Finmarc Management has acquired a four-building office space in Virginia for $39.36 million.
The portfolio, known as Trinity Centre, compromises 500,000 square feet of Class A commercial property. The buildings are located on 5860, 5870, 5875, and 5885 Trinity Parkway in Centreville, Fairfax County. The first two take up almost 152,000 square feet of space and are six stories each. The other two are three stories and nearly 93,000 square feet each.
Amenities on the 70-acre community include a lake, a 136-room hotel, a fitness center, and three restaurants. The portfolio has proximity to the Washington D.C. area and the Dulles International Airport.
Formerly, Trinity Centre was owned by a joint venture between Spear Street Capital, LLC, and Partners Group. At the time of the sale, the property was about 71 percent leased.
Finmarc principal Neil Markus noted in a statement that “positive fundamentals and trends” are in play in the Northern Virginia market. Plus, he spoke on FairFax’s strong workforce, which employs more than 660,000 people, citing the county’s data.
“We believe in the enduring strength of suburban-located commercial real estate properties, especially those located in the Northern Virginia submarket with demand drivers led by the federal government and served by a highly-skilled and educated workforce,” Markus said.
“This purchase signals our company’s renewed mission to identify and acquire institutional-quality portfolio with investment grade tenant ratings. This portfolio was attractive based on the opportunity to acquire a best-in-class property at a reset basis, allowing for the implementation of a new investment strategy.”
Meanwhile, Finmarc recently sold its 25.29-acre site in Loudoun County, Virginia for $60 million. The Maryland-based company said it is focusing on real estate opportunities in the Carolina and Mid-Atlantic markets.
“Our team is particularly interested in acquiring under-performing properties that provide us with the opportunity to create long-term value with the implementation of our proven leasing and asset management protocols,” Markus said.