MCRES Brokers Sale of 180 Main Street in Downtown Annapolis for $3.025 Million
Carrollton Pullman, LLC acquires 7,416 square foot office building with plans to establish an Annapolis satellite office for the College Park-based real estate development and investment company
MacKenzie Commercial Real Estate Services, LLC has brokered the sale of 180 Main Street, a three-story, 7,416 square foot office building situated in downtown Annapolis, Maryland for $3.025 million. The new owner, Carrollton Pullman, LLC, a subsidiary of Carrollton Enterprises, intends to occupy the building and establish an Annapolis satellite office for the real estate development and investment firm. MacKenzie’s David McClatchy, Senior Vice President and Principal, together with Vice President Morgan Wimbrow, represented the seller, Annapolis Business Park, LLC, in this off-market transaction.
Founded more than 80 years ago and now headquartered in College Park, Maryland, Carrollton Enterprises, and its subsidiary companies have developed, and presently manage, a number of commercial office buildings, shopping centers and residential communities throughout the Maryland region.
180 Main Street is currently 74 percent leased and occupied, with the presence of Carrollton Enterprises elevating the asset to 100 percent. Additional tenants include women’s clothing store Lilac Bijoux and Seasons Olive Oil & Vinegar. The building features a tenant courtyard, three class ‘A’ apartments, and office suite. The asset is situated within the heart of historic downtown Annapolis, and is within walking distance to the Maryland State House, City Dock, and a number of boutiques, sit-down, and fast-casual restaurants. Nearly 110,000 people reside within a five-mile radius and the daytime population exceeds 150,000 people, with an average household income exceeding $170,000.
“Carrollton Enterprises was in need of a 1031 trade property and owner-user space and 180 Main Street emerged as the ideal asset given the company’s requirement to establish a downtown Annapolis presence,” said MacKenzie’s David McClatchy. “The buyer acquired a strategically-positioned and well-maintained building with a highly-stabilized rent roll which includes strong ground floor retailers, and modern apartment units. Owner-user buildings remain in high demand, particularly in the downtown Annapolis submarket, and Carrollton Pullman reacted quickly and decisively to this buying opportunity.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes including MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital and MacKenzie Investment Group. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
