FINMARC MANAGEMENT SELLS 216,000 SQUARE FOOT BUILDING IN LANDOVER TO SALUS PROPERTY INVESTMENTS FOR $31.65 MILLION
Posted on: 20/02/2014

Property utilized as warehouse and specialty storage facility for Library of Congress

 Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the sale of 1701 Brightseat Road, a 216,000 square foot warehouse building in the Landover section of Prince George’s County, Maryland for $31.65 million. Marc Rampulla, Scott Frankel, Marcy Owens Test and Edward Welbourn of CBRE represented the seller. The buyer was Salus Property Investments, based in Charlotte, North Carolina.

The building has a lease through January 31, 2022 with the General Services Administration (GSA), and currently functions as a temperature-controlled warehouse facility for the United States Library of Congress to store a portion of the Library’s collection of documents, books, photographs, periodicals and archival records. Constructed in the 1970s, the two-story structure is situated on approximately seven acres of land and is equipped with six refrigerated cold vaults.

“1701 Brightseat Road represented a strategic core GSA investment opportunity and, given its long-term lease with a credit-worthy tenant, attracted a significant volume of investor interest from a national perspective,” explained Marc Rampulla, CBRE First Vice President.

“Salus Property Investments acquired an excellently-maintained and strategically-located asset with a stable GSA lease,” explained Marc F. Solomon, Principal of Finmarc. “We intend to deploy the proceeds of this sale in our continuing program of identifying and acquiring assets that match our acquisition criteria. We are exploring retail, flex, industrial and office product situated within our core markets in Maryland, Northern Virginia, Washington, D.C., Delaware, New Jersey and Pennsylvania.

With the sale of this asset, over the last 19 months Finmarc, along with its partners, has acquired or disposed of more than $350 million work of properties.

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.