Urban Edge Properties acquires Woodmore Towne Center in Washington, D.C. market 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 sales price was $193.4 million.
The acquisition of Woodmore, which combines essential retail and a unique shopping experience for the surrounding community, is consistent with Urban Edge’s strategic plan of acquiring high-quality, infill real estate with attractive cash flow and future growth potential.
Woodmore is just nine miles from the center of Washington, D.C., off the Capital Beltway, providing excellent access for 240,000 vehicles traveling this corridor each day. The site benefits from strong demographics with a 5-mile population of 287,000 people with average household incomes of $106,000. Woodmore was the second most visited open-air center in the state of Maryland with more than 6 million visitors in the past 12 months.
The property is no