Annapolis Mall Sold Amid Changing Retail Scene: Report

ANNAPOLIS, MD — A report said the Westfield Annapolis mall has new owners.

Unibail-Rodamco-Westfield sold the property to Dallas-based real estate firm Centennial, The Baltimore Banner first reported Monday.

The total acquisition cost was $160 million, Unibail-Rodamco-Westfield said in an earnings report. The sale closed on July 7 with a nonrefundable deposit of $10 million, the URW report said.

Westfield Annapolis has reimagined itself in the past few years as anchor department stores shuttered.

The New Village Academy was prepared to open a free charter school in the mall, but the looming mall sale stalled lease negotiations. The school planned to have temporary classrooms in the former Nordstrom this fall until construction finished next year on its permanent home in the old Lord & Taylor.

Developers also already had plans to convert the current JCPenney into a Grocery Outlet, Hobby Lobby and Onelife Fitness.

Patch contacted URW and Centennial to confirm the reports and ask how the sale affects these projects. Both declined to comment.

These redevelopments would continue the mall's trend of adapting.

Ball at the Mall opened pickleball courts in the former Nordstrom parking lot last summer. A library branch and an SPCA adoption center are other unique mall tenants.

Based in Paris, URW has looked to reduce its U.S. portfolio since April 2022 to trim its debt. The future of Westfield Annapolis has been uncertain ever since.

URW said it has secured €300 million of transactions this year. This will offload €500 million in debt when paired with deals currently being finalized.

"In addition, the Group remains actively engaged in discussions with potential buyers for €1.0 Bn in assets," URW said in its report. "The Group remains committed to further deleveraging through disposals in Europe, in line with its long-standing capital recycling policy, and the radical reduction of financial exposure in the US."