DLC, Meadow Partners Purchase 378,205-Square-Foot Retail Center in Forestville, Maryland

Forestville, Md. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot retail center in the Washington, D.C. suburb of Forestville, from an undisclosed seller for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. Shoppers Food Warehouse, which recently extended its lease and fully renovated its store, anchors the property. Other tenants at the center include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker. The property also includes outparcel pads occupied by tenants including Starbucks Coffee, Truist Bank, Taco Bell, Raising Cane’s, IHOP, Wendy’s and Long John Silver’s. Penn Mar was 91.5 percent leased at the time of sale.