BETHESDA, MD—Finmarc Management has bought and sold a number of assets over the last 26 months - $450 million worth to be exact – and the company intends to continue along that tract as its pursues new opportunities, CEO Marc Solomon tells GlobeSt.com.
The company acquired land in Silver Spring, along Route 29, and it has plans to develop a grocery-anchored mixed-use residential complex on it, he says. "We have purchased about $70 million worth of commercial real estate in that area. We see it as a growing market with the US Food and Drug Administration expanding its facility there."
Finmac also has under contract some $40 million worth of transactions, including a 300,000-square foot shopping center in Maryland and an 80,000-square foot small bay industrial facility in the state. "We anticipate closing on those before the end of the year as well as investing another $30 million of equity," Solomon says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
