Finmarc Management has acquired a fifteen-building portfolio comprised of more than 750,000 square feet of industrial and warehouse space situated along the Interstate 95 corridor in Northern Virginia. Known as the Mid-Atlantic I-95 Corridor portfolio, the company paid $58 million or approximately $77 per sqf. The portfolio contains buildings located primarily within the Featherstone Industrial Park in Woodbridge and a property in Fredericksburg. Purchased from Stewart Investment Company, the assets features more than twenty-five tenants and was 91 percent leased at the time of the sale.
With this acquisition completed, Finmarc now owns and manages more than 90 office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling 6.6 million sqf of space. “We were attracted to the critical mass of this portfolio, coupled with our long-term optimism of the industrial and warehouse sector given the recent explosion of the e-commerce industry and accompanying expansion of same-day or next-day delivery models,” explained Marc Solomon, a Principal of Finmarc. “There continues to be an enormous appetite among companies to maintain large distribution centers near major population centers to achieve its logistics objectives. This acquisition was completed below replacement cost.”
