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  • FINMARC MANAGEMENT, INC. ACQUIRES 58,609 SQUARE FOOT INDUSTRIAL BUILDING IN LAUREL, MARYLAND FOR $6 MILLION
parking in front of 14709

FINMARC MANAGEMENT, INC. ACQUIRES 58,609 SQUARE FOOT INDUSTRIAL BUILDING IN LAUREL, MARYLAND FOR $6 MILLION
Posted on: 01/12/2014

Laurel Commerce Center is 100% leased and located adjacent to MD Route 1 

Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of Laurel Commerce Center, a 58,609 square foot industrial building located in the Laurel section of Prince George’s County, Maryland for $6 million. The project is located at 14709 Baltimore Avenue and is currently 100% leased to thirteen tenants. Nathan Pealer of Marcus & Millichap represented the seller, Laurel Commerce Center, LP, an entity controlled by the Fernebok family and Finmarc Management, Inc. was self-represented in this transaction.

 

Built in 1986, Laurel Commerce Center features a mix of predominantly automobile-related retailers and repair services companies, including Mr. Tire Auto Service Center, Paymer & Phillips and several other local auto body and repair companies. The building is situated directly across Route 1 from the newly-remodeled, mixed-use Towne Centre at Laurel project featuring Prince George’s County’s first Harris Teeter. Laurel Commerce Center is located in the virtual heart of the Laurel shopping and business district, and is within close proximity to MD Routes 198 and 295 (Baltimore-Washington Parkway) and Cherry Lane.

 

“Our team is extremely impressed with the retail and business momentum derived from the Prince George’s County marketplace over the past several years,” explained Marc F. Solomon, Principal of Finmarc. “The MD Route 1 corridor remains a dense and highly-traveled region. Projects such as the recently-improved Towne Centre at Laurel encourages new businesses and residents to enter the market and, subsequently increases consumer and business traffic in our trade area. We are constantly searching for new acquisition opportunities to expand our portfolio.”

 

More than 150,000 consumers reside and more than 58,000 households are contained within a five-mile radius of Laurel Commerce Center, with an average household income approaching $100,000.

 

With the purchase of this asset, over the past two and one-half years Finmarc, along with its partners, has acquired or disposed of more than $520 million worth of properties, and is on target to acquire approximately $10 million of additional properties by year-end.

 

Finmarc Management, Inc. is a fully-integrated commercial real estate company that focuses on the real estate investment, management, leasing and development of retail, industrial/flex projects, and office buildings throughout the Mid-Atlantic region. The firm presently manages a diverse portfolio encompassing more than five million square feet of space situated in Maryland, Washington, D.C., Virginia, Delaware, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com.