GAITHERSBURG, MD--Bethesda, MD-based Finmarc Management has acquired a fully-leased two-building warehouse portfolio for $9.2 million. The two properties total 66,000 square feet of space and are located on about five acres of land. The single-story buildings are located at 7500 and 7510 Lindbergh Dr.
Joe Friedman of Metropolis Capital Advisors represented the seller in this transaction.
The last time the properties traded was in 2004 when Sunshine-Lindbergh, an LLC backed by Broad Street Ventures, bought the two warehouse properties plus the Sunshine Shopping Center in Brookeville, MD, for $8.65 million.
Now Finmarc is adding them to its 5.8-million-square foot portfolio. “Both buildings have been excellently maintained and feature credit-worthy tenants with long-term leases,” says Finmarc principal Marc Solomon in a prepared statement.
“They satisfied each criteria in our acquisition requirements, and mesh perfectly with our existing portfolio of properties in the suburban Maryland marketplace.”
Constructed in 1990 and 1991, the two buildings house tenants including the Consumer Product Safety Commission, Minds in Motion Childcare, Instant Hardware Delivery and Dream Team Cheer.
This was the first acquisition by Finmarc since its purchase of First Potomac's 26-asset Northern Virginia portfolio for $96 million.
That portfolio is 76% leased in total with more than 70 tenants, including General Services Administration, Fairfax County, McLean Bible Church, American Public University System, Lennox Industries and US Home Corp.
GAITHERSBURG, MD--Bethesda, MD-based Finmarc Management has acquired a fully-leased two-building warehouse portfolio for $9.2 million. The two properties total 66,000 square feet of space and are located on about five acres of land. The single-story buildings are located at 7500 and 7510 Lindbergh Dr.
Joe Friedman of Metropolis Capital Advisors represented the seller in this transaction.
The last time the properties traded was in 2004 when Sunshine-Lindbergh, an LLC backed by Broad Street Ventures, bought the two warehouse properties plus the Sunshine Shopping Center in Brookeville, MD, for $8.65 million.
Now Finmarc is adding them to its 5.8-million-square foot portfolio. “Both buildings have been excellently maintained and feature credit-worthy tenants with long-term leases,” says Finmarc principal Marc Solomon in a prepared statement.
“They satisfied each criteria in our acquisition requirements, and mesh perfectly with our existing portfolio of properties in the suburban Maryland marketplace.”
Constructed in 1990 and 1991, the two buildings house tenants including the Consumer Product Safety Commission, Minds in Motion Childcare, Instant Hardware Delivery and Dream Team Cheer.
This was the first acquisition by Finmarc since its purchase of First Potomac's 26-asset Northern
That portfolio is 76% leased in total with more than 70 tenants, including General Services Administration, Fairfax County, McLean Bible Church, American Public University System,
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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.
