Finmarc Management acquires two new properties in Northern Virginia
Finmarc Management Inc., a Bethesda, Md.- based commercial real estate firm, has purchased two properties in Northern Virginia: a neighborhood shopping center in Manassas for $20 million and an industrial building in Woodbridge for $2.7 million.
The 117,000-square-foot shopping center is located on Festival Lane and is anchored by Global Food. According to Finmarc, the center is 97 percent leased. Bill Kent of CBRE represented the seller, Katz Properties.
“We are extremely familiar with the Manassas submarket based on our warehouse and industrial holdings and believe in the long-term fundamentals of suburban retail product in Northern Virginia,” Sean Sullivan, vice president of Finmarc Management, said in a statement.
In the Woodbridge, transaction, Finmarc purchased a 37,000-square-foot industrial building at 14999 Farm Creek Drive from a private seller. The asset is in the same business community – Featherstone Industrial Park – in which Finmarc acquired a 15 building, 750,000- square-foot industrial and warehouse portfolio earlier this year. Tony Russo of CBRE represented the seller in this transaction. According to Finmarc, the building is 77 percent leased.
Featherstone Industrial Park is located about 12 miles from Fort Belvoir, 15 miles from the Marine Corps Base in Quantico and is adjacent to multiple exits along Interstate 95.
With this acquisition, Finmarc says it owns and manages 92 office, flex, industrial and retail properties as well as several residential projects in the mid-Atlantic area, totaling 6.7 million square feet of space.