Douglas Development Buys $12M MD Office Property
- Nov 08, 2018
Douglas Development has acquired a Class A office building in Annapolis, Md., for $12 million. Transwestern represented the seller in the deal and provided disposition services.
Located at 116 Defense Highway, the property comprises 81,931 square feet. The building is 70 percent leased, primarily to medical office tenants. The asset is within close proximity to Anne Arundel Medical Center.
Managing Director Mark Glagola of Transwestern’s Mid-Atlantic Capital Markets Group led the team representing the seller.
“This sale is an exciting repositioning of an older asset that has tremendous upside. Douglas Development is the perfect operator to achieve great success,” Glagola told Commercial Property Executive.
Over the last year, Douglas Development has been continuously active in the Mid-Atlantic. In July, the firm secured a $52.8 million floating-rate loan to refinance and lease 1000 F St. NW, a newly constructed office property in Washington, D.C.’s East End submarket. Before that, in August of 2017, the company purchased a two-story mixed-use building in Annapolis, Md., for $2.3 million.
Image courtesy of Transwestern