Macerich Picks Up 1.5 MSF Maryland Mall

May 8, 2026

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The sellers of the Class A super-regional center had instituted a two-year repositioning initiative.

The Annapolis Mall, a 1.5 million-square-foot, Class A super-regional mall in Annapolis, Md., has changed hands for the second time in less than two years. Macerich acquired the asset and an adjacent 13.1-acre parcel for a total of $272 million in an off-market deal.

The sellers were Kildare Partners, Atlas Hill Real Estate and Centennial, part of Lincoln Property Co. Macerich paid $260 million for the mall and $12 million for the vacant Sears site, which provides future opportunity for retail, mixed-use or alternative development.

Macerich funded the purchase with cash on hand, which includes approximately $85 million of proceeds through the company’s ATM program and $150 million from its revolving credit line. The deal did not include the Macy’s anchor, which is tenant-owned, or a vacant JCPenney anchor store that is being actively re-tenanted.

The sellers acquired the shopping center in September 2024 for $160 million from Unibail-Rodamco-Westfield. Key partners in that deal included Waterfall Asset Management and Lincoln Property Co., which had made a strategic investment in Centennial’s operating business just a few weeks earlier.

Centennial is a national retail real estate owner and operator known for transforming traditional large-format shopping centers into retail-centric mixed-use destinations.

West Point Partners LLC advised the seller group in the transaction.

Active leasing under previous owners

In prepared remarks, Macerich officials cited the significant repositioning and leasing undertaken by the prior ownership group during its tenure. Centennial and Atlas Hill transformed the center’s merchandising plan and tenant mix, executing more than 500,000 square feet of new leases and renewals within a 20-month period.

New tenants include Dick’s House of Sport, which is opening a 116,000-square-foot store in August. Other tenants set to open throughout 2026 and 2027 include Dave & Busters’s, Tesla, Uniqlo, OFFLINE by Aerie, Aeropostale, Abercrombie & Fitch, Pop Mart, Jack & Jones and Swarovski. Lululemon and Talbots are also expanding at the mall. Several new tenants opened in the first quarter, such as Urban Planet, DTLR and Hollister.

Macerich plans to invest approximately $40 million in leasing capital as part of its strategy to continue the transformation and repositioning of the center. Centennial noted the addition of experiential anchors, nationally recognized fashion and lifestyle tenants and specialty retailers broadened the center’s consumer and strengthened its competitive standing in the greater Washington, D.C., trade area.

Macerich expects to drive total occupancy higher than 93 percent, capture significant NOI growth upside and lift sales productivity to more than $800 per square foot.

Located in an affluent D.C. corridor market

The second-largest mall in Maryland, the retail center is situated on 73.2 acres in Anne Arundel County, roughly 30 miles east of Washington, D.C. The Annapolis market benefits from its proximity to Washington, D.C., as well as Baltimore. Anne Arundel has a highly educated and affluent consumer demographic with median household income above the national average and population that has grown steadily over the past decade.

Macerich also owns Tysons Corner Center, in nearby Tysons, Va., that state’s largest mall at 1.85 million square feet. Last May, the REIT announced plans totaling more than $100 million to redevelop the center by creating a walkable retail, dining and entertainment district that will have upscale dining and a luxury market.

In June 2025, Macerich entered the Southeast market when it paid $290 million to acquire Crabtree Valley Mall, a Class A retail property with approximately 1.3 million square feet in Raleigh, N.C., from CVM Holdings LLC. The REIT planned to invest about $60 million in new redevelopment and leasing over three years.

The company is undertaking major redevelopments of several other mall properties in its portfolio, including Green Acres Mall in Valley Stream, N.Y., which is in the midst of a $150 million project that will add an 80,000-square-foot ShopRite grocery store, The Cheesecake Factory and other new tenants.

Macerich currently owns approximately 41 million square feet of real estate, including interests in 39 retail centers across the U.S. The REIT’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale in Arizona and along the metro New York-to-Washington, D.C. corridor.