Annapolis Capital Partners Acquires Three-Story Maryland Bankers Association Headquarters in Annapolis, MD, for $1.625 Million
MacKenzie Commercial Real Estate Services brokers purchase of historic property.
Annapolis Capital Partners has acquired 186 Duke of Gloucester Street, a three-story historic building located in downtown Annapolis, Maryland, from the Maryland Bankers Association for $1.625 million. Known as the MBA Building, and the long-time headquarters of the group that represents the interests of banks and financial institutions throughout the state, Annapolis Capital Partners intends to relocate its headquarters to the 4,267 square foot building. The Maryland Bankers Association will remain an occupant within the building. MacKenzie Commercial Real Estate Services’ Christopher Bennett, Executive Vice President and Principal, together with Morgan Wimbrow, Senior Real Estate Advisor, represented the buyer in this transaction.
Annapolis Capital Partners is a real estate investment group focused on acquiring, improving, and operating commercial properties in Annapolis. In the Annapolis Historic District, the organization owns 134 Prince – Luxury Boutique Hotel, The Flag House Inn, The Middleton Tavern building, and 4 Church Circle. The company has plans to redevelop the property at 4 Church Circle into a thriving mixed-use property with seventeen hotel rooms and several restaurant concepts. The group will open its newest hospitality property – 1313 West – Luxury Boutique Hotel – in early May. The group also has plans to open a nine-room hotel directly on State Circle at 86 State Circle – Luxury Boutique Hotel.
Delivered in 1977, a major renovation of the structure which entailed the addition of a rear portion of the building, as well as an elevator and staircase, was completed in 2007. The building also includes a dry storage area, a basement and six off-street parking spaces. 186 Duke of Gloucester Street is located within walking distance of Annapolis’ historic Main Street offering a range of shopping and fine dining restaurants, the Circuit Courthouse, as well as the Annapolis waterfront and Annapolis City Dock.
“It is exceeding rare for buildings of this size, condition and location in the center of downtown Annapolis to be available for purchase, and Annapolis Capital Partners recognized and quickly seized this opportunity,” explained MacKenzie’s Christopher Bennett. “Given the company’s recent acquisition and development activity in the city, combined with the group’s pledge to purchase and improve buildings in Annapolis, Annapolis Capital Partners was the natural buyer. Its placement in the center of downtown made perfect sense for a group focused on elevating the building stock throughout the Annapolis Historic District.”
“We were extremely satisfied with MacKenzie’s level of service,” said Cody Monroe of Annapolis Capital Partners. “Their organization advised us through the sale and leaseback components of this transaction, both of which they executed skillfully. We are excited to join the MBA at this flagship location, where we will continue our constant efforts to improve Annapolis for its residents and visitors alike.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Investment Group, LLC and MacKenzie Multifamily Management, LLC. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
