Woodmore Towne Centre in Glenarden, a Wegmans grocery store-anchored town center that opened in 2010, has sold for $193.4 million.
New York’s Urban Edge Properties (NYSE: UE) was the buyer of the 712,000-square-foot center, according to a source close to the transaction. Heritage Partners, the Annapolis company formerly known as Petrie Richardson Ventures, developed the center and serves as its property manager.
Woodmore sits on 83 acres. The sale also included an adjacent, developable 22-acre parcel.
The shopping center is 97% leased and includes a Costco, Best Buy, Nordstrom Rack and a Silver Diner. In 2021 it added a 96,446-square-foot At Home store, as the Washington Business Journal first reported.
Urban Edge doesn’t currently have much of a presence in the Greater Washington market; it controls some retail space at Rockville Town Center as well as a standalone Best Buy building in Wheaton.
Heritage Partners is the new name assigned to Petrie Richardson Ventures after co-founder…
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