Hart Realty Advisers purchases grocery-anchored shopping center in Maryland

Hart Realty Advisers has purchased Annapolis Plaza, a Trader Joe’s–anchored community center in Annapolis, Md., complemented by three high-performing TJX concepts. The seller was a local owner/operator who originally developed the property in 1985.

The asset presents a strong core investment with upside from expansion potential by virtue of in place zoning that provides for additional densification, said Hart Realty in a statement.

“We are excited to acquire an asset that offers a truly unique opportunity.  Annapolis Plaza features high-performing, best-in-class anchor tenants with the potential to take advantage of the zoning overlay,” said Joshua Kagan, CIO of Hart Realty Advisers.  “We look forward to actively exploring and implementing value creation strategies that may include increased FAR and mixed-use components.”

The 165,565-square-foot property is 99 percent leased and occupied by 17 tenants; about 62 percent of the space is occupied by i