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- FINMARC MANAGEMENT COMPLETES DISPOSITION OF SIX-BUILDING, 212,000 SQUARE FOOT PORTFOLIO IN MANASSAS, VA FOR $45.8 MILLION
FINMARC MANAGEMENT COMPLETES DISPOSITION OF SIX-BUILDING, 212,000 SQUARE FOOT PORTFOLIO IN MANASSAS, VA FOR $45.8 MILLION
Posted on: 22/12/2021
Finmarc Management, Inc., a commercial real estate investment and management firm headquartered in Bethesda, Maryland, has announced the disposition of a six-building portfolio, comprising 212,000 square feet of warehouse/flex space in Manassas, Virginia for $45.58 million. The assets were part of the 26-building portfolio containing approximately 950,000 square feet of commercial office, flex/office and warehouse space acquired from First Potomac Realty Trust in 2016 for $96 million. The buyer of the portfolio, which was 86% leased at the time of the transaction, was a joint venture partnership between The Davis Companies and Davin Holdings. Marc Tasker, Ryan Moody and Christopher Kubler of NAI KLNB represented Finmarc Management. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye provided legal services.
“During our hold period, our team substantially increased the value of these buildings with the successful completion of leasing activities, combined with the implementation of efficient property management practices,” explained Finmarc Executive Vice President Sean Sullivan. “This sale continues our strategy of selectively disposing of certain properties to generate proceeds to fund value-add and opportunistic acquisitions, including our recent 383,000 square foot shopping center purchase in the Raleigh-Durham area.”
Last week, Finmarc entered the North Carolina market with its $58 million acquisition of Plantation Point Shopping Center, a 383,000 square foot shopping center. Plantation Point was 91% leased and occupied at the time of the transaction and features anchors Burlington, BJs Wholesale Club, Big Lots, Dollar Tree and LA Fitness.
The recently-sold portfolio in Manassas, Virginia consisted of 7345, 7663 and 7795 Coppermine Drive and 7201, 7301 and 7401 Gateway Court. Significant tenants are Aimpoint, Capital Lighting & Supply, Cedar F&B, Eaton Corporation, DH Companies, Lennox Industries and Notal Vision.
“With a substantial amount of capital available for immediate investment, we intend to seek compelling opportunities in the coming year throughout the mid-Atlantic region,” Sullivan added. “Our goal is to purchase approximately $250 million worth of value-add commercial real estate assets in 2022.” 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. For additional information visit www.finmarc.com.