Annapolis Commerce Park East consists of two buildings totaling101,302 sf that are located on 7.25 acres near the intersection ofCommerce Park Drive and Bestgate Road. The property is fullyoccupied with four tenants, including the State of Maryland, whichholds about 82% of the space.
The purchase price included the assumption of a $9.2-millionfirst mortgage at a fixed interest rate of 5.74% and a maturitydate of June 2014. First Potomac paid the balance of the purchaseprice by issuing 72,159 units in an operating partnership valued at$24.45 per unit and approximately $8.3 million in cash.
The property is expected to generate a first-year unleveragedreturn of approximately 6.8% on a cash basis and 7.2% on an accrualbasis.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
