SIMSBURY, CT – January 30, 2020 – Hart Realty Advisers has purchased Annapolis Plaza, a Trader Joe’s anchored community center complemented by three high performing TJX concepts. The asset presents a strong core investment with upside from expansion potential by virtue of in place zoning that provides for additional densification. The seller was a local owner/operator who originally developed the property in 1985.
Annapolis Plaza is a dominant community center, containing 165,565 square feet with 62% of GLA occupied by its main anchors Trader Joe’s, Marshall’s, HomeGoods, and HomeSense. Robust sales for all anchor tenants reflect the quality and strength of the center and the market. The property is 99% leased and occupied by seventeen tenants, providing a diversified and balanced tenancy.
The Annapolis market is highly supply constrained, mostly bordered by shores of the Chesapeake Bay. Annapolis is the state capital of Maryland, the seat of Anne Arundel County, and employs approximately 17,300 in state and county government. Other major employers include Fort George G. Meade (including the NSA), Northrop Grumman, Southwest Airlines, University of Maryland Baltimore Washington Medical Center, and the U.S. Naval Academy. Annapolis Plaza is located adjacent to Westfield’s Annapolis Mall and Anne Arundel Medical Center, directly off the highway Route 50, which has three on/off ramps to the primary shopping corridor in Annapolis.
Hart Realty Advisers is making the purchase as a core plus investment on behalf of an institutional separate account client. “We are excited to acquire an asset that offers a truly unique opportunity. Annapolis Plaza features high performing, best-in-class anchor tenants with the potential to take advantage of the zoning overlay,” said Joshua Kagan, CIO of Hart Realty Advisers. “We look forward to actively exploring and implementing value creation strategies that may include increased FAR and mixed-use components.”
The transaction was brokered by JLL’s Bill Moylan, who represented the seller. TSCG will oversee leasing and management of the property.