City: Annapolis

Douglas plans to invest $10 million towards upgrades.

99 percent leased. First Potomac assumed the $9 million of mortgage debt that encumbers the property. The debt is securitized via Bear Stearns Commercial Mortgage Securities Inc., 2004-PWR5. It carries a fixed-rate of 5.71 percent and matures in 2014.

complex at 721 S. Cherry Grove Ave. consists of 11 three-story buildings and one clubhouse on a 26-acre site

seller will lease back t for 15 years