Finmarc Sells Fully Occupied Industrial Building in DC Area
- Sep 13, 2016
Washington, D.C.—Finmarc Management Inc. recently announced the disposition of Prosperity Business Center, a 71,373-square-foot industrial asset located in Fairfax, Va. The property was fully leased to multiple tenants at the time of sale. The building last changed hands just six months ago, when Finmarc acquired the asset from First Potomac as part of a $90.5 million portfolio transaction.
HFF Senior Managing Director Bruce Strasburg represented the seller. The buyer, The Donohoe Cos., was represented by Donohoe Real Estate Services. The building commanded $12.6 million.
Situated just a few miles from the Capital Beltway and Interstate 66, Prosperity Business Center is located at 2930-2942 Prosperity Ave. The single-story building, which was constructed in 1972, is currently leased to six companies—Auto Parts International, Electric Wholesalers, Evolution Sports Training, Fairfax County-Food for Others, McLean Furniture and Prosperity Food Groups.
“The new owner acquired a strategically located, well-maintained and fully occupied asset situated in a marketplace that contains every fundamental necessary for continued and long-term success,” said Neil Markus, principal of Finmarc, in a prepared statement. “Our team continues to search the Mid-Atlantic region for suitable real estate product that complement our existing portfolio, and we intend to reallocate the proceeds from this sale to fund future acquisitions,” he added.