Sales  ·  Commercial

Urban Edge Buys Glenarden Retail Center for $193M

reprints


Urban Edge Properties has acquired Woodmore Towne Centre, a grocery-anchored retail center in Glenarden, Md., as well as an adjacent development parcel, for $193.4 million, the company announced. 

Heritage Partners, which developed the 712,000-square-foot property in 2010, was the seller.

SEE ALSO: Decron Sells SoCal Rental Community to AEW Capital for $133M

The deal was completed using cash on hand and a $117.2 million non-recourse first mortgage secured by the property with an undisclosed lender. The 10-year, interest-only mortgage carries a fixed interest rate of 3.39 percent, according to Urban Edge.

The sale included the adjacent 22-acre land parcel, which Urban Edge may develop for a complementary commercial use in the future, according to the company.

Located on 83 acres just nine miles from Washington, D.C., the property is part of a larger 245-acre master planned community encompassing more than 500 recently constructed residences, a limited-service hotel and a new Children’s Medical Center.

The retail center is home to Costco, Nordstrom Rack and Best Buy, and is anchored by a Wegmans supermarket. Overall, the property is 97 percent leased. 

“With best-in-class retailers, a convenient open-air format and outstanding accessibility, Woodmore is a go-to destination serving the needs of consumers across Prince George’s County,” Jeff Olson, Urban Edge’s CEO, said in a release. “We look forward to partnering with the local community and further expanding our presence in the greater Washington, D.C., marketplace as part of our long-term strategy.”

Requests for comment from both parties were not immediately returned. The brokers on the deal were not revealed. 

Keith Loria can be reached at Kloria@commercialobserver.com.