Finmarc Continues DC-Area Expansion With 115 KSF Mixed-Use
- May 04, 2018
Following a 15-building, $58 million deal in Northern Virginia in March, Finmarc Management Inc. has purchased Stone Industrial Campus, a 115,000-square-foot industrial, manufacturing and office property in College Park, Md. The 17-acre property in Prince George County traded for $6.2 million in a deal brokered by NAI KLNB.
The property, currently zoned I-2 (heavy industrial), is located at 9207 51st Ave., on the northeast outskirts of Washington, D.C. The site provides easy access to interstates 95 and 495, as well as US Route 1, while downtown D.C. is within a 14-mile drive of the asset. University of Maryland is roughly one mile away. Greenbelt Metro station and Beltway Plaza Mall are both within easy reach.
Stone Industrial Campus comprises a 73,000-square-foot manufacturing structure, a 31,000-square-foot warehouse and an 11,000 square foot office building, which was last occupied by Precision Products Group. All structures have been renovated, with the most recent upgrade dating back to 2007. The warehouse features an 18-foot ceiling height, while the manufacturing component provides 17-foot ceiling heights.
“We are considering all available options for this property to achieve the best and highest use, which range from maintaining its status as an industrial project to rezoning the site to support a new townhouse development,” said Sean Sullivan, vice president of Finmarc Management, in a prepared statement. “Because the buildings are presently unoccupied, we have a clean slate that presents an attractive opportunity to pursue alternative uses.”
According to Sullivan, a small portion of the industrial campus is zoned residential, hence their repositioning could include industrial and residential uses. NAI KLNB’s brokerage team included Christopher Kubler, director of Investment Sales and Alan Coppola, senior associate.
Image courtesy of Finmarc Management Inc.