ROCKVILLE, MD–Finmarc Management has sold a 80,000-square foot industrial/retail asset for $14.55 million to the California-based Berkeley Partners. Finmarc acquired the property in 2013 completely vacant for $5.87 million. One $4 million renovation project later, the property is about 94% leased to nine tenants
including the General Services Administration, Mayorga Coffee and the Habitat for Humanity's ReStore affiliate.
The building was the former Smith Litho printing building — the company used it as their headquarters, Sean Sullivan, Vice President of Finmarc Management tells GlobeSt.com. “We did a full gut and renovation with plans to make it into a industrial/retail building.” After the project was complete Finmarc first landed Mayorga Coffee, which took about 22,000-square feet and then Habitat for Humanity's ReStore. These two tenants were a springboard to the others signing on, Sullivan says. There is a diminishing supply for this type of product in the Rockville submarket, he adds, even as demand for such space remains strong.
The new owners acquired it for its stable cash flow, Sullivan says.
Joe Friedman and Kelly Lawrence of MetCap Advisors handled the sales transaction on behalf of Finmarc Management.
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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.
