in a statement. “It’s located within a strong trade area with limited competition, and the property is undergoing a significant elevation and transformation of its merchandising plan and tenant mix.”
Annapolis Mall Sold in $272 Million Deal As Major Upgrades Continue was originally published on 92q.com
