Private equity real estate firm acquires St. Mary’s County shopping center

Daily Record Staff//March 27, 2023

//March 27, 2023

In addition to having junior anchor tenants including Michaels and Advance Auto Parts, First Colony is shadow anchored by Target, Lowe’s and BJ Wholesale Club, which help drive foot-traffic to the center. (Submitted photo)

Private equity real estate firm AmCap Inc. on Monday announced the acquisition of First Colony Center, a 98,179 square-foot California shopping center in St. Mary’s County.

Terms of the deal were not disclosed.

The addition of First Colony brings AmCap’s Washington-area presence to five grocery-anchored centers.

In addition to having junior anchor tenants including Michaels and Advance Auto Parts, First Colony is shadow anchored by Target, Lowe’s and BJ Wholesale Club, which help drive foot traffic to the center.

The center is less than five miles from Naval Air Station Patuxent River, which employs more than 17,000 civilian and active military.

AmCap’s area portfolio also includes Manokeek Village Center in Accokeek, Arbutus Shopping Center in Arbutus, Montgomery Village Plaza in Gaithersburg and Ashbrook Commons in Ashburn, Virginia.

First Colony is the third acquisition purchased through a joint venture with Encore Enterprises.

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