Maryland Mixed-Use Asset Scores First Sale
The Sylmar Corp. disposed of the Clock Tower Place, a retail and office building located in Annapolis, Md. for $10.3 million. The building was 98 percent leased to 21 different tenants at the time of the transaction.
By Corina Stef
Clock Tower Place, Annapolis, Md.
The Sylmar Corp. sold the Clock Tower Place, a 46,838-square-foot mixed-use building located in Annapolis, Md. The property traded for $10.3 million, or $220 per square foot, and was acquired by Abrams Development Group. KLNB Investment Sales Group Principals Brad Berzins and Craig Morrell and Tom Maddux acted on behalf of the seller, while the new owner retained the firm to handle property management services for the building. The sale was funded by a loan procured by Arris Realty Capital, a joint venture between KLNB and Columbia National Real Estate Finance. The Bob Libson-controlled Sylmar Corp. had owned the property for more than three decades.
Synergistic mix of tenants
Clock Tower Place is located at 1410 Forest Dr. and encompasses 25,468 square feet of retail space on the first floor and 21,371 square feet of office space on the second floor. Built in 1986 and located on a 4.5-acre parcel, the poperty is 98 percent occupied by 11 retail and 10 office tenants such as State Farm, Blue Heron Financial Group Inc., Wine Cellars of Annapolis, Tastings Gourmet Market, Brilliant Eye Care and Chesapeake Occupational Therapy Associates. Neighboring amenities include schools, eateries, sports fields and retailers. Transportation is facilitated by two bus stations located within walking distance, while Forest Drive provides direct access to major roads such as John Hanson Highway.
“Annapolis is a difficult market to enter — it is an affluent, high-demand area with a high cost of entry and limited quality properties available for sale,” Berzins said in a prepared statement.
Image via www.clocktowershopping.com
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