Finmarc Management has closed on the acquisition of a four-building flex-use portfolio for $10.6 million. Located on MD Route 108 in the Columbia section of Howard County, the 116,000 square foot property changed hands for just over $91 per sqf. The portfolio is currently 91 percent leased, notable tenants including A&G Pharmaceutical, Combustion Science & Engineering and Pure Technologies. The acquisition brings Finmarc current holdings to 97 office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling approximately 6 million sqf. Capital Markets for JLL represented the seller, Greenfield Partners, in this transaction.
“Finmarc recognizes the outstanding fundamentals that exist in the Columbia submarket, led by its close proximity to both Baltimore and Washington, D.C., and we remain interested in similar opportunities to acquire,” said Sean Sullivan, Vice President, Finmarc Management. “The existence of numerous barriers to entry in the Howard County market, including the relative unavailability of land and the lack of new inventory, positions this portfolio extremely well for long-term value. We were able to acquire these assets substantially below replacement cost and, because the project will not require significant capital outlays for improvements, we will realize higher cash flow growth.”
