Centennial and partners acquire Maryland’s second-largest mall
Chesapeake Bay’s Annapolis Mall has new owners and a new game plan.
The 1.4 million-sq.-ft. super-regional property in Parole, Maryland’s second-largest mall after Arundel Mills, has been purchased by Dallas-based Centennial and Atlas Hill RE, which is headed by Sandeep Mathrani, the former CEO of GGP and vice chairman of Brookfield Properties.
Other partners in the deal are Lincoln Property Company and Waterfall Asset Management, which focuses on specialty finance opportunities within asset-backed securities, loans, and commercial mortgage REIT sectors. Terms of the deal were not disclosed.
Centennial founder and CEO Steven Levin, himself a former retailer, hailed Annapolis Mall as a key component of his company’s strategy to widen its nationwide footprint of dominant retail destinations.
“It is ideally located in Maryland’s famed Chesapeake Bay region, and with no other enclosed shopping centers within a 25-minute drive,” Levin said. “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."
Anchored by Macy’s and JCPenney, Annapolis Mall also houses Apple, The Container Store, Crate & Barrel, Arhaus, Lululemon, Maggiano’s Little Italy, The North Face, and Retro Fitness.
Along with its acquisition announcement, Centennial also revealed that it had executed leases at the mall for Dick’s House of Sport and Dave & Busters. Both tenants are expected to open at Annapolis Mall in the winter of 2025.
Management of the property will be handled by Centennial, which will call upon Mathrani’s expertise in repositioning prominent super-regional centers.
“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,” commented Mathrani. “It also has limited competition and the ability to add a residential community at the center of Annapolis.”
