Kildare Partners, Atlas Hill Real Estate, and Centennial sell repositioned Annapolis Mall

Annapolis,MD Kildare Partners, Atlas Hill Real Estate, and Centennial completed the sale of Annapolis Mall. Kildare Partners is a private equity firm targeting investments in commercial real estate in the United States and Europe; Atlas Hill Real Estate is led by industry veteran Sandeep Mathrani; and Centennial, part of Lincoln Property Company, is a national retail real estate owner and operator with a portfolio of shopping, dining, entertainment and mixed-use destinations and a full-service property management platform serving third-party owners. The strategic exit follows a highly successful repositioning that has meaningfully elevated the center’s value, occupancy, and competitive standing in one of the mid-Atlantic’s most sought-after retail trade areas.

Originally acquired by Kildare Partners, Atlas Hill Real Estate, and Centennial in September 2024 alongside additional key partners, including Waterfall Asset Management and Lincoln Property Company, Annapolis Mall is a 1.6 million s/f super-regional center, located within the greater Washington, D.C. corridor. Over the course of the partnership’s ownership, Kildare Partners, Atlas Hill Real Estate, and Centennial executed a comprehensive repositioning strategy that materially enhanced the asset’s tenancy, merchandising mix, and long-term competitive positioning, delivering a significant transformation in under two years.

“The success at Annapolis Mall reflects the full capabilities of our Centennial, powered by Lincoln integrated operating platform,” said Paul Kurzawa, president of Centennial. “Through disciplined asset management, a focused remerchandising program and the leasing expertise of our partners at Atlas Hill Real Estate, we were able to drive meaningful value creation in a compressed timeframe. This transaction validates our approach to acquiring well-positioned assets and deploying our platform to unlock their full potential.”

Central to the asset’s repositioning was the execution of over 500,000 s/f of new leases and renewals within a 20-month period - a result that reflects both the quality of the real estate and the effectiveness of the partnership’s leasing strategy. New and executed tenants include DICK’S House of Sport (153,000 s/f), UNIQLO, Offline by Aerie, Tesla, Swarovski, Jack & Jones, Abercrombie & Fitch, and Dave & Buster’s. Existing tenants, including Talbots and Lululemon, also elected to expand their presence at the center during this period.

Atlas Hill Real Estate’s leasing program was instrumental in attracting nationally recognized tenants across experiential, lifestyle, and specialty retail categories. Mathrani’s institutional relationships and established track record in repositioning major enclosed retail centers enabled the partnership to advance negotiations and execute transactions at a pace that significantly exceeded conventional timelines.

“The results achieved at Annapolis Mall are a direct reflection of what is possible when best-in-class asset management is paired with a targeted, relationship-driven leasing strategy,” said Mathrani. “Centennial’s operational rigor and platform depth, combined with Atlas Hill’s leasing focus, created the conditions necessary to execute a high-velocity transformation of this asset. We are pleased to deliver the property in a substantially strengthened position at the time of sale.”

The disposition of Annapolis Mall is consistent with Centennial’s disciplined approach to capital allocation and portfolio management. The firm’s ability to acquire dominant retail assets, implement rapid operational improvements, and generate strong risk-adjusted returns for its partners underscores its position as one of the industry’s most capable retail real estate operators. The addition of experiential anchors, nationally recognized fashion and lifestyle tenants, and specialty retailers reflects a diversified merchandising strategy that has broadened the center’s consumer appeal and strengthened its competitive standing within the trade area. 

West Point Partners LLC advised the Seller Group in the transaction.

The incoming owner acquires a meaningfully repositioned asset with significant near-term lease commencements and a tenant roster that reflects current best practices in enclosed mall merchandising.