Rockville company purchases Annapolis shopping center

December 25, 1992|By Lorraine Mirabella | Lorraine Mirabella,Staff Writer

Rockville investors have purchased the Annapolis Fashion Festival shopping center, predicting a turnaround when a Nordstrom department store opens across the street at the Annapolis Mall.

Officials at Nellis Corp., a family run capital-management company, hope the Nordstrom store, coming in the spring of 1994, will attract new service and specialty shops to the area.

Nellis, which invests in Washington- and Baltimore-area shopping centers, bought the 81,000-square-foot center this week from South Charles Realty, a management arm of Maryland National Bank. Mark Levitt, a principal with the corporation, declined to disclose the purchase price.

The former Trammell Crow property was plagued by bankrupt tenants, low sales and limited walk-by traffic.

"The primary problem is they tried to orient themselves as a high-fashion center and it hasn't succeeded," Mr. Levitt said.

Maryland National Bank, which financed the center in 1987, foreclosed on the property in December 1990, after Crow-Annapolis, a Trammell Crow partnership, defaulted on an $11.7 million loan, court records show. Bank-appointed trustees

sold the property back to the bank.

The new owners say a prime spot across from expanding Annapolis Mall and access from U.S. 50 onto Jennifer Road should spark new interest from tenants, such as home-furnishing retailers or doctors or attorneys in need of offices.

Nellis, which owns and manages more than 3 million square feet of commercial property, is planning a campaign to lease the vacant half of the center, Mr. Levitt said.

Tenants include Talbots, Vision Works, Country Curtains, Parvizian Carpet and the Bombay Co., among others.

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