AmCap Buys DC-Area Retail Center

First Colony Center. Image courtesy of AmCap

AmCap has acquired First Colony Center, a 98,179-square-foot retail asset in California, Md., in the Washington, D.C. area. The seller was ShopCore Properties, according to CommercialEdge data. The company purchased the asset in a joint venture with Encore Enterprises, this being the partnership’s third acquisition. The transaction also marks the expansion of AmCap’s footprint in the D.C. area to five grocery-anchored centers.

Completed in 2000, First Colony Center is anchored by Giant, Michaels and Advance Auto Parts, as well as shadow-anchored by Lowe’s, Target, Staples and BJ Wholesale Club. Other tenants include Bath & Body Works, Chick-fil-A, Burger King, SunTrust, Five Below and Bob Evans.

The grocery-anchored center is located in St. Mary’s County, near the intersection of routes 4 and 235, at 45101 First Colony Way. As of 2021, First Colony Center served a population of 17,770 households with an average income of $110,036 within a 5-mile radius, according to KLNB, who handled leasing for the property.

In October 2021, AmCap and Encore Enterprises purchased Liberty Square, a 107,431-square-foot, grocery-anchored shopping center in Chicago’s Wauconda suburb, for $18.7 million.