Warehouse and industrial assets were part of the 16-building portfolio acquired by the Bethesda, Maryland-based commercial real estate and investment firm in 2017
Finmarc Management, Inc., a commercial real estate management and investment firm headquartered in Bethesda, Maryland has announced the disposition of a fourteen-building portfolio containing nearly 740,000 square feet of warehouse and industrial space in Woodbridge, Virginia for $104.2 million. The buyer is a joint venture between Stockbridge Capital Group and Rosenthal Properties. The assets were part of a larger 16-building portfolio contained within the Featherstone Industrial Park and acquired by the company in 2017. Gerry Trainor, Caulley Derringer and Jim Cardellichio of Transwestern represented Finmarc Management in this transaction and Joe Hoffman of Kelley Drye & Warren provided legal services to the company.
The proceeds generated from this sale will help fund Finmarc’s announced intentions earlier this year to purchase up to $350 million of commercial real estate assets in 2021. The company remains aggressive in its search throughout the Mid-Atlantic market for core and value-add office, retail, flex/office and warehouse/industrial properties and has ample cash reserves to fund the acquisition activity internally. Finmarc’s acquisition focus will target the metropolitan regions of Washington, D.C., Pittsburgh, Philadelphia and Richmond, as well as North Carolina
The buildings are located on Farm Creek Drive and Persistence Drive. The portfolio was cumulatively 93% leased at the time of the transaction, with tenants such as Coleman Worldwide Moving, Foundation Building Materials, General Services Administration and Joe Moholland Moving.
Featherstone Industrial Park is located directly adjacent to Jefferson Davis Highway (US Route 1), two miles from Interstate 95, 25 miles from Washington, D.C. and Ronald Reagan Washington International Airport and 30 miles from Dulles International Airport.
“During our ownership period we successfully stabilized tenancy and executed an asset management strategy to maximize operational efficiencies and substantially increase the value of the portfolio,” explained Finmarc’s Co-Founder and Principal David Fink. “The new owner has acquired high-performing properties with excellent cash flow based its strong tenant mix, and the portfolio is extremely well-positioned in this active warehouse/industrial submarket.
“We intend to utilize the proceeds from this sale to fund our ongoing acquisition of up to $350 million of commercial properties in the Mid-Atlantic region that provide opportunities to build long-term value. Unlike many companies in our peer group, we are not constrained by a time period for holding an investment or defined internal rate of return goals, which provides extreme flexibility and creativity.”
Finmarc Management, Inc. is a fully integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and manages a portfolio encompassing approximately seven million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania. For additional information visit www.finmarc.com
