Finmarc Closes On 26-Building, $96M Deal With First Potomac
Bethesda-based Finmarc Management has purchased a $96M, 26-building portfolio of office, flex and warehouse property from First Potomac Realty Trust.
The portfolio's roughly 950k SF is spread throughout NoVa, including buildings in Reston, Herndon, Manassas, Merrifield and Chantilly. All told, the portfolio is roughly 76% leased.
First Potomac has been on a selling spree lately, as it looks to harvest value from non-core assets and refocus on a smaller set of properties.
Neil Markus, a principal at Finmarc, says the move allowed his firm to "immediately establish a significant foothold in the Northern Virginia market" and that the "acquisition was completed significantly below replacement cost."
Finmarc's total portfolio exceeds 5.7M SF, and while the firm flew below the radar for many years, recently it's rolled up its sleeves and started making a series of big deals.
Among the portfolio's 26 properties are the Enterprise Center (pictured), a 190k SF industrial and office park in Chantilly, the Herndon Corporate Center, a 130k SF office campus in Herndon, and the Windsor@Battlefield, a 155k SF flex/office property, among others.