FINMARC MANAGEMENT, INC. SELLS TWO-BUILDING LAUREL COMMERCE CENTER CAMPUS IN PRINCE GEORGE’S COUNTY FOR $9.175 MILLION
Posted on: 04/12/2024

Finmarc Management, Inc., a diversified commercial real estate investment and management firm headquartered in Bethesda, Maryland, has completed the sale of a Laurel Commerce Center, a two-building portfolio comprised of nearly 60,000 square feet of warehouse/industrial space for $9.175 million. Situated at 14709 and 14711 Baltimore Avenue in Laurel, Maryland, the assets were approximately 91 percent leased and occupied at the time of the transaction. KLNB’s Joe Friedman, Chris Kubler, Josh Norwitz, and Don Schline represented Finmarc Management, and the buyer, Lucern Capital Partners, a private equity real estate investment firm based in New Jersey, was self-represented. Aaron Rosenfeld of Kelley Drye & Warren LLP provided legal services to Finmarc.

Finmarc Management acquired the site, which includes the 28,653 square foot 14709 Baltimore Avenue, and the 29,959 square foot 14711-14713 Baltimore Avenue in 2014. Both assets were built in 1986 and renovated in 2022, and are equipped with 15-18-foot ceiling heights, multiple drive-in bays, and free surface parking lots. During the more than 10-year hold period, the company stabilized the assets and signed new leases with a focus on leveraging the small bay configuration of the buildings to attract and retain automobile-related uses. Recently, Finmarc executed an exterior capital improvement plan valued at more than $500,000.

The tenant roster is highlighted by Mr. Tire, AWA Auto Repair, New Again Auto Body, and JRS Auto Repair which each lease consisting of more than 4800 square feet of space. The vacancy rate for small-bay industrial and flex properties such as Laurel Commerce Center in the Prince George’s County market is just over two percent, and space suitable for the automobile repair sector remains tight, according to research generated by KLNB. 

Laurel Commerce Center is situated directly adjacent to US Route 1 and is within close proximity to MD Routes 198 and 295 (Baltimore-Washington Parkway) and Cherry Lane. BWI Airport is positioned approximately 15 miles from the site and Ronald Reagan Washington International Airport is just over 24 miles away.       

              “This disposition further demonstrates the ability and effectiveness of our vertically-integrated team to source and acquire strategically-located properties in highly-differentiated asset classes and significantly maximize the value of the property during our hold period with expert leasing and property management tactics,” explained Finmarc Co-founder and Principal David Fink.  

              “We are remaining extremely active in our search for compelling real estate opportunities located throughout the Mid-Atlantic and Carolina regions, with particular attention being given to acquiring under-performing properties. These assets allow our team to shine by showcasing their ability to produce long-term value,” he added.   

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.