During its nearly four-year ownership period, real estate company completed leasing with Burlington, Foot Locker and Urban Air and executed a comprehensive improvement strategy
(Photo credit: Finmarc Management, Inc.)
Finmarc Management, Inc., a diversified commercial real estate investment and management firm headquartered in Bethesda, Maryland, has completed the sale of Largo Town Center, a 280,000 square foot regional retail center located in the Upper Marlboro section of Prince George’s County, Maryland for $70 million. Finmarcacquired the asset in 2019, which was 80 percent leased and occupied at the time of the sale. John Donnelly of John C. Donnelly, Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial, LLC. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc for this transaction.
During its nearly four-year ownership period, Finmarc executed multiple leases including Burlington, Foot Locker, and Urban Air Adventure, with the latter tenant expected to open at the center this fall. Upon its acquisition of the center, Finmarc initiated a property enhancement strategy which encompassed the installation of state-of-the-art LED lighting throughout the parking lot, milling and repaving of the parking lot, façade enhancements and roof replacement.
“The new owner has acquired a fully-leased and durable infill shopping center located in the direct path of continuing residential and commercial development activities, which reflects the long-term economic health and viability of this section of Prince George’s County,” explained Finmarc Co-founder and Principal David Fink. “This includes the University of Maryland’s Regional Hospital and Medical Center that opened across the street in 2021, as well as the continued activity among numerous homebuilders which remain active with new residential projects in response to strong demand throughout the surrounding area. Our team significantly upgraded the tenancy at what was an already strong retail center. The current retail mix is highly-diverse, features several Internet-resistant users, and is performing extremely well. Across the board, Largo Town Center has built an engaged and loyal consumer following.”
Located at 950 Largo Center Drive, Largo Town Center contains approximately 35 tenants, representing a mix of fast-casual and sit-down restaurants, as well as retailers offering products, entertainment and business and consumer services. Other notable tenants are anchors Marshalls and Shoppers Food Warehouse, as well as Advanced Auto and Dollar Tree. The shopping center is positioned adjacent to MD Routes 202 (Landover Road) and 214 (Central Avenue) and is less than one mile from an Interstate 495 (Capital Beltway) exit.
More than 230,000 people reside within a five-mile radius of Largo Town Center, including nearly 90,000 households with an average household income exceeding $102,000. More than 70,000 vehicles pass the site daily from Landover Road and Central Avenue.
Finmarc intends to redeploy the funds generated by this sale towards emerging real estate opportunities situated throughout the Mid-Atlantic region and the Carolinas. “We remain particularly interested in acquiring under-performing properties that provide our team the opportunity to create long-term value with the implementation of our proven leasing and asset management strategies,” Fink added. “In addition, the availability of our private, internal capital and certainty to close are considered significant advantages among sellers.”
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, Pennsylvania, and North Carolina. For additional information visit www.finmarc.com
