KLNB Taps Into Full-Service Specialty to Sell, Finance and Manage Property
KLNB, the full-service commercial real estate brokerage, announced today the sale of Clock Tower Place, a 46,838-square-foot office and retail space, located on Forest Drive in Annapolis, Md. The property sold for $10,300,000, which represents about $220 per square foot. 98% leased at the time of sale, the property occupies 11 retail tenants on the first floor and 10 office tenants on the second floor. A fully integrated effort from KLNB, Brad Berzins and Craig Morrell, principals of KLNB’s Investment Sales Group, along with Tom Maddux, principal of KLNB Retail, represented the seller; KLNB Paragon Commercial Property Management was retained by the buyer for property management; and Arris Realty Capital — a joint venture between KLNB and Columbia National Real Estate Finance — provided financial and debt services to the client.
“Annapolis is a difficult market to enter — it is an affluent, high-demand area with a high cost of entry and limited quality properties available for sale,” said Berzins. “Clock Tower Place is a rare find. It is a stabilized building that has been well maintained and has a synergistic mix of tenants. It was the perfect fit for the buyer, Abrams Development Group, and I imagine it will be a long-term hold for them.”
Clock Tower Place was built in 1986 and is set on nearly 4.5 acres. Located at the intersection of Forest and Gemini Drives, the property is easily accessible to the 36,200 cars passing by daily. The property covers 25,468 square feet of retail space on the first floor and 21,371 square feet of office space on the second floor. The center has a range of community amenities such as State Farm, Blue Heron Financial Group, Inc. and Special Effects Hair Salon; food and beverage tenants such as Wine Cellars of Annapolis, Sweet Hearts Patisserie and Tastings Gourmet Market; and health and medical services including Ruah Yoga, Brilliant Eye Care and Chesapeake Occupational Therapy Associates.
In addition to investment sales, KLNB is also handling the on-going property management for Clock Tower Place.
“We offer a full suite of services at KLNB, which allows us to share in-depth market knowledge and provide a tremendous level of expertise and efficiency to each of our clients,” Morrell said. “From an investment sales perspective, we work in an integrated fashion and are uniquely positioned to leverage the expertise of the firm in order to provide the most strategic product for our clients.”
KLNB’s Investment Sales Group has a growing presence in regional capital markets. In 2016, the Group’s sales volume exceeded $300 million. For more information on KLNB’s investment services, click here.
KLNB is affiliated with NAI Global, an international real estate platform that provides resources and an enhanced range of services. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
About KLNB
KLNB is the dominant provider of commercial real estate services throughout the mid-Atlantic region. A full-service commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, investment sales, property management, financing, and appraisal & valuation services. Headquartered in Maryland, close to 80 full-time brokerage professionals work across KLNB’s five full-service offices located in Towson and Columbia, Md.; Washington, D.C.; and Dulles and Tysons, Va. http://klnb.com
