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- FINMARC MANAGEMENT, INC. ACQUIRES FIFTEEN INDUSTRIAL PROPERTIES COMPRISING MORE THAN 750,000 SQUARE FEET ALONG I-95 CORRIDOR IN VIRGINIA FOR $58 MILLION
FINMARC MANAGEMENT, INC. ACQUIRES FIFTEEN INDUSTRIAL PROPERTIES COMPRISING MORE THAN 750,000 SQUARE FEET ALONG I-95 CORRIDOR IN VIRGINIA FOR $58 MILLION
Posted on: 03/03/2017
Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the acquisition of a fifteen-building portfolio comprised of more than 750,000 square feet of industrial and warehouse space situated along the Interstate 95 corridor in Northern Virginia from Stewart Investment Company for $58 million. The portfolio, contained primarily within the Featherstone Industrial Park in Woodbridge, and also including a property in Fredericksburg, features more than twenty-five tenants and is presently 91% leased. Marc Rampulla, Mark Levy and Jay Wellschlanger of JLL were the brokers of record in this transaction.
With this acquisition, Finmarc currently owns and manages more than 90 office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling 6.6 million square feet of space.
Known as the Mid-Atlantic I-95 Corridor portfolio, the site encompasses fifty-eight acres and is considered among the largest industrial parks in the Northern Virginia region. Featherstone Industrial Park accounts for approximately 40% of all warehouse and distribution space in the Prince William East submarket which is cumulatively 94% leased.
“We were attracted to the critical mass of this portfolio, coupled with our long-term optimism of the industrial and warehouse sector given the recent explosion of the e-commerce industry and accompanying expansion of same-day or next-day delivery models,” explained Marc Solomon, a Principal of Finmarc. “There continues to be an enormous appetite among companies to maintain large distribution centers near major population centers to achieve its logistics objectives. This acquisition was completed below replacement cost.”
According to John Detleff, Senior Vice President at JLL Mid Atlantic who will be managing leasing activities, “Featherstone Industrial Park has enjoyed historically high occupancy due to its ceiling heights, truck radius and heavy industrial zoning. As the I-95 Corridor tightens and residential and retail space grows in the immediate vicinity, Woodbridge, Virginia is becoming a more pivotal link in Metro Washington D.C.’s last mile distribution supply chain. Finmarc is an experienced industrial owner. I’m looking forward to our partnership and the continued improvement of the Featherstone Industrial Park assets and tenant experience.”
Representative tenants including Coleman American Moving Services, Joe Moholland Moving, Inc.; The United States General Services Administration; Arven Moving & Storage and Atlantic Transfer, Inc.
The Featherstone Industrial Park is situated approximately twelve miles from Ft. Belvoir and fifteen miles from the Marine Corps Base in Quantico, and is directly adjacent to multiple exits along Interstate 95. Downtown Washington, D.C. is approximately twenty-five miles away and Dulles Washington International Airport is located approximately thirty miles from the site. The business community is positioned within close proximity to more than ten million square feet of retail space and 56% of the United States population is located within an overnight drive of the site.
“Land suitable for large-scale warehouse and distribution buildings are difficult to come by and new construction starts in this category have slowed, causing constrained supply,” Solomon added. “We believe every fundamental points to the continued acceleration of the e-commerce and logistics industries. This portfolio is perfectly positioned to take advantage of these market conditions.”
Finmarc Management, Inc. is a fully-integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and/or manages a diverse portfolio encompassing nearly 6.6 million square feet of properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania. For additional information, visit www.Finmarc.com