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- FINMARC MANAGEMENT, INC. SELLS 88,000 SQUARE FOOT FLEX/WAREHOUSE BUILDING IN SPRINGFIELD, VIRGINIA FOR $15.9 MILLION
FINMARC MANAGEMENT, INC. SELLS 88,000 SQUARE FOOT FLEX/WAREHOUSE BUILDING IN SPRINGFIELD, VIRGINIA FOR $15.9 MILLION
Posted on: 19/02/2024
(February 19, 2024) – Finmarc Management, Inc., a diversified commercial real estate investment and management firm headquartered in Bethesda, Maryland, has announced the sale of 8000 Grainger Court, a building containing 88,000 square feet of flex/warehouse space to C2 Imaging for $15.9 million. The asset is part of an 11-building portfolio totaling approximately 740,000 square feet of flex/office, industrial and data center space in Springfield, Virginia, which Finmarc acquired for $127.5 million from Boston Properties, Inc. (NYSE: BXP) in mid-2022. Wendy Feldman Block, Executive Managing Director, Savills represented the buyer and Finmarc was self-represented. Aaron Rosenfeld, Kelley Drye Warren provided legal services to Finmarc.
This represents Finmarc’s second building sale at the VA 95 portfolio, following last summer’s disposition of 7375 Boston Boulevard, a two-story building containing nearly 27,000 square feet of commercial office space, for $6.55 million. Finmarc’s goal is to purchase an additional $250 million over the next 18 months of all real estate asset types including real estate debt instruments and fee ownership.
The new owner currently occupies 100 percent of the building. C2 Imaging provides a wide variety of corporate branding, print production and exhibition services to the retail, restaurant, healthcare, education, and real estate sectors. This includes digital printing, large and small format lithography, and the production of store décor, exhibits and point-of-purchase displays.
The VA 95 portfolio consists of single-story and two-story buildings ranging from 27,000 to 105,000 square feet of space, and are situated close to Fort Belvoir, the National Geospatial-Intelligence Agency, and Marine Corps Base Quantico. The assets feature immediate access to Fairfax County Parkway and Interstate 95, and are contained within a quintessential last-mile delivery site that is situated approximately four miles from Springfield, 15 miles from Washington, D.C., 30 miles from Dulles International Airport and 95 miles from Richmond. More than 34,000 companies reside within the Northern Virginia region, and those companies employ more than 615,000 people.
“C2 Imaging emerged as the natural buyer of 8000 Grainger Court given its presence within the building, sustained success of the company and opportunity to take control of its own real estate and build equity,” explained Finmarc Principal Neil Markus. “This sale continues our strategy of disposing certain assets of the VA 95 portfolio when the timing and pricing is appropriate, and deploying the generated funds into emerging acquisition opportunities that we are confident will occur in 2024.
“We believe our strong financing relationships, ready access to internal capital with an unlimited investment horizon and certainty to close transactions, provides Finmarc with a distinct advantage over our peer group. Our team continues to identify value-add opportunities and we intend to remain aggressive and extremely diligent in our approach,” he added.
The long-term investment strategy is to identify and acquire institutional-quality assets with a compelling value-add component in urban and suburban submarkets that demonstrate long-term strength and viability. The company believes that well-located and best-in-class flex/office and industrial buildings will continue to flourish and Finmarc remains extremely confident in the long-term economic fundamentals of the Mid-Atlantic and DMV submarkets.
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, Pennsylvania, and North Carolina. For additional information visit www.finmarc.com