Annapolis Mall purchased for $260 million by major retail owner

A major operator and developer of retail properties across the country purchased the Annapolis Mall for $260 million, and the adjacent vacant Sears parcel for $12 million.

The Macerich Co., based in California, announced its plans to buy most of the 1.5 million-square-foot mall.

The purchase does not include Macy's. which is an anchor store, and a vacant JCPenney, which is being actively retenanted, the company said in a press release.

However, a separate sale includes the 13.1-acre vacant Sears parcel, which sits "on the most heavily trafficked corner of the property and provides optionality for future retail, mixed-use or alternative development."  

In the coming months, the mall area will include Dick's House of Sport, Dave & Busters, Tesla, Uniqlo, lululemon (expansion), OFFLINE by Aerie, Aeropostale, Abercrombie & Fitch, Pop Mart, Jack & Jones, and more and others. 

Several other tenants recently opened, including Urban Planet, DTLR, Talbots, upgraded Hollister, and others.

Annapolis Mall opened in 1980.

Officials said the Annapolis market benefits from its proximity to Washington, D.C. and Baltimore, a strong military and government employment base anchored by the United States Naval Academy, Fort Meade and the National Security Agency, and a highly educated and affluent consumer demographic.

"Annapolis is exactly the kind of acquisition we said we would pursue," said Jackson Hsieh, President and Chief Executive Officer, Macerich. "It's located within a strong trade area with limited competition, the property is undergoing a significant elevation and transformation of its merchandising plan and tenant mix."