ANNAPOLIS, MD — A historic building that sits along Dock Street in downtown Annapolis is under new ownership following a multimillion-dollar deal.
Hyatt Commercial announced in a Monday release that the restaurant property at 132 Dock St. sold for $2.215 million to "an entity" linked to the Chesapeake Properties real estate firm.
The building itself served as the home of Armadillos Bar & Grill for over 30 years and currently houses the country and rock bar Mavericks.
The restaurant property covers a space of about 2,500 square feet.
Jonathan Hollander, CEO of Chesapeake Properties, described the building as a "natural fit" for the company's portfolio in a statement.
"I've been a customer of 132 Dock Street for years and as an Annapolis resident, it was important to me that such a prominent property remain locally owned," Hollander said.
"The downtown location, combined with the existing restaurant infrastructure and the City Dock Project, made this a natural fit for our portfolio."
The property spent less than three months on the market and saw "multiple" offers, according to John Gallagher, the Hyatt Commercial executive vice president who represented the seller.
"The demand we saw for this opportunity was substantial," he said, noting the building proved to be a market"rarity" due to its waterfront location and restaurant infrastructure.
The building is located just a few steps from the site of the ongoing City Dock project, a costly initiative intended to clamp down on flooding that regularly impacts businesses.
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