August 3, 2016
Douglas Development acquired West Garrett Place, two contiguous office buildings totaling 71,185 square feet in Annapolis, MD. The Washington, DC buyer paid $11.9 million to LNR Partners LLC for the properties at 257 and 275 West St. The special servicer had acquired the property through auction in 2011, and worked with Transwestern to lease it up.
Douglas Development plans to reposition the building to take advantage of retail and office growth in Annapolis. The property is 93% leased, and recently underwent an $800,000 capital improvement program. The buyer was represented in-house by Norman Jemal.
“This was a very strategic acquisition by Douglas Development in the historic West Street Corridor of Annapolis’ Central Business District,” said Mark Glagola with Transwestern, who represented the seller. “This burgeoning submarket is difficult to break into as a result of the restrictions on new development to preserve the character of original buildings. The property is well-positioned for rent growth.”
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