It was an honor to have the opportunity to arrange the off-market sale of 80 West Street in Annapolis. This represented one of the largest off-market sales for our firm to date. While we are seeing imbalance in the marketplace with substantial amounts of equity seeking to be placed in investment CRE (and very little supply available to be purchased)… there ARE deals out there!! It just takes creativity and grit to find them, and close them! More info on the sale —
Sitting on an entire city block on West Street in Downtown Annapolis, the 61,310 Sq. Ft. building sold for $10,550,000 in late-December. The property has housed the State of Maryland Social Services & Dept. of Human Resources for the last 40+ yrs. This sale represents the first time the building has traded hands since it was built in 1979.
A representative for the Seller stated, “When we first built 80 West over 40 years ago, it was a huge milestone in the revitalization of inner West Street. The building has brought hundreds of people into the City on a daily basis since its construction, and the time has come to pass stewardship on to another group. The transaction went very smoothly, and we look forward to seeing the property continue to evolve with the City. Situated at the site of the former Annapolis City Gate, 80 West will continue to be a landmark for many years to come.”
The buyer, Eighty West LLC, an affiliate of Weissberg Corp., purchased the property as part of a 1031 exchange. Weissberg also owns 60 West Street, located just across the street from 80 West St. The Seller, Annapolis-West Street Limited Partnership, LLLP is an affiliate of Premier Property Development Inc & Fifth Management Inc. The property settled on December 22nd 2021.