Case Study · Realized
Annapolis Mall
A protected, irreplaceable trade area acquired from a motivated seller, repositioned in 18 months through anchor and in-line leasing.
Returns at a glance
18-month hold · $160M acquisition · $272M exit to Macerich.
$0M
Purchase price
$0M
Sale price to Macerich
0.0×
Atlas Hill MoC
0%
Atlas Hill IRR
- Hold period
- 18 months
- Deal-level MoC / IRR
- 1.7× / 38%
- Occupancy (acq. → exit)
- ~70% → 90%+
- Leasing executed
- 520,000+ SF
- NOI growth
- +36%
- Sale composition
- $260M mall + $12M outparcel
Value Creation
NOI grew 36% in 18 months.
Anchor lease-up paired with in-line leasing and contractual escalations drove net operating income from $23.6M at acquisition to $32.0M at exit. Figures in $M.
Acquisition NOI
Anchor lease-up (Dick's + D&B)
In-line lease-up & escalations
Exit NOI
The Thesis at Acquisition
A quality asset whose value needed to be unlocked.
Irreplaceable trade area
The only enclosed center within a 20-minute drive of one of the Mid-Atlantic's wealthiest catchments — $176K average HHI, 311K residents, 58% college-educated — with room to expand reach into Baltimore County toward super-regional scale.
Motivated seller in transition
URW had announced its U.S. exit and was reallocating to Europe. In-line productivity held at $509 PSF (B+ peer level) while occupancy had drifted from 92% to ~70% as investment slowed.
An executable playbook
National tenants were actively seeking the trade area, with senior relationships across the tenant universe and a team of leasing veterans to execute.
A better basis
A $160M purchase price provided an attractive basis to deploy landlord work and tenant-improvement capital to attract new tenants to the market.
A Protected Trade Area
The only enclosed regional center within a 20-minute drive.
311K
Trade-area residents
118K
Households
$176K
Average HHI — 62% above national
$552K
Median home value
58%
College educated
3.0%
Projected 5-yr population growth
Source: Trade-area data as of January 2026.
The 18-Month Playbook
Three phases, executed in parallel.
Anchor repositioning
- Dick's House of Sport — 117K SF anchor on a 15-year lease
- Dave & Buster's — 31K SF junior anchor on a 15-year lease
- Recaptured the Sears box for retail and outparcel redevelopment
In-line velocity
- 85+ lease transactions, 520,000+ SF executed
- New: Tesla, Uniqlo, PopMart, Aerie, Swarovski, Abercrombie, DTLR, Jack & Jones, H&M relocation, Lululemon expansion
- Renewals: Zara, Apple, Crate & Barrel, AMC
Stabilization at exit
- Restored pre-COVID productivity, occupancy, and tenant quality
- Marketed on stabilized cash flow with a de-risked pipeline
- Closed sale to Macerich at $272M
The Timeline
Eighteen months, milestone by milestone.
Leasing
Exits replaced with credit anchors and category leaders.
New leases & big-box conversions
Dick's House of Sport/ Dave & Buster's/ Tesla/ Uniqlo/ Lululemon/ H&M/ Abercrombie/ Aerie Offline/ PopMart/ Swarovski/ DTLR/ Jack & Jones/ GOAT USA/ Aeropostale/ Village Academy/ Urban Planet
Credit tenants retained
Zara/ Apple/ Crate & Barrel/ AMC/ Chipotle/ Hollister/ LOFT/ Ann Taylor/ LensCrafters/ Michael Kors/ M.A.C./ North Face/ Footlocker/ Vans/ Journeys/ Sleep Number
Plus 70+ additional renewals and amendments across specialty, services, and food categories.
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For partnership, investment, or leasing inquiries, our team responds personally.