Picante Annapolis

CATEGORY

Sale of Historic Property

ANNAPOLIS, MARYLAND

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Challenge

Rosso Commercial was interviewed (and subsequently hired) alongside 3 other local Commercial Brokerage firms to represent and sell the USNA Alumni Association and Foundation’s “Alumni House” properties Historic Office n Annapolis, MD.

It was extremely important for USNA AA&F to select the “right” fiduciary to guide the organization through the very important process of selling their iconic Alumni House real estate portfolio. It was the first time in 77 yrs. the original Governors Mansion and related properties would be offered for sale. USNA AA&F required the sales process to be conducted in the most professional and high-end manner, delivering optimum results for the foundation and USNA’s vast community.

Strategy + Approach

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Outcome

Rosso Commercial engaged in a structured “Call for Offers” sales process that involved media marketing strategy to broadcast the sale, and we utilized our strong network of buyers and real estate contacts to create a competitive market environment.

Through RossoCRE’s marketing efforts, we were able to identity and solicit 8 offers from various buyers. Our firm helped our client compare the pros and cons of each offer and ultimately select a purchaser.
The Property sold for close to 20% over our Client’s stated pricing guidance, and we structured a rent-back for USNA to utilize the property while the new USNA AA&F Alumni House is under construction in order to maintain their home until their new ‘home’ is finalized.

The Rosso Commercial team did an outstanding job representing the U.S. Naval Academy Alumni Association & Foundation on the recent sale of our property in Annapolis. It was very important to have a real estate team which understood the significance of the transaction, both financially and in terms of USNA tradition and history. The Rosso team did an excellent job in all respects, remaining deeply involved until the day of closing. Their marketing, sales, and financial abilities were outstanding, in addition to their ability to communicate with our Board. I’d highly recommend them when handling a sophisticated and sensitive transaction.

Robert W. Gast, Jr. | Vice President – Finance & Operations
U.S. Naval Academy Alumni Association & Foundation

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