Historic Tavern Building Sold To Naval Academy Graduates For Millions Of Dollars

ANNAPOLIS, MD — Two Naval Academy graduates bought the building that houses Middleton Tavern for $3.3 million last Friday.

The new owners, Cody Monroe and Clinton Ramsden, do not plan to change any of the tenants in the downtown Annapolis building.

Middleton Tavern, Annapolis Glassworks and Chesapeake Properties all have multi-year leases in place at the nearly 11,000-square-foot property.

Annapolis Glassworks and Chesapeake Properties sit on the Randall Street side of the building. Middleton Tavern lies on the Market Space side.

The new landlords, known as the Annapolis Capital Partners, will not have any role in managing Middleton Tavern.

A press release said the building was likely occupied as early as 1740. A sign outside Middleton Tavern says the bar was established in 1750.

The release called the bar "one of the oldest continually operating taverns in the nation." It also said the tavern hosted Founding Fathers like George Washington, Thomas Jefferson and Benjamin Franklin.

“We have two immediate priorities: first, we are eager to serve as responsive building managers for the three business tenants at the property; each of which offers a distinct product or service to the City of Annapolis and its visitors,” Monroe said in the release. “Second, we are planning to make much needed infrastructural investments in the building.”

The Annapolis Capital Partners plan to replace the current shingle roof with a copper one later this year. The new landlords said this will be more durable and match the materials used in the building's original construction period.

The group also wants to install an underground stormwater drainage system to limit the risk of weather damage.

The Annapolis Capital Partners additionally own two other downtown buildings. They own and manage 134 Prince – Luxury Boutique Hotel. The partners also recently bought 86 State Circle, where they plan to open a luxury, boutique inn. The plans for this nine-room hotel were approved earlier this year.

The Middleton Tavern building adds to this historic portfolio.

The purchase was brokered by John Rosso and Colin Lennon with Rosso Commercial Real Estate Services. The sale was financed by J.D. Zachry with Maryland Partners Bank.

“The purchase of this building ultimately reflects our seriousness about investing resources into Annapolis in a way that benefits the community and its visitors,” Ramsden said in the release. “This building will proudly stand among the historic properties along Annapolis City Dock through meticulous maintenance efforts and investment into the infrastructure of this Annapolis icon. We are proud to undertake that worthy endeavor.”

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