FINMARC MANAGEMENT, INC. SELLS 76,000 SQUARE FOOT BUILDING LEASED BY GIANT FOOD AT SPRINGFIELD PLAZA FOR $39.75 MILLION
Posted on: 31/08/2021

Sale follows last week’s disposition of fourteen-building portfolio containing nearing 740,000 square feet of warehouse and industrial space in Woodbridge for $104.2 million

Finmarc Management, Inc., a commercial real estate management and investment firm headquartered in Bethesda, Maryland has completed the disposition of a 76,000 square foot retail building fully leased by Giant Food in Springfield Plaza for $39.75 million. Located at 6364 Springfield Plaza in Fairfax County, Virginia, the buyer was Signet Springfield, a Limited Liability Corporation based in California. Ryan Sciullo, Chris Bosworth and Bill Kent of CBRE presented Finmarc Management and David Chasin of Pegasus Investments represented the buyer in this transaction. The sale follows last week’s disposition of a fourteen-building portfolio containing nearly 740,000 square feet of warehouse and industrial space in Woodbridge, Virginia for $104.2 million. Joe Hoffman of Kelley Drye & Warren provided legal services to Finmarc.

The combined proceeds generated from these two recent sales, totaling nearly $145 million, will help fund Finmarc’s announced intentions earlier this year to purchase up to $350 million of commercial real estate assets in 2021. The company remains aggressive in its search throughout the Mid-Atlantic market for core and value-add office, retail, flex/office and warehouse/industrial properties and has ample cash reserves to fund the acquisition activity internally. Finmarc’s acquisition focus targets the metropolitan regions of Washington, D.C., Pittsburgh, Philadelphia and Richmond, as well as North Carolina.

Giant Food has been operating within Springfield Plaza since 1960 and, last year, relocated from its original space into its current 76,000 square foot building with a long-term lease. The expanded space includes an extensive prepared foods department, full meat and seafood services, enlarged natural and organic foods departments and a broader area for fresh-cut fruits and locally-grown produce. The store is also equipped with a full-service Starbucks Coffee shop with seating, PNC Bank, as well as floral, cheese and wine and beer areas. The expanded pharmacy offers a wider range of services include vaccines administered by Giant Food’s certified in-store pharmacists.  

Located along Commerce Street at the intersection of Old Keene Mill Road and Amherst Avenue, Springfield Plaza is immediately adjacent to Interstate 95/395 and minutes from the Springfield Interchange. Nearly 112,000 consumers, with an average household income approaching $145,000, reside within a three-mile radius of the retail center. Fairfax County is the most populous jurisdiction in Commonwealth of Virginia and has the third-highest average household income in the country.    

“The new owner has acquired a recently-renovated asset leased by the dominant grocery store chain in the Washington, D.C. region and will provide immediate and long-term cash flow,” explained Finmarc’s Co-Founder and Principal Marc Solomon. “The site is situated within an extremely affluent infill suburban location in Northern Virginia, and supported by above-average household incomes and among the lowest unemployment rate nationally.”

“These recent sales provide additional and readily-available capital to fund our continuing acquisition program, with a goal of purchasing $350 million of commercial properties contained within the Mid-Atlantic portion of the country. Our team is especially focused on acquiring provide opportunities that allow us to implement proven leasing and asset management tactics that build long-term value.” 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 and Pennsylvania. For additional information visit www.finmarc.com