Alta Properties, Grander Capital Partners and Boston Andes Capital acquired office a building in Annapolis, Maryland. No financial details of the transaction were released. The asset totals 125,728 sq ft of class A office space. Recent improvements of the asset include a completely renovated lobby, new common corridors, a new roof and additional parking. The property, which was 78 percent leased at the time of the sale, also features a suite of amenities that include a deli, fitness center and adjacent daycare.
“This investment offered the opportunity to acquire a recently renovated office property in what has historically been a tight office market,” said Kathleen Joyce Kusiak, owner and managing partner at Alta Properties. “We expect vacancy in the Annapolis office market to remain low given the high barriers to entry and a lack of available land.”
