Finmarc Sells Another Piece of First Potomac Portfolio
“This sale continues our strategy of selectively disposing of certain properties to generate proceeds to fund value-add and opportunistic acquisitions in the future.”
BETHESDA, MD—Finmarc Management has sold five single-story office buildings comprising nearly 110,000 square feet of space within the Van Buren Office Park in Herndon, VA, for $21 million. Lincoln Property Co. was the buyer. Bruce Strasburg and Craig Childs of HFF represented Finmarc Management in this transaction.
The buildings, situated at 510, 512, 516 and 520 Herndon Parkway, as well as 250 Exchange Parkway, were part of the 26-building portfolio totaling approximately 950,000 square feet of commercial office, flex/office and warehouse space that Finmarc acquired from First Potomac Realty Trust in 2016 for $96 million. Over the past year, Finmarc has disposed of numerous buildings from this portfolio, including 15100 and 15120 Enterprise Court last November for $7.2 million.
Since the acquisition Finmarc has increased Van Buren Office Park’s occupancy, which currently includes 12 tenants, from 73% to 92% in less than three years.
“This sale continues our strategy of selectively disposing of certain properties to generate proceeds to fund value-add and opportunistic acquisitions in the future,” Sean Sullivan, Vice President of Finmarc Management, said in a prepared statement.
As one example, just last week Finmarc announced it had acquired Largo Town Center, a 280,000 square foot regional shopping center in the Upper Marlboro submarket of Prince George’s County Maryland for $43.95 million.
The asset, which is currently 100% leased and occupied, was purchased from SITE Centers with Bill Kent, Ryan Sciullo and Chris Decoufle of CBRE representing the seller in the transaction. Clifford Mendelson and Albert Missirlian of Metropolis Capital Advisors handled the financing arrangements for Finmarc.