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- FINMARC MANAGEMENT, INC. ACQUIRES 250,000 SQUARE FOOT MANAPORT PLAZA SHOPPING CENTER IN NORTHERN VIRGINIA FOR $29.78 MILLION
FINMARC MANAGEMENT, INC. ACQUIRES 250,000 SQUARE FOOT MANAPORT PLAZA SHOPPING CENTER IN NORTHERN VIRGINIA FOR $29.78 MILLION
Posted on: 21/05/2019
Finmarc, which acquired nearby Festival Center at Manassas in 2017, “continues to favor underlying demographics of market including growing population and tenant base”
Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the acquisition of Manaport Plaza Shopping Center, a 250,000 square foot regional shopping center located at 8345-8443 Sudley Road in Manassas, Virginia for $29.78 million. Anchored by Marshalls, Gabes, Ollies, Tuesday Morning, McKay Books, Advance Auto Parts, Dollar Tree and multiple additional retailers and restaurants, the asset was 90% leased at the time of the purchase and formerly owned by Combined Properties, Inc. In 2017, Finmarc acquired the 117,000 square foot Festival at Manassas, a neighborhood shopping center that is located adjacent to Manaport Plaza.
“This acquisition underscores our continuing research and analysis of Manassas, which demonstrates a sub-market with a consistently growing population and served by a tenant base perfectly suited for the surrounding neighborhood demographics,” explained Sean Sullivan, Vice President of Finmarc Management. “Manaport Plaza represents a long-term cash flowing asset that we were able to acquire at an extremely attractive going-in yield that is well below replacement cost. We intend to quickly lease the remaining few available spaces, stabilize the asset and position the center to achieve long-term value.”
Positioned in Prince William County, Manaport Plaza features roadside visibility from VA Route 234 (Sudley Road), on which more than 40,000 vehicles pass the site on a daily basis. The property is supported by four pylon signs and five separate entrances and exits onto Sudley Road. It is also surrounded by a large parking field and located directly adjacent to Manassas Mall, a regional shopping destination with more than 80 retailers and restaurants. Nearly 100,000 people reside within three miles from Manaport Plaza with an average household income exceeding $86,000.
“We are extremely familiar with the Manassas sub-market based on our numerous flex office and industrial holding there and believe in the long-term fundamentals of suburban retail product throughout Northern Virginia due to the expanding population and above-average household income levels. This is the company’s second shopping center acquisition in 2019 and we continue to scour the Mid-Atlantic region to search for additional retail, office flex and industrial properties that supports our acquisition criteria and operational fundamentals. Our goal is to purchase an additional $250 million worth of assets over the next twelve months.”
Joseph Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal representation in this acquisition transaction on behalf of Finmarc Management. Cliff Mendelson and Al Missirlian of Metropolis Capital Advisors handled the financing arrangements for the buyer.
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 owns and manages a diverse portfolio of more than 100 properties encompassing more than six million square feet of space situated in Maryland, Washington, D.C., Virginia, Delaware, and Pennsylvania. For additional information, visit www.finmarc.com