Kildare Partners, Atlas Hill Real Estate, and Centennial Sell Repositioned 1.6M SF Annapolis Mall in Value-Add Real Estate Exit
DALLAS, TX — Kildare Partners, Atlas Hill Real Estate, and Centennial announced May 6, 2026, the completed sale of Annapolis Mall, a 1.6 million-square-foot super-regional enclosed retail center located in Annapolis, Maryland, within the greater Washington, D.C. corridor. The disposition follows a comprehensive repositioning program executed over approximately 20 months that the partnership said materially elevated the asset's occupancy, tenancy, and competitive standing.
The seller group, which originally acquired the property in September 2024 alongside additional partners including Waterfall Asset Management and Lincoln Property Company, was advised in the transaction by West Point Partners LLC. The identity of the buyer and the sale price were not disclosed. The incoming owner acquires a repositioned asset with significant near-term lease commencements and a tenant roster the sellers describe as reflecting current best practices in enclosed mall merchandising.
Retail Real Estate Repositioning: 500,000 Square Feet Leased in 20 Months
Central to the repositioning strategy was the execution of more than 500,000 square feet of new leases and renewals within the 20-month ownership period. New and executed tenants include DICK'S House of Sport, occupying approximately 153,000 square feet in an experiential anchor format, along with UNIQLO, Offline by Aerie, Tesla, Swarovski, Jack & Jones, Abercrombie & Fitch, and Dave & Buster's. Existing tenants Talbots and Lululemon elected to expand their presence at the center during the same period.
The leasing program was led by Atlas Hill Real Estate, founded by Sandeep Mathrani, whose institutional relationships and established track record in repositioning major enclosed retail centers enabled the partnership to advance negotiations and execute transactions at a pace the firms said significantly exceeded conventional timelines. Mathrani previously served as CEO of GGP and Vice Chairman of Brookfield Properties.
"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 Sandeep Mathrani, founder of Atlas Hill Real Estate. "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."
Centennial's Integrated Platform and Portfolio Management Strategy
Centennial, part of Lincoln Property Company, served as the operating partner and property manager throughout the ownership period. The firm oversees more than 25 million square feet of retail and mixed-use destinations across 18 states and provides a full-service property management and advisory platform for institutional and private owners nationwide.
Paul Kurzawa, President of Centennial, said the transaction validates the firm's approach to acquiring well-positioned retail real estate assets and deploying its integrated platform to generate value. "Through disciplined asset management and 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," Kurzawa said. "This transaction validates our approach to acquiring well-positioned assets and deploying our platform to unlock their full potential."
The disposition is consistent with Centennial's stated approach to capital allocation and portfolio management, which the firm describes as focused on acquiring dominant retail assets, implementing rapid operational improvements, and generating risk-adjusted returns for its partners.
Annapolis Mall: A Major Enclosed Retail Center in the Washington, D.C. Corridor
Annapolis Mall is located in Annapolis, Maryland, and is a single-building super-regional center. The property spans approximately 1.6 million square feet and sits within the greater Washington, D.C. corridor. The center serves one of the mid-Atlantic's more sought-after retail trade areas, according to the sellers.
The repositioning strategy pursued by Kildare Partners, Atlas Hill Real Estate, and Centennial emphasized a diversified merchandising mix that added experiential anchors, nationally recognized fashion and lifestyle tenants, and specialty retailers — a composition the partnership said has broadened the center's consumer appeal and strengthened its competitive standing within the trade area.
About the Firms Involved in the Real Estate Acquisition and Disposition
Kildare Partners is a real estate investment firm focused on acquiring, repositioning, and managing commercial real estate assets across the United States and Europe. Since its founding in 2013, the firm has organized four funds with more than $4.5 billion of aggregate capital commitments from global institutional investors, including public pension funds, sovereign wealth funds, endowments, foundations, fund of funds, and high-net-worth individuals.
Atlas Hill Real Estate, founded by Sandeep Mathrani, describes itself as a strategic real estate investment and development firm focused on transformative projects. In addition to his role at Atlas Hill, Mathrani serves on the boards of Dick's Sporting Goods, Tanger Inc., Lucky Strike Entertainment Corp, and Mindspace REIT.
Centennial, powered by Lincoln, is a national retail real estate owner and operator overseeing more than 25 million square feet of retail and mixed-use destinations across 18 states. As part of Lincoln Property Company, one of the nation's largest privately held real estate firms, Centennial operates as a purpose-built retail platform combining institutional capital strength and national scale with specialized merchandising, leasing, and operations expertise.