St. John Properties Inc. has expanded its Annapolis-area footprint with the purchase of two research and development buildings totaling 103,352 square feet in Annapolis, Maryland. The assets, located in the business community now known as Bestgate Commerce Park, were previously branded as Annapolis Commerce Park East.
The acquisition includes two flex/R&D buildings on Commerce Park Drive. The first property, at 2001-2003 Commerce Park Drive, comprises 52,127 square feet. The second, at 2009-2011 Commerce Park Drive, totals 51,225 square feet. Together, the buildings are reported to be 75 percent leased to three tenants at the time of sale.
Bestgate Commerce Park is positioned as part of St. John Properties’ broader Annapolis-area portfolio. By adding more than 100,000 square feet of research and development space, the company increases its presence in this established business community while gaining an asset with existing tenant income and remaining lease-up potential.
St. John Properties represented itself in the transaction. Senior Executive Vice President, Acquisitions and Growth, Sean Doordan and Assistant Vice President of Acquisitions, Alex Lyons, led the effort for the firm. On the sell side, JLL was engaged to market the property and manage negotiations.
JLL’s team on the assignment included Dave Baker, Kevin Byrd, TJ Hamilton, and Andrew Weir. The group was responsible for bringing the assets to market and conducting the disposition process on behalf of the unnamed selling entity. The parties did not disclose pricing or additional transaction terms in the available information.
Following the acquisition, St. John Properties plans to undertake significant improvements throughout Bestgate Commerce Park. While specific scopes, budgets, and timelines have not been detailed, the company describes the planned work as immediate and substantial, suggesting a focus on enhancing the overall business environment at the park.
Commenting on the transaction, Doordan noted that Bestgate Commerce Park aligns with the firm’s existing Annapolis-area holdings. He also indicated that St. John Properties intends to continue pursuing value-add and land opportunities across Maryland, positioning this acquisition as part of a broader regional growth strategy rather than a one-off investment.
The partial lease-up of the two buildings, coupled with the buyer’s stated intent to invest in upgrades, frames the assets as a blend of in-place income and repositioning potential. The transaction underscores ongoing activity in the research and development segment of the Annapolis commercial real estate market and highlights the role of institutional owners and national brokerage firms in facilitating trades of multi-tenant business park assets.
