Shopping Center Sold For Nearly $200M In Anne Arundel County

ANNAPOLIS, MD — A Maryland-based commercial real estate firm bought the Annapolis Town Center for $187 million on Friday.

Federal Realty announced the sale Monday, lauding the mixed-use center's location in an "affluent, well-connected" area. The buyers also noted the strong anchor stores in Whole Foods and Target. The center also features a Life Time luxury athletic club and national brands like Anthropologie, Sephora, Restoration Hardware and Williams Sonoma.

The open-air shopping destination spans 480,000 square feet.

"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," Federal Realty President and CEO Don Wood said in a press release. "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, based in North Bethesda, owns more than 100 properties nationwide. The company owns 17 other retail centers in Maryland, including Bethesda Row and the Laurel Shopping Center. The firm's only other location in Anne Arundel County is Governor Plaza in Glen Burnie.

The firm also owns about 3,000 residential units.

The Annapolis Town Center already features a mix of condos and apartments, with new 55 and older apartments under construction across from J. Alexander's Restaurant.

The Capital Gazette reported that Greenberg Gibbons Commercial developed the $500 million town center in 2008 and sold it to PGIM Real Estate in 2018 for an undisclosed Price. PGIM owned the property from then until last week's sale, the newspaper said.

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