CALIFORNIA, MD—Finmarc Management, based in Bethesda, MD, has acquired Wildewood Shopping Center, a 292,000-square foot regional shopping center here for $28.4 million. The retail center has multiple national anchor tenants including Bed Bath & Beyond; DSW Shoe Warehouse, JC Penney and Belk. It is 95% leased.

Sandra Hunt of Scheer Partners represented the seller, New Jersey-based SJS Wildewood LP, in this transaction.

The center was originally built in 1989 and then renovated in 1998 and again earlier this year. It has more than fifty retail stores and restaurants, as well as four free-standing buildings including Outback Steakhouse. New tenants at the center include Bed Bath & Beyond and DSW Warehouse, while anchor tenant Belk completed a 16,000 square foot addition within the past several years.

One free-standing pad site remains available for lease.

Finmarc managed the property in the late 90s and has been tracking the property ever since, Marc Solomon, principal of Finmarc says in a prepared statement. "We have been consistently impressed with the strength of the demographics, including an average household income of more than $100,000 that is expected to grow substantially by 2019."

The center also checked off other boxes important to Finmarc: the opportunity to build increased value over the long-term, and a highly-visible and easily-accessible location on the main corridor of the sub-market.

This deal is one of many closed by Finmarc over the past two-and-a-half years. It has acquired or disposed of more than $515 million worth of properties, and is on target to acquire approximately $20 million of additional properties by year-end.