SOLD!!🎖🍾(Press release included below) We are thrilled to have had the opportunity to represent the United States Naval Academy Alumni Association & Foundation with this historic sale. Hats off to John Rosso, Ryan Brassel, Gene Parker & Ross Westholm for their work handling this transaction. RossoCRE aggressively marketed the property to a wide array of potential buyers and took the property to market via a structured ‘call for offers’ process to ensure our client received the best deal possible.
RESULT: $4.65M ($650k over our client’s pricing guidance).
Take a quick read of the official press release from USNA AA&F here with quotes from USNA AA&F, Fair Winds Capital and John Rosso! –
8/24/21 – The U.S. Naval Academy Alumni Association and Foundation’s sale of the Ogle Hall Complex in historic Annapolis closed on Thursday, 12 August, at a price of $4.65 million. Fair Winds Capital Investments purchased the property. The Alumni Association and Foundation are building a new Alumni Association and Foundation Center at the north end of King George Street across from the Academy’s Max Bishop Stadium.
“While we cherish and celebrate our many years of productive work and support for the Naval Academy alumni community based out of the Ogle Hall complex, we look forward to making continued progress on the future Alumni Association and Foundation Center and beginning an exciting new chapter in our history,” said Byron F. Marchant ’78, president and CEO of the Alumni Association and Foundation. “We are grateful to all of our volunteer leaders who helped us navigate this process, particularly Admiral Robert J. Natter ’67, USN (Ret.), chair of the Alumni Center Chairs Committee and Advisory Panel, who led the effort.”
Fair Winds’ principals and limited partners include Navy veterans and Naval Academy graduates. “The Fair Winds Capital Investments team is excited about the opportunity to purchase a property with such historic significance as Ogle Hall,” said Corey Chonsky, director of commercial real estate at Fair Winds Capital Investments. “We understand the importance of being able to keep this property in the Navy family and we look forward to the opportunity to continue to serve the Naval Academy family and the greater Annapolis community.” Fair Winds has 601 units under asset management, 3,858 under property management, and has completed 65 real estate transactions in the past year.
Annapolis-based Rosso Commercial Real Estate Services was the property’s listing agent. “We are thrilled to have had the opportunity to represent the USNA AA&F. This was a historic sale for our clients, and for our city,” said John Rosso, principal. “The rich history, traditions and memories made at Ogle Hall are truly unrivaled, and its offering represented a once-in-a-lifetime opportunity to secure and reposition the property. This was the first time in 77 years the property changed hands. It was important for our firm to provide the Alumni Association and Foundation with a competitive, sophisticated and objective sales process to maximize value in a manner that upheld our client’s high standards. This was an ‘all-hands-on-deck’ project for our team, and we could not be happier with the results.”
The Alumni Association and Foundation will remain in Ogle Hall through Fall 2022 and move to the new facility in 2023. The terms of the sale’s leaseback arrangement supports that plan.
“This has been a very productive and successful experience, one leading to the best possible outcome for the Alumni Association and Foundation and the community we serve,” said Natter. “The next goal on our horizon focuses on the completion of the future Alumni Association and Foundation Center and our move there in 2023.”