Federal Retail buys repositioned Annapolis Town Center
Upon completion of a six-year repositioning of Annapolis Town Center in Maryland, Trademark and PGIM — the global asset management business of Prudential Financial — has sold the 479,000-sq.-ft. mixed-use property to Federal Realty Investment Trust.
The purchase price was not announced.
“PGIM has been a valued, longtime partner to Trademark, and we are proud of our work together at Annapolis Town Center,” said Terry Montesi, CEO of Trademark. “This project demonstrates our team’s expertise in transforming retail and mixed-use places from good to great, creating a vibrant, engaging destination to better serve the community.”
Montesi reports that, since Trademark was tasked with re-energizing Annapolis Town Center (opened in 2008 near Annapolis Mall), rents have increased by 50% and sales have grown by 35%.
Trademark’s re-do focused on placemaking, experience, and tenant quality. The center’s tenant list now includes Pottery Barn, Williams Sonoma, Sephora, Lifetime Fitness and True Food Kitchen.
Other significant initiatives included:
- Creation of the Boathouse Pavilion & Green, which features an entertainment stage, shaded seating, outdoor games, and an enlarged green space that houses a skating rink during the winter.
- Upgraded storefronts, facades, landscape improvements, and new wayfinding that encouraged longer dwell times and increased cross-shopping and stronger connection between retail, residential, and office uses.
- A comprehensive rebranding that positioned the center as a lifestyle destination and a center for community experiences that range from fitness classes on the Green, to summer concerts, movie.
Trademark and Montesi, its founder, have long labored successfully in transforming prime retail locations into mixed-use destinations that cater to modern consumer’s needs and wants. Other such projects include Galleria Dallas, Anthem in Arlington, Va., North Point in Alpharetta, Ga., and Winter Garden Village in Winter Garden, Fla.
Fort Worth-based Trademark has invested in, developed, or redeveloped 24 million square feet of mixed-use, multifamily and retail assets worth $5 billion.
