Kildare Partners, Atlas Hill Real Estate, and Centennial Sell Repositioned Annapolis Mall

DALLAS, TX – May 6, 2026 –

Kildare Partners, Atlas Hill Real Estate, and Centennial today announced the sale of Annapolis Mall. Kildare Partners is a private equity firm targeting investments in commercial real estate in the United States and Europe; Atlas Hill Real Estate is led by industry veteran Sandeep Mathrani; and Centennial, part of Lincoln Property Company, is a national retail real estate owner and operator with a portfolio of shopping, dining, entertainment and mixed-use destinations and a full-service property management platform serving third-party owners. The strategic exit follows a highly successful repositioning that has meaningfully elevated the center’s value, occupancy, and competitive standing in one of the mid-Atlantic’s most sought-after retail trade areas.

Originally acquired by Kildare Partners, Atlas Hill Real Estate, and Centennial in September 2024 alongside additional key partners, including Waterfall Asset Management and Lincoln Property Company, Annapolis Mall is a 1.6 million-square-foot super-regional center located in Annapolis, Maryland, within the greater Washington, D.C. corridor. Over the course of the partnership’s ownership, Kildare Partners, Atlas Hill Real Estate, and Centennial executed a comprehensive repositioning strategy that materially enhanced the asset’s tenancy, merchandising mix, and long-term competitive positioning, delivering a significant transformation in under two years.

“The success at Annapolis Mall reflects the full capabilities of our Centennial, powered by Lincoln integrated operating platform,” said Paul Kurzawa, President of Centennial. “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. This transaction validates our approach to acquiring well-positioned assets and deploying our platform to unlock their full potential.”

Central to the asset’s repositioning was the execution of over 500,000 square feet of new leases and renewals within a 20-month period — a result that reflects both the quality of the real estate and the effectiveness of the partnership’s leasing strategy. New and executed tenants include DICK’S House of Sport (153,000 sq. ft.), UNIQLO, Offline by Aerie, Tesla, Swarovski, Jack & Jones, Abercrombie & Fitch, and Dave & Buster’s. Existing tenants, including Talbots and Lululemon, also elected to expand their presence at the center during this period.

Atlas Hill Real Estate’s leasing program, led by Sandeep Mathrani, was instrumental in attracting nationally recognized tenants across experiential, lifestyle, and specialty retail categories. Mathrani’s institutional relationships and established track record in repositioning major enclosed retail centers enabled the partnership to advance negotiations and execute transactions at a pace that significantly exceeded conventional timelines.

“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.”

The disposition of Annapolis Mall is consistent with Centennial’s disciplined approach to capital allocation and portfolio management. The firm’s ability to acquire dominant retail assets, implement rapid operational improvements, and generate strong risk-adjusted returns for its partners underscores its position as one of the industry’s most capable retail real estate operators. The addition of experiential anchors, nationally recognized fashion and lifestyle tenants, and specialty retailers reflects a diversified merchandising strategy that has broadened the center’s consumer appeal and strengthened its competitive standing within the trade area.

West Point Partners LLC advised the Seller Group in the transaction.

The incoming owner acquires a meaningfully repositioned asset with significant near-term lease commencements and a tenant roster that reflects current best practices in enclosed mall merchandising.

About Centennial, powered by Lincoln

Centennial, powered by Lincoln (“Centennial”), 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. In addition to investing in and operating its own portfolio, the company provides a full-service property management and advisory platform serving institutional and private owners nationwide.

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, national scale, and Lincoln’s fully integrated real estate capabilities with Centennial’s specialized merchandising, leasing, and operations expertise.

For more information, visit: www.CentennialREC.com

About Atlas Hill Real Estate

Atlas Hill Real Estate, founded by Sandeep Mathrani, is a strategic real estate investment and development firm focused on transformative projects. Mr. Mathrani brings decades of leadership in the retail real estate sector, having served as CEO of GGP and Vice Chairman of Brookfield Properties. He has also held key industry leadership roles at Forest City, Vornado Realty Trust, past Chair of NAREIT, and past member of the Executive Board of Trustees at ICSC. Today, he continues to shape the future of retail real estate as a Board Member of Dick’s Sporting Goods (NYSE: DKS), Tanger Inc. (NYSE: SKT), Lucky Strike Entertainment Corp (NYSE: LUCK), and Mindspace REIT (BOM: 543217).

For more information, visit: www.atlashillre.com

About Kildare Partners

Kildare Partners (“Kildare”) is a real estate investment firm focused on acquiring, repositioning, and managing commercial real estate assets across the United States and Europe. Since its inception in 2013, Kildare has organized four funds with over $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.

For more information, please visit https://www.kildarepartners.com
 

Media Contact

Kate Terricciano
kate@imagemarketingconsultants.com
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