FINMARC MANAGEMENT, INC. ACQUIRES 280,000 SQUARE FOOT LARGO TOWN CENTER IN PRINCE GEORGE’S COUNTY, MARYLAND FOR NEARLY $44 MILLION
Posted on: 17/01/2019

Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the acquisition of Largo Town Center, a 280,000 square foot regional shopping center located in the Upper Marlboro section of Prince George’s County Maryland for $43.95 million. The asset, which is currently 100% leased and occupied, was purchased from SITE Centers with Bill Kent, Ryan Sciullo and Chris Decoufle of CBRE representing the seller in the transaction. Clifford Mendelson and Albert Missirlian of Metropolis Capital Advisors handled the financing arrangements for Finmarc.

Located at 950 Largo Center Drive, Largo Town Center is presently anchored by national retailers Marshalls, Regency Furniture, Shoppers Food Warehouse, Advanced Auto, Dollar Tree and Dress Barn, and contains 35 tenants representing a mix of fast-casual and sit-down restaurants, as well as retailers offering products, and business and consumer services. The shopping center is positioned adjacent to MD Routes 202 (Landover Road) and 214 (Central Avenue) and is less than one mile from an Interstate 495 (Capital Beltway) exit.   

“Finmarc Management has been searching to invest proceeds generated from last year’s sales of several assets into a value-add property,” explained Sean Sullivan, Vice President of Finmarc Management. “We were attracted to the extremely strong national retailer base contained within Largo Town Center, as well as the opportunity to substantially build value with the implementation of certain re-tenanting activities as leases expire. The center is contained within an area that features exceptional daytime population due to the presence of stable and dense neighborhoods nearby. With the expected opening of the new University of Maryland Regional Medical Center next year, the retailers can also anticipate a dramatic influx of new shoppers into the venue.”   

More than 230,000 people reside within a five-mile radius of Largo Town Center, including more than 82,000 households with an average household income exceeding $89,000. The center is located within close proximity to FedEx Field, the home of the Washington Redskins.

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, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com