Transwestern Brokers Transaction on Behalf of Private Seller
Transwestern today announces it brokered the disposition of West Garrett Place, two contiguous office buildings totaling 71,185 square feet at 257 and 275 West St. in Annapolis, Maryland. Douglas Development Corp. purchased the property for $11.9 million. Mark Glagola, managing director of Transwestern’s Mid-Atlantic Capital Markets Group, brokered the transaction on behalf of an undisclosed seller.
“This was a very strategic acquisition by Douglas Development in the historic West Street Corridor of Annapolis’ Central Business District,” said Glagola. “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.”
Douglas Development plans to reposition the building to take advantage of retail and office growth in Annapolis. The property is 93 percent leased and recently underwent an $800,000 capital improvement program. It’s located in an amenity-rich, mixed-use area with easy access to Baltimore and the District via State Route 50 and Interstate 97.
Douglas Development was represented in-house by Principal and Senior Vice President Norman Jemal.
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Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has
34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.
