Riva Rd. Rakes In $18M

ANNAPOLIS, MD-The 155,000-sf office structure at 2500 Riva Rd. has been acquired by local REIT Corporate Office Properties Trust in an $18-million deal. Anne Arundel County tax records list the 30-year-old property’s 2003 assessed value at $11.4 million. With the purchase, COPT makes its debut in the Annapolis market.

Located off Rte 50, the two-story structure on Riva Rd. is a secure investment, as it is leased to maximum capacity for a 15-year term by Internet service provider Uninternetworking Inc, which has its headquarters in the building. The sprawling 12-acre property also offers development space, although COPT has not yet revealed if there are any plans for building up that area.