Federal Realty Buys Maryland Retail Plaza for $187M
Seller PGIM Real Estate traded the residential portion of Annapolis Town Center earlier this year for $160 million
By Nick Trombola October 15, 2025 4:25 pm
reprints
One of the nation’s oldest real estate investment trusts has acquired an open-air retail plaza in eastern Maryland, the latest firm to snag a substantial property amid the retail’s resurgence.
North Bethesda, Md.-based Federal Realty Investment Trust, founded in 1962, has paid $187 million for the retail portion of the mixed-use Annapolis Town Center, a 480,000-square-foot shopping center in Annapolis. PGIM Real Estate sold the complex, which is anchored by Whole Foods alongside fellow tenants such as Anthropologie, Sephora, Restoration Hardware, and Williams Sonoma.
“This is exactly the kind of opportunity we target: a dominant asset with strong fundamentals, competitive positioning, and the potential to unlock further value under our ownership,” Don Wood, Federal Realty president and CEO, said in a statement.
Federal Realty’s new property is just a portion of the 2 million-square-foot Annapolis Town Center, developed in 2008 at 1906 Towne Centre Boulevard by Greenberg Gibbons. PGIM acquired the mixed-use complex in 2018, though earlier this year it opted to sell the property’s multifamily component — two buildings totaling more than 400 units — to Peterson Companies for $160 million.
Federal Realty joins other investment firms acquiring Maryland malls in the past 12 months, though under widely varying circumstances.
In November, Spinoso Real Estate Group paid $190 million for the 1.2 million-square-foot White Marsh Mall near Baltimore. Spinoso had been the mall’s court-appointed receiver for about a year at the time, owing to financial distress from former owner Brookfield.
European mall giant Unibail-Rodamco-Westfield (URW) meanwhile has faced its own distress with Westfield Wheaton, a 1.7 million-square-foot plaza on the northern outskirts of Washington, D.C. The mall was transferred to special servicing in April after URW failed to meet its March debt maturity, and the company has reportedly opted to sell following a meager $166 million appraisal in August, Bisnow reported at the time.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
