FINMARC MANAGEMENT, INC. ACQUIRES 61,500 SQUARE FOOT TRAVILAH SQUARE SHOPPING CENTER IN ROCKVILLE, MD FOR $22.4 MILLION
Posted on: 23/07/2015

Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of the Travilah Square Shopping Center, a 61,496 square foot shopping center located in the I-270 Tech Corridor section of Montgomery County, Maryland for $22.4 million. Situated at the intersection of Darnestown Road (MD Route 28) Travilah Road, the project consists of five separate buildings that combine for approximately 61,500 square feet of retail space and commercial office space. It was formerly owned by Walgreens.

“Our team envisions extremely strong upside potential for Travilah Square Shopping Center following the completion of a significant redevelopment and renovation program, and a subsequent leasing strategy designed to attract compelling retail tenants to the project,” explained David B. Fink, Principal of Finmarc Management. “We were attracted to the affluent and dense demographics that surround the center, including a strong daytime population of almost 100,000 people and an average household income that exceeds more than $150,000 in the immediate area. Opportunities to acquire real estate assets in this section of Montgomery County are rare, and we are motivated by the challenge of repositioning and reimagining this property.”

Four separate buildings, including a free-standing Burger King restaurant, comprise the retail component of Travilah Square Shopping Center The fifth structure is configured to support approximately 16,000 square feet of commercial office space and is currently unoccupied.

Completed in 1988, Travilah Square Shopping Center is in close proximity to the University of Maryland Shady Grove campus, with almost 5,000 students, as well as being within the Shady Grove Life Sciences Campus which includes 200 companies and more than 45,000 full-time employees.

More than 44,000 vehicles pass the site on a daily basis via Darnestown Road and Travilah Road, and more than 110,000 consumers reside within three miles of the project. It is also located less than two miles from Interstate 270, the major north-south commuter road that handles more than 200,000 vehicles each day.

“The demographic diversity of this area, together with predictions of nearly 8% growth over the next four years, provides us with numerous redevelopment options as we formulate our long-term plans,” Fink added. “We are carefully studying trends in this marketplace to determine the proper product mix that best services the needs of these audiences.”

With the purchase of this asset, over the past two years Finmarc, along with its partners, has acquired or disposed of more than $400 million worth of properties.

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.