Finmarc Management Grabs DC-Area Industrial Asset
- Oct 10, 2016
Washington—Finmarc Management Inc. of Bethesda, Md., has recently acquired a 46,600-square-foot flex/warehouse building located at 7419-7431 Lindbergh Drive in Gaithersburg, Md. The asset is sited on 4.7 acres of land and was purchased from 7419 Lindberg Drive LLC for $4.95 million. At the time of the deal, the property was 90 percent occupied.
“Acquiring this high-quality asset builds upon and leverages the value of the adjacent properties our team purchased earlier this year,” Marc Solomon, a principal of Finmarc, said in prepared remarks. “We continually seek value-add opportunities in this sub-market based on the sustained strength of the industrial, warehouse and commercial office product categories. This flex/warehouse building is substantially leased by a creditworthy company, is excellently maintained and it was acquired at below replacement cost.”
Sandy Hunt of Scheer Partners represented both the buyer and the seller in the transaction. The property is positioned near the intersection of Woodfield Road (MD Route 124) and Airpark Road, in close proximity to the Intercounty Connector (MD Route 200), Interstate 370 and the Shady Grove metro station. Currently, the building’s largest tenant is Allied Building Supply.
Earlier this year, Finmarc Management paid $9.2 million for two single-story, fully-leased assets located across from the newly acquired building at 7500 and 7510 Lindbergh Drive.
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