Prince George’s County’s Woodmore Towne Centre, one of the largest open-air shopping centers in the D.C. region, has been sold to New York-based Urban Edge Properties for $193.4 million.
The Wegmans-anchored shopping center, covers 83 acres in Glenarden, Maryland, off the Capital Beltway, with FedEx Field within view. The shopping center had six million shopper visits in 2021, according to Urban Edge.
The property is 97% leased. Its tenants include Costco, Best Buy, Nordstrom Rack, Silver Diner and LA Fitness. Home furnishings store At Home replaced a shuttered J.C. Penney Co. store last summer.
Urban Edge’s purchase also included 22 acres of adjacent land that may be used for future commercial development.
Woodmore Towne Center is part of a larger 245-acre community that includes 500 recently constructed homes, a hotel and a new Children’s Medical Center.
The shopping center was developed by Annapolis-based Heritage Partners, which continues to serve as its property manager.
Urban Edge’s Washington area portfolio includes Forest Plaza in Annapolis and Rockville Town Center. It funded the Woodmore Towne Centre acquisition with a combination of cash and bank financing.