ShoreGate Partners, an Easton, Maryland-based commercial real estate investment, management and development company, has expanded its Annapolis presence with the acquisition of two buildings comprising more than 18,000 square feet of space for approximately $3.7 million. Combined with the company’s ownership of two nearby buildings, ShoreGate Partners now controls four assets totaling 100,000 square feet on approximately six acres in an area well known as the “Annapolis Design District.”
The most recent acquisitions comprised 300 Chinquapin Round Road, a 7,300 square foot flex building that is also suitable for showroom uses for approximately $1.2 million, and 207 Chinquapin Round Road, an 11,000 square foot flex/office building for approximately $2.5 million. Both assets are vacant and the company intends to immediately initiate a $500,000 renovation and improvement strategy involving 300 Chinquapin Road that will enhance the exterior aesthetic, modernize all interior components and upgrade the parking lot. A smaller renovation program will be completed at 207 Chinquapin Road.
Defined as the area bound by West Street (north), Chinquapin Round Road (west), Legion Avenue (east) and Forest Drive (south), the Annapolis Design District contains an assortment of design, showroom, arts, and other innovative entrepreneurial businesses as well as restaurants.
“Our development plan and real estate strategy becomes more effective with the control of additional assets to increase our critical mass. Since our initial building purchase in 2014, we have witnessed and played an integral role in the continued renaissance and expansion of the Annapolis Design District,” explained Eric Zagorsky, co-founder and Principal of ShoreGate Partners. “We seized the opportunity to acquire additional value-add assets in the district because we see the on-going demand for restaurants, boutiques and related arts and entertainment uses to add to the existing energy and momentum.”
ShoreGate Partners intends to position 207 Chinquapin to attract restaurant and hospitality uses based on ample parking and the positioning of the building on a highly visible corner along Chinquapin Round Road. Separately, ShoreGate envisions 300 Chinquapin Road to suit the varied needs of craftsmen, artisans and boutique merchants based on the proposed configuration of the interior once the renovation is completed early next year.
“The Annapolis Design District brand continues to grow, both locally and regionally, and the addition of compelling destination-style restaurant, hospitality and retail uses will help elevate interest and attract consumer demand for the local businesses,” added Justin Nonemaker, co-founder and Principal of ShoreGate Partners. “With these latest acquisitions, ShoreGate Partners intends to create an environment within each building that will provide new users with the space they need to prosper. We understand the fundamentals of this unique section of Annapolis, have the necessary relationships and resources to fulfill our vision, and believe many end-users exist that would like to participate in this highly-unique neighborhood.”
