Project, offering views of Potomac River and Oronoco Bay Park, 90% leased at time of sale
Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate and investment firm, has announced the disposition of a six-story commercial office building in Alexandria, Virginia, known as the “Offices at Waterfront Center,” for $29.575 million. Located at 209 Madison Street, the buyer was JOSS Realty. Kaleigh Jones and Erik Berkman of Cushman & Wakefield represented Finmarc Management in this sales transaction.
Featuring an all-brick exterior, the building was 90% leased at the time of the sale and is anchored by Sport & Health, a full-service fitness and health club. Constructed in 1987, “Offices at Waterfront Center” features a recently-renovated lobby and bathrooms, views overlooking the Potomac River and Oronoco Bay Park and a location that is approximately one mile from N. Henry Street (VA Route 1); and approximately two miles from Interstates 395 and 495. The Braddock Road metro stop (blue and yellow lines) is less than one mile away. The building is serviced by a surface parking lot and an adjacent garage.
“The new owner acquired a strategically-located and excellently-maintained office asset in a Northern Virginia location with a high barrier to entry,” explained Sean Sullivan, Vice President, Finmarc Management. “During our ownership, we significantly increased the value of the building by maintaining high occupancy rates and maintaining it in peak operating condition. Selling the asset now achieves our long-term objectives, as we intend to deploy the funds gained from this sale to pursue new properties throughout the Mid-Atlantic region that fit our acquisition profile and enable us to build long-term value.”
Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling more than six million square feet of space.
Finmarc Management, Inc. is a fully-integrated commercial real estate company that focuses on the real estate investment, management, leasing and development of retail, industrial/flex projects, and office buildings throughout the Mid-Atlantic region. The firm presently manages a diverse portfolio encompassing more than six million square feet of space situated in Maryland, Washington, D.C., Virginia, Delaware, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com
