Glenarden, Md. — Urban Edge Properties has acquired Woodmore Towne Centre, a 712,000-square-foot grocery-anchored shopping center located on 83 acres in Glenarden, along with an adjacent 22-acre land parcel for $193.4 million. Funding for the acquisition included cash on-hand and a $117.2 million non-recourse first mortgage loan. The financing features a 10-year term and is interest-only for the entire loan term. Woodmore Towne Center is situated nine miles from the center of Washington, D.C., off the Capital Beltway. The property was 97 percent leased at the time of sale to tenants such as Wegmans, Costco, Best Buy, At Home, Nordstrom Rack, Silver Diner, LA Fitness and Starbucks Coffee. Woodmore Towne Centre is part of a larger 245-acre master-planned community that includes over 500 recently constructed residences, a hotel and a new Children’s Medical Center.
Woodmore Towne Centre was 97 percent leased at the time of sale to tenants such as Wegmans, Costco, Best Buy, At Home, Nordstrom Rack, Silver Diner, LA Fitness and Starbucks Coffee.
Urban Edge Properties Acquires Woodmore Towne Centre in Metro Washington, D.C. for $193.4 Million
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