Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Urban Edge Properties Acquires Woodmore Towne Centre in Metro DC for $193M
Urban Edge Properties has acquired Woodmore Towne Centre, a 712,000-square-foot grocery‐anchored, regional power center located on 83 acres in Glenarden, MD, along with an adjacent 22‐acre land parcel. The purchase price for the transaction was $193.4 million.
The initial unleveraged yield on this transaction is approximately 6.4%.
The transaction was completed by the company using cash‐on‐hand and a $117.2 million non‐recourse first mortgage secured by the property. The mortgage has a 10‐year term at a fixed rate of 3.39% and is interest‐only for the entire loan term.
Woodmore is currently 97% leased to tenants including Wegmans, Costco, Best Buy, At Home, Nordstrom Rack, Silver Diner, LA Fitness and Starbucks. It is part of a larger 245‐acre master planned community that includes over 500 recently constructed residences, a limited‐service hotel and a new children’s medical center.
The 22 acres of land adjacent to the shopping center are also part of the larger planned community.
