Site to be First Nordstrom Rack in Prince George’s County
GLENARDEN, Md. (July 1, 2016) – Petrie Richardson Ventures (PRV) and Prudential Real Estate Investors, the owner-developers of the 140-acre, 700,000-square-foot mixed-use development Woodmore Towne Centre, announced today the acquisition of a five-acre land parcel from DR Horton for the construction of Prince George’s County’s first-ever Nordstrom Rack. A groundbreaking event is scheduled for later this year.
As part of the Centre’s second phase of development, the site will include a 30,000-square-foot Nordstrom Rack and 29,000 square feet of retail and restaurants that will be announced later this year.
“We’re proud to bring the fifth Nordstrom Rack into the state of Maryland, not to mention the first-ever store into Prince George’s County,” said Terry Richardson, president of PRV. “Woodmore Towne Centre’s second phase will really come to life with this critical retail component that perfectly complements the existing tenant roster.”
Opened in 2010, Woodmore Towne Centre is anchored by Wegmans, Costco, JC Penney, Best Buy and Petco. In the 700,000 square feet of Phase 1 retail at Woodmore Towne Centre are available tenant spaces ranging from 1,000 to 140,000 square feet. The Centre is minutes from FedEx Field and conveniently located at the interchange of I-495 and Landover Road, Rte. 202 in Prince George’s County, with more than 1,000 feet of frontage on the Capital Beltway/I-495.
The Centre is currently 90 percent leased with new tenants 1000 Degrees Neapolitan Pizza, Hook and Reel Cajun Seafood Restaurant, Honu Hawaiian BBQ, Kobe Japanese Steak & Food, Kumon Learning Center and Wings 21. The new tenants will open in late March/early April. Current restaurant tenants include Chipotle, KBQ barbeque, Irie Bar & Grill, Noodles & Co. and Subway.
About Petrie Richardson Ventures
Petrie Richardson Ventures (PRV) is a retail developer in the Mid-Atlantic region with a national reputation for creating successful retail centers and exciting mixed-use properties. PRV currently owns and operates Ellsworth Place in Silver Spring, MD, and Woodmore Towne Centre in Glenarden, MD. For more information, visit www.petrierichardson.com.
About Prudential Real Estate Investors
Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU), and operates as Pramerica Real Estate Investors in markets outside of the Americas, Korea and Japan. Redefining the real estate investing landscape since 1970, PREI has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $62.6 billion ($46.3 billion net) as of September 30, 2015. PREI’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit http://www.prei.com/ www.prei.com
Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 304 stores in 38 states and Canada. Customers are served at 118 Nordstrom stores in the U.S. and Canada; 178 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.