Douglas Development Buys Annapolis Office Building, Plans Repositioning
D.C.-based Douglas Development traveled about 30 miles east of its hometown for its latest acquisition.
The developer acquired an 82K SF office building in Annapolis for $12M, with Transwestern Managing Director Mark Glagola brokering the deal.
The building at 116 Defense Highway is less than a half-mile from the Westfield Annapolis shopping mall and about 1 mile from the Anne Arundel Medical Center.
"Douglas Development has purchased a tremendous office asset to reposition,” Glagola said in a release. “The property is 70% 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.”
The acquisition is not Douglas' first in Annapolis. The developer also owns an 8K SF retail building, a 71K SF office building and the 89K SF Bay 50 Shopping Center.
