DLC and Meadow Partners have acquired Penn Mar Shopping Center, a 378,205 square-foot grocery-anchored shopping center located inside the Capital Beltway within Prince George’s County in Forestville, Maryland, less than 10 miles from downtown Washington, D.C. The off-market acquisition was completed for $68.5 million and financed by Apollo and Athene.

Penn Mar is anchored by Shoppers Food Warehouse, which recently completed a 10-year renewal and a full store renovation. The property features a mix of national anchor tenants, including Burlington, Ross Dress for Less, Dollar Tree, Petco, and Foot Locker.

The center is 91.5% leased, includes 1,757 parking spaces, and is the dominant asset in a high-demand trade area with both immediate and long-term upside potential. The acquisition of Penn Mar complements an existing portfolio of three grocery-anchored and value-oriented retail assets within an 8-mile radius, totaling over 658,000 square feet.