Following acquisition of properties in early 2016, commercial real estate and investment company elevated leasing from 73% to 92% prior to disposition
Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm,has announced the sale of five single-story office buildings comprising nearly 110,000 square feet of space within the Van Buren Office Park in Herndon, Virginia for $21 million. The assets were acquired by Lincoln Property Company. Bruce Strasburg and Craig Childs of HFF represented Finmarc Management in this transaction.
The buildings, situated at 510, 512, 516 and 520 Herndon Parkway, as well as 250 Exchange Parkway, were part of the 26-building portfolio totaling approximately 950,000 square feet of commercial office, flex/office and warehouse space that Finmarc acquired from First Potomac Realty Trust in 2016 for $96 million. Over the past year, Finmarc has disposed of numerous buildings from this portfolio, including 15100 and 15120 Enterprise Court last November for $7.2 million.
Located just off the Dulles Toll Road near the Fairfax County Parkway and Reston Town Center, Finmarc elevated the cumulative occupancy of the Van Buren Office Park, which currently includes 12 tenants, from 73% to 92% in less than three years.
“This sale continues our strategy of selectively disposing of certain properties to generate proceeds to fund value-add and opportunistic acquisitions in the future,” explained Sean Sullivan, Vice President of Finmarc Management. “Fueled by the expansion of the Silver line, the Reston/Herndon area has experienced tremendous business and residential growth, which we have capitalized on by substantially increasing the occupancy of our buildings. The new owners acquired an excellent cash-flowing asset with a strong and stable tenant base. With a substantial amount of capital available for immediate investment, we intend to seek compelling opportunities in the year ahead.”
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 owns and manages a diverse portfolio of more than 100 properties 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
