Annapolis Mall, adjacent Sears parcel acquired by major shopping center owner

A California-based shopping center company announced Wednesday it has acquired Annapolis Mall for $260 million and an adjacent 13.1-acre vacant Sears parcel for $12 million.

The Macerich Co., a real estate investment trust whose holdings include Tysons Corner Center in Northern Virginia, said in a news release it had acquired most of the 1.5-million-square-foot mall.

The purchase does not include Macy’s, an anchor store, and a vacant JCPenney department store “that is being actively retenanted,” the news release stated.

But the company stressed the deal includes a parcel where Sears operated for years and that “sits on the most heavily trafficked corner of the property and provides optionality for future retail, mixed-use or alternative development.”

“Annapolis is exactly the kind of acquisition we said we would pursue,” Jackson Hsieh, president and CEO of Macerich, said in a statement.

He noted the mall is located “within a strong trade area with limited competition” and is undergoing a transformation that will include a new Dick’s House of Sport, set to open in the fall.

Annapolis Mall, formerly called Westfield Annapolis, opened in 1980. JCPenney opened at the mall three years later but closed this past summer. Existing large tenants include Macy’s, H&M, Crate & Barrel and Apple.

The mall and its 55 acres were acquired in 2024 by Centennial and Atlas Hill RE for $160 million, according to state property records.

Although the mall had dozens of vacancies last fall, its officials recently announced a number of stores set to open in the coming months, including Aéropostale, a teen apparel store; Abercrombie & Fitch, a contemporary clothing store aimed at young adults; Miss A, a beauty supply shop; and Offline by Aerie, an activewear store. It also said a Tesla dealership and service center would be opening in November.

“This off market transaction was completed with the prior ownership group who did an excellent job over the past two years starting a significant elevation and transformation of the center’s merchandising plan and tenant mix,” Hsieh said in a statement. Hsieh said the company believes its resources will allow it to replicate its success at Crabtree Mall in Raleigh, North Carolina and other properties.

According to Virginia Business, Macerich unveiled plans last year for a $100 million redevelopment of Tysons Corner Center in Fairfax County, Virginia.

The acquisition of Annapolis Mall “complements Tysons Corner and gives us control of the dominant retail position east of Washington, D.C.,” Hsieh said.