Group of Industry Partners Makes Strategic Purchase in the Greater Washington, D.C., Market; Partnership Also Announces DICK'S House of Sport and Dave & Buster's as New Tenants
DALLAS, Sept. 3, 2024 /PRNewswire-PRWeb/ -- Centennial, a retail real estate owner and operator with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners (http://www.centennialrec.com), along with industry veteran Sandeep Mathrani, founder of Atlas Hill RE and former CEO of GGP and vice chairman of Brookfield Properties, together with other key industry partners, today announced that they have acquired Annapolis Mall, a super-regional shopping center located within the greater Washington, D.C., market in Annapolis, Maryland. Because Centennial is a privately held firm, the terms of the deal are not being disclosed. For downloadable photos, visit https://bit.ly/3Amb7ye (photo credit: Annapolis Mall).
"The acquisition of Annapolis Mall represents a continuation of Centennial's momentum as we strategically grow our nationwide footprint with some of the most dominant retail destinations throughout the country," says Steven Levin, founder and CEO of Centennial. "Ideally located in Maryland's famed Chesapeake Bay region, and with no other enclosed shopping centers within a 25-minute drive, our short-term focus will be on enhancing the tenant mix through careful remerchandising efforts that will elevate the shopping experience. Long term, the property presents a unique opportunity to densify the site with complementary mixed uses that would benefit from retail as the integrated amenity."
"Annapolis Mall checks all of the boxes of a best-in-class retail asset with the center's high sales volume and robust tenancy in an affluent, growing trade area; its limited competition; and the ability to add a residential community at the center of Annapolis," says partner Sandeep Mathrani.
The deal is a unique collaboration between Centennial and Sandeep Mathrani, along with other key strategic partners, including Waterfall Asset Management, which focuses on specialty finance opportunities within asset-backed securities, loans, and commercial mortgage REIT sectors; and Lincoln Property Company, one of the largest private real estate firms in the United States. While Centennial will be responsible for asset management, Sandeep Mathrani will bring his deep expertise in repositioning prominent super-regional centers to the table. Together, each entity will have a financial stake in the acquisition, and the team will work collaboratively to execute the center's business plan.
New High-Profile Leases
The team's ability to elevate the center's merchandising mix is demonstrated by today's additional announcement of two leases that were recently executed for Annapolis Mall: DICK'S House of Sport and Dave & Buster's. DICK'S House of Sport, a new experiential retail concept from DICK'S Sporting Goods, provides customers with an incredible assortment of products along with in-store experiences including a climbing wall, multiple golf bays with TrackMan(TM) simulators, and HitTrax(TM) multi-sport cages. Each experience gives customers the opportunity to try products before making a purchase. Dave & Buster's is a popular full-service restaurant with an extensive video arcade and multi-screen sports bar. Both new tenants are expected to open at Annapolis Mall in the winter of 2025.
"We're thrilled to be a partner with Centennial on this acquisition – our first transaction together since announcing Lincoln's strategic investment in Centennial last month," says David Binswanger, co-CEO of Lincoln Property Company. "This is a tremendous example of the opportunity to bring our respective platforms together, along with other notable partners, to transform a great retail location into a dynamic, mixed-use destination of the future."
From strategic merchandising to customized placemaking, innovative marketing, community connections and digital solutions that seamlessly merge the physical and digital shopping experience, Centennial has a unique vision for the future of retail real estate that has led to the successful repositioning of properties in key markets nationwide. Together with Sandeep Mathrani's extensive experience and industry relationships, and with the backing of Waterfall Asset Management and Lincoln Property Company, the group will skillfully position Annapolis Mall to capitalize on market growth, maximizing its value for the group as well as the community the center serves.
About Annapolis Mall
Annapolis Mall is a super-regional shopping center located in Maryland's famed Chesapeake Bay region, just three miles from the historic Annapolis waterfront, in the greater Washington, D.C., corridor. A go-to shopping, dining and entertainment destination, Annapolis Mall features more than 200 top retailers and restaurants, including Macy's, Apple, Crate & Barrel, lululemon, H&M, Michael Kors, Tumi, Urban Outfitters, Free People, Footlocker, Zara and dining favorites Maggiano's and The Cheesecake Factory as well as an AMC Theatres location with 12 screens. To learn more, visit the center's website at http://www.annapolismall.com.
About Centennial
Centennial is a retail real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners. With over 300 employees nationwide, the company now operates 23 million square feet of mixed-use destinations in 17 states. Since 1997, Centennial has played a pivotal role in shaping the evolution of American retail by creating a superior multi-faceted shopping experience with properties that serve not only as a place of commerce, but as a place of community. For more information, visit CentennialREC.com.
Media Contacts:
Deborah Blackford
Blackford & Associates
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714-280-8765
Karen Franse
Blackford & Associates
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386-649-1887
Carmen Herlihy
Blackford & Associates
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646-770-2623
SOURCE Centennial
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