Shopping Center Sells For Over $5M

ANNAPOLIS, MD — The Woodbridge Center in Annapolis has sold for more than $5.4 million, it was announced Thursday.

Woodbridge Center is located at 2444 Solomons Island Road. Representatives said the center was 96% leased at the time of the off-market sale.

The ownership of the center will transfer from the Chester Station Joint Venture group to an entity of Resolution Capitol Management.

"We are thrilled to expand our presence in Annapolis with the acquisition of Woodbridge Center and remain highly committed to further investment within this market," Jared Kassoff, chief operating officer of Resolution Capitol Management, said in a release.

"As an owner-operator, we see significant opportunity ahead and expect to deliver continued improvements for long-term value."

The 31,000-square-foot, mixed-use space houses 21 tenants, including Sandy Pony Donuts and Basmati Indian Cuisine.

The move marks the two-story shopping center's first sale in over 50 years, according to the Hyatt Commercial real estate agency.