Hyatt Commercial Finalizes Sale and Ground Lease of the Knighton Portfolio in Parole Towne Center

Annapolis, MD – March 19, 2026 – Hyatt Commercial announces the completion of the marketing process for the four contiguous parcels within the Knighton Portfolio at Annapolis Towne Center in Annapolis, Maryland. The final component of the transaction, a ground lease for Parcels 2 and 3, was executed in early December.

With this final step complete, the full portfolio transaction process is now finalized. Cecil Cummins, Justin Mullen, and John Sindler of Hyatt Commercial facilitated the transactions.

Prime Location in the Parole Submarket

The four parcels sit at one of the most prominent intersections in Annapolis, where West Street, Solomons Island Road, and Old Solomons Island Road converge. As a result, the location attracted significant interest from both investors and owner-users seeking long-term ownership opportunities.

Additionally, prospective buyers and ground lessee’s considered the strength of of the surrounding submarket, flexible zoning, and long-term redevelopment potential. Proximity to Annapolis Towne Center further supported demand for the portfolio.

Targeted Marketing Strategy

Through a private marketing process, the Hyatt team engaged hundreds of targeted prospects. As a result, they received offers from 19 qualified parties.

The team facilitated a multi-stage call-for-offers process. This required evaluating multiple deal structures and approaches. In turn, the team guided ownership toward the strategy that best aligned with their goals and offered the highest likelihood of success.

Portfolio Overview

The assemblage included multiple buildings totaling more than ±67,000 square feet across over seven acres. Several tenants occupy the buildings under varying lease terms.

Following the call-for-offers process, separate parties acquired or leased each parcel.

• 10 Old Solomons Island Road (Parcel 4) — 1.4 acres with an ± 11,774 -square-foot building. The property included a tenant with a short-term lease and sold for $2.65 million.
• 2045 West Street (Parcel 1) — 1.59 acres with ± 7,292 square feet. The property sold for $4.8 million shortly thereafter, to one of the business owners who operated their business on the parcel- despite fierce competition and comparable offers from other competing buyers.
• 2017–2027 West Street (Parcels 2 & 3) —The ownership group selected these parcels for a ground lease. A lessee was secured in late spring, and the ground lease was finalized in late 2025.

Navigating a Complex Ownership Structure

Throughout the process, the Hyatt Commercial team coordinated a multi-entity ownership structure. This included working closely with multiple stakeholders and two families within the ownership group.

“This portfolio offering required an entrepreneurial approach. We executed significant outreach in the private market, evaluated offers creatively, and maintained strong coordination  across multiple ownership groups  timelines,” said Cecil Cummins, Executive Vice President at Hyatt Commercial. “We enjoyed navigating the complex structure and were proud to deliver results that exceed our clients’ expectations. This multi-generational asset played an important role in their lives and future planning. Seeing the process through to completion was incredibly rewarding.”

Continued Demand for Annapolis Assets

Overall, the completed portfolio transactions reflect continued investor demand for well-located retail and redevelopment opportunities in Annapolis. As market conditions evolve, properties with strong fundamentals and flexible use potential continue to attract interest.