On Sept. 29, 2008, the US stock market experienced the single biggest drop in its history, erasing $1.2 trillion in market value. The following day, undaunted by the financial crash, Petrie Richardson Ventures, in a JV with Prudential Real Estate Investors, closed on a $175M financing deal to build Woodmore Town Centre, a 245-acre mixed-use development in Glenarden.
Eight years later, that risk has paid off. Woodmore Town Centre is raking in roughly $600/SF, according to the Prince George’s County Economic Development Corp. It is anchored by Wegmans’ No. 1 store in the country in prepared food sales.
The five lenders Petrie Richardson borrowed from were paid back in full in 2014, with interest and principal.
Today, 20,000 cars come to Woodmore’s property every day, Terry says. Next year, Phase 2 will open with the county’s first Nordstrom Rack, and after that the project will build residential, eventually totaling 1,100 units.
Click here to read the rest of the article written by Jon Banister over at BisNow