FINMARC MANAGEMENT, INC. AND NORTHFIELD CONSTRUCTION AND DEVELOPMENT, LLC ACQUIRE .68 ACRE PARCEL IN ALEXANDRIA, VA FOR TOWNHOUSE DEVELOPMENT
Posted on: 20/12/2014

Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of a .68 acre site in the Old Town West section of Alexandria, Virginia in partnership with Northfield Construction and Development, LLC for $3.85 million. The partnership intends to build luxury townhouses on the property, situated at the intersection of North Henry Street and Pendleton Street. Construction is expected to start in summer 2015.

“Our companies are extremely familiar with this marketplace and every amenity exists for the long-term performance of a luxury townhouse product,” explained Neil Markus, Principal for Finmarc Management. “The household demographics in Alexandria are among the highest in the country, and the demand for quality, for-sale residential product remains strong. Buyers are attracted to this market based on its close proximity to Washington, D.C., proximity to Metro, Reagan National Airport and the desirable lifestyle supported by numerous restaurants, cafes and shopping.”

Nearby amenities are a new City of Alexandria park located directly across the street; Bastille Restaurant, which is relocating one block away, in addition to numerous other restaurants and shopping in the heart of Old Town on Historic King Street that are within close proximity.  The site features easy access to George Washington Parkway and downtown Washington, D.C.

Earlier this summer, Finmarc Management purchased Waterfront Center I and II, a two-building portfolio in Alexandria, Va. containing approximately 150,000 square feet of office and retail space one block from the waterfront area of Alexandria waterfront. The company is currently engaged in a strategy focused on stabilizing the existing tenants and executing a marketing and leasing campaign.

Northfield Construction & Development is a Washington, D.C. based company with a specialty in urban infill residential development. Northfield will perform general contracting services the development of this townhouse project.

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 manages a diverse portfolio encompassing more than five million square feet of space situated in Maryland, Washington, D.C., Virginia, Delaware, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com.