FINMARC MANAGEMENT ACQUIRES FOUR-BUILDING, NEARLY 500,000 SQUARE FOOT COMMERCIAL OFFICE PORTFOLIO IN VIRGINIA FOR $39.36 MILLION
Posted on: 13/08/2024

Finmarc Management, Inc., a diversified commercial real estate investment and management firm headquartered in Bethesda, Maryland, has completed the acquisition of Trinity Centre, a four-building portfolio comprised of nearly 500,000 square feet of Class ‘A’ commercial office space for $39.36 million. 5860, 5870, 5875 and 5885 Trinity Parkway are located in Centreville, Virginia, formerly owned by a joint venture partnership between Spear Street Capital, LLC, and Partners Group, and were approximately 71 percent leased and occupied at the time of the transaction. Cushman & Wakefield represented the seller and Finmarc Management was self-represented. Aaron Rosenfeld of Kelley Drye & Warren LLP provided legal services to Finmarc.

This acquisition follows Finmarc Management’s recent sale of a 25.29-acre site located at 19886 Ashburn Road in Loudoun County, Virginia for $60 million. The new owner, JK Land Holdings, LLC, intends to develop a new 360,000 square foot data center on the parcel in an undetermined timeframe. Last month, Finmarc also executed the acquisition of Riverview Plaza, a 185,275 square foot regional shopping center in Frederick, Maryland

Trinity Centre is situated within a 70-acre master-planned community just outside of Washington, D.C. and Dulles International Airport. In-place amenities are highlighted by three lakeside restaurants, a 100,000 square foot fitness center, a 136-room hotel, and a lake. Positioned in Fairfax County at the intersection of VA Route 28 and 29 (Lee Highway) and Interstate 66, the business community features nearby access to four Class ‘A’ retail centers.

     The portfolio consists of:

• 5860 and 5870 Trinity Parkway, each six-story, nearly 152,000 square foot office buildings

• 5875 and 5885 Trinity Parkway, each three-story, nearly 93,000 square foot office buildings

              “We believe in the enduring strength of suburban-located commercial real estate properties, especially those located in the Northern Virginia submarket with demand drivers led by the federal government and served by a highly-skilled and educated workforce,” explained Finmarc Principal Neil Markus. “This purchase signals our company’s renewed mission to identify and acquire institutional-quality portfolio with investment grade tenant ratings. This portfolio was attractive based on the opportunity to acquire a best-in-class property at a reset basis, allowing for the implementation of a new investment strategy. We plan to explore all options when determining the best and highest use of the property.”

Approximately 50 percent of the Trinity Centre tenants currently house their corporate headquarters within the business community, led by Parsons Corporation (NYSE: PSN) and CARFAX, a subsidiary of S&P Global (NYSE: SPGI). Other notable tenants include Aerovironment, Microautomation, Specialized Carriers & Rigging Association, Systematic, and TriVir. Fairfax County is recognized as among the country’s highest performing counties and is the seventh richest with a median income of more than $145,000. According to the Fairfax County Economic Development Authority, the county features a workforce of more than 660,000 people, and more than 38,000 businesses including 10,000 high technology firms. Last month, CNBC named Virginia as “America’s top state for business” in 2024.

              “Additional positive fundamentals and trends are in play which provide us with tremendous confidence in Trinity Centre and the Northern Virginia submarket,” Markus added. “Remote work is declining, as employers and employees alike agree that there is no replacement to working in traditional office spaces to maintain corporate culture and collaborate with peers. There also remains persistent activity among downtown-based companies interested in establishing a hub-and-spoke model in less-dense suburb locations.

              “We continue to aggressively search for emerging real estate opportunities throughout the Mid-Atlantic and Carolina regions,” Markus said. “Our team is particularly interested in acquiring under-performing properties that provide us with the opportunity to create long-term value with the implementation of our proven leasing and asset management protocols,” Markus added.   

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 manages a portfolio encompassing approximately seven million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware, Pennsylvania, and North Carolina. For additional information visit www.finmarc.com