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GLEN BURNIE, MD-Annapolis, MD-based Petrie Ventures has acquired the 40-year-old Glen Burnie Mall in a $20 million deal with former owner Simon Property Group. Currently valued at $18.6 million, the struggling shopping center had been part of Simon’s portfolio since the property last changed hands for $14.9 million in 1994. New owner Petrie plans a massive two-year renovation of the mall in an effort to revitalize its standing as a central retail destination.

“In addition to Salvo Auto Parts and Bennigan’s restaurant, we are targeting retailers that are not currently serving this market,” Petrie president Phillip Ross says. “We fully intend to renovate the southern end of the center by removing the existing two level Wards building and adding a one level Target store. Our company has developed several centers with Target and they will be the catalyst for us to remerchandise the center in a more upscale fashion.”

Located just a few miles outside of downtown Baltimore, the 410,000-sf mall occupies a 38-acre parcel at 6711 Ritchie Highway in Anne Arundel County. While the mall took a hard hit when anchor Montgomery Ward vacated its space last year, Petrie has secured a replacement–a Target discount retail store that is scheduled to open in 2004.

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