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St. John Properties Acquires Two Annapolis R&D Buildings
St. John Properties, Inc. has acquired two research and development buildings totaling 103,352 square feet in Annapolis, Maryland.
Formerly named Annapolis Commerce Park East, Bestgate Commerce Park includes 2001-2003 Commerce Park Drive, a 52,127-square-foot building, and 2009-2011 Commerce Park Drive, a 51,225-square-foot building. The two buildings are cumulatively 75 percent leased to three tenants.
St. John Properties was self-represented by Senior Executive Vice President, Acquisitions and Growth Sean Doordan and Assistant Vice President of Acquisitions Alex Lyons. JLL’s Dave Baker, Kevin Byrd, TJ Hamilton, and Andrew Weir marketed the property and handled negotiations on behalf of the selling entity.
St. John Properties plans to immediately invest in significant improvements throughout the business community. “Bestgate Commerce Park perfectly aligns with our Annapolis-area portfolio, and we intend to remain diligent in our pursuit of value-add and land opportunities across Maryland,” said Doordan.
