DLC, a private owner and operator of open-air shopping centers, and Meadow Partners have acquired Penn Mar Shopping Center, a prominent 378,205-square-foot, grocery-anchored shopping center located in Prince George’s County in Forestville, Md., less than 10 miles from downtown Washington, D.C.
This strategic off-market acquisition was completed for $68.5 million and financed by Apollo and Athene.
The center is 91.5 percent 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. It is anchored by Shoppers Food Warehouse, which recently completed a 10-year renewal and a full store renovation. Diverse mix of national anchor tenants include Burlington, Ross Dress for Less, Dollar Tree, Petco, and Foot Locker. Eight single tenant pad sites are home to popular brands, including Starbucks, Truist Bank, Taco Bell, Raising Cane’s, IHOP, Wendy’s and Long John Silverâ€
