Bethesda, Maryland-based commercial real estate firm, Finmarc Management, has acquired a 26-building portfolio in Northern Virginia for $96 million. Procured from First Potomac Realty Trust, the portfolio consists of 26 buildings comprised of approximately 950,000 sqf of commercial office, flex/office and warehouse space. The properties are located throughout Reston, Herndon, Manassas, Merrifield and Chantilly and were 76 percent leased with more than 70 tenants at the time of the transaction. Major tenants include the General Services Administration, Fairfax County, McLean Bible Church, American Public University System, Lennox Industries and U.S. Home Corporation.
“We recognized the institutional quality of this portfolio, coupled with the opportunity to immediately establish a significant foothold in the Northern Virginia market with a diverse product base,” explained Neil Markus, a Principal of Finmarc. “This acquisition was completed significantly below replacement cost, while also offering a value-add investment opportunity with the successful leasing of the available 250,000 square feet of space. Every fundamental exists in these sub-markets for immediate and long-term growth including continued job and population expansion, the improvement of transportation systems and the proximity of the high-tech corridor and the Federal Government.”
