Finmarc Continues Suburban MD Shopping Spree
- Jun 13, 2018
Finmarc Management Inc. has purchased two flex/office buildings totaling 110,000 square feet in Columbia, Md. Greenfield Partners received $10.9 million for the assets, which were 90 percent occupied at the time of sale.
The first property comprises 49,000 square feet across one floor and is located at 9151 Rumsey Road. The other single-story building sits at 9130 Red Branch Road and includes 61,000 square feet of space with a retail component.
The transit-oriented portfolio is situated in the immediate vicinity of routes 108, 100 and 29, as well as Interstate 95. It is also close to major employment centers, including Fort Meade, the School of Education at Johns Hopkins University, Columbia’s central business district and the BWI airport. Neighborhood amenities include The Mall at Columbia, fitness centers, entertainment options, hotels and banks.
JLL Capital Markets Managing Director Jay Wellschlager represented the seller in the transaction.
Foraging into the market
This acquisition brings Finmarc’s portfolio to more than 100 assets, or nearly 6 million square feet of commercial space in the Mid-Atlantic region. Additionally, the transaction marks the firm’s second collaboration with Greenfield, as it purchased another 116,000-square-foot flex/office portfolio last December in Columbia for $10.6 million. Finmarc’s largest buy in the city was a nearly fully leased, 135,000-square-foot portfolio in 2015.
“We continue to seek value-add opportunities to acquire institutional-quality commercial properties in Howard County based on our long-term confidence in this sub-market,”, Finmarc Vice President Sean Sullivan said in a prepared statement. “The region has benefitted from low unemployment rates and consistent job growth, which has produced historically-low vacancy rates that have been sustainable over a long period of time. Additional favorable fundamentals include the lack of developable land that has stymied the construction of new inventory in recent years, a strategic position centered between two major metropolitan areas, numerous business amenities within close proximity.”
Image courtesy of Finmarc Management Inc.