GLENARDEN, Md., Oct. 6, 2016 /PRNewswire/ -- Petrie Richardson Ventures (PRV) and Prudential Global Investment Management, the owner-developers of the 140-acre, 700,000-square-foot mixed-use development Woodmore Towne Centre, announced today the groundbreaking of a five-acre land parcel for the construction of Prince George's County's first-ever Nordstrom Rack. The District Council unanimously approved the development on September 19, 2016.
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.
"This is a great retail amendment to Woodmore Towne Centre – as well as Prince George's County – and will be another great asset to the vibrant mix here," said Terry Richardson, president of PRV. "Nordstrom Rack is not only a popular and trendy retailer, but it will also bring jobs and contribute to the expanding economy in this part of the region."
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% 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 Global Investment Management
Prudential Global Investment Management (PGIM) 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, PGIM 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. PGIM'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.pgimrealestate.com/
SOURCE Petrie Richardson Ventures