FINMARC MANAGEMENT SELLS 50,000 SQUARE FOOT OFFICE BUILDING IN VIENNA, VA TO NAVY FEDERAL CREDIT UNION FOR 3.1 MILLION
Posted on: 26/06/2014

Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the sale of 1021 Electric Avenue, a 50,000 square foot commercial office building located in the Vienna section of Northern Virginia for $3.179 million to Navy Federal Credit Union. Scott Frankel and David Ritchey of CBRE represented the buyers in this transaction.

The three-story brick and glass building is positioned near the Dunn Loring Metro Station and Dulles International Airport, and is adjacent to VA Routes 7, 29, 50 as well as Interstates 66 and 495. Formerly leased by a division of the federal government, the building was unoccupied at the time of the sale. A free, surface parking lot is contained adjacent to the building.

“With Navy Federal Credit Union’s recent purchase of 1041 Electric Avenue, located within close proximity to our building, this entity represented the ideal buyer for 1021 Electric Avenue,” explained Marc F. Solomon, Principal – Principal of Finmarc. “The new owner acquired an excellently-maintained and strategically-located asset with strong upside based on the strong demand for commercial office space in the Northern Virginia sub-market.”

With the sale of this asset, over the past 23 months Finmarc, along with its partners, has acquired or disposed of more than $370 million worth of properties.

Finmarc Management, Inc. is a fully-integrated commercial real estate company focusing 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 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