Hyatt Commercial, a leading commercial real estate firm in Anne Arundel County, has announced the successful sale of the Class A office building at 151 West Street, Annapolis, MD 21401. The deal was finalized on August 22, 2023.
The Class A office building was sold at 90% occupancy for $9.5 million to Annapolis 151, LLC, a regional real estate investor. The success of this transaction in a challenging commercial real estate environment can be attributed to key components. 151 West is a market-leading asset with ample parking and all the amenities of a modern urban location. The seller, Moore and Associates, maintained the building in top-tier condition, proving that an office in the right location remains extremely resilient. Through industry-leading marketing efforts, Hyatt Commercial generated significant interest in the property and received multiple competitive offers.
However, the deal did not come together without challenges. Entering the market in January 2023, conditions were difficult and were worsening due to the continued tightening of debt markets. Through multiple starts and stops, Hyatt identified the ideal buyer and paired them with a community bank that understood the value and unique opportunity of investing in this asset.
The sale of 151 West was executed by a team of dedicated brokers: Cecil Cummins, Justin Mullen, John Gallagher, Eric Pinkett, and Shane Denman. Cecil Cummins of Hyatt Commercial expressed, “Finalizing this deal during a challenging period required exceptional dedication. Our team’s relentless effort, coupled with the collaboration of the buyers and sellers, propelled us to achieve success. I’m honored to have played a part in this accomplishment.”