November 06, 2018
Annapolis, MD – Transwestern today announces it provided disposition services using RealINSIGHT Marketplace for the sale of 116 Defense Highway in Annapolis, Maryland. Douglas Development purchased the 81,931-square-foot, Class A office building for $12 million. Mark Glagola, Managing Director of Transwestern’s Mid-Atlantic Capital Markets Group, represented the seller in the transaction.
“Douglas Development has purchased a tremendous office asset to reposition,” said Glagola. “The property is 70 percent leased – primarily to medical office tenants as a result of its proximity to Anne Arundel Medical Center – and it’s well-positioned to take advantage of a burgeoning demand for medical office space in the market.”
With stringent zoning restrictions for new developments in the historic town center and one of the highest per capita incomes in the Mid-Atlantic region, Annapolis’ supply-constrained office market outperforms Washington, D.C., and Baltimore and is well-positioned for rent growth.
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, Asset Services, Occupier Solutions, Capital Markets and Research, 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 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
Emily (Laird) Conrad