Finmarc Nabs VA Shopping Center
- Jun 20, 2017
Finmarc Management Inc. purchased the Festival at Manassas, an 117,000-square-foot shopping center in Manassas, Va. Anchored by Global Food, the center was sold by Katz Properties for $20 million. Bill Kent of CBRE represented the seller in this transaction.
A Better Retail Investment
Located at 10280-10388 Festival Lane, the center features a complimentary mix of retail tenants including Potbelly Sandwich Works, CiCi’s Pizza, 360 Buffet, Nutritional Wellness Center and Furniture House. At the time of the deal, the property was roughly 97 percent occupied. The asset features a free surface parking lot that can accommodate up to 600 vehicles. Festival at Manassas is located within a solid retail environment that includes high-profile companies such as Macy’s, Sears, Walmart, Lowe’s Home Improvement and Dick’s Sporting Goods. The shopping center is situated in an area where more than 155,000 consumers reside within a five-mile radius.
“Global Food attracts sustained consumer traffic from an extremely wide radius based on its diversified and highly-unique product offering, and the grocery store has proven its strength as the anchor tenant for Festival at Manassas,” Sean Sullivan, vice president of Finmarc Management, said in prepared remarks.
With this deal, Finmarc now owns and manages 92 offices, industrial, retail and residential properties mounting up to 6.7 million square feet.
Image courtesy of HR Retail