Finmarc's Big Baltimore Trade
Bethesda-based Finmarc Management (and principals David Fink and Marc Solomon) unloaded one of its biggest Baltimore holdings, revealing last week the sale of 60-acre Port Covington Shopping Center just south of downtown for $35M. And the buyer's so secret, Finmarc doesn't even know the identity. (When this happens, we imagine it's billionaire Bruce Wayne or the Count of Monte Cristo.)
Here's the center's waterfront. The Finmarc guys told our Baltimore reporter that the site, anchored by Walmart (it also included a Sam's Club before that location shuttered in '08) has mixed-use potential, but that demand was never consistent enough to get anything started. The company has since started to diversify beyond retail; over the past 18 months, it's acquired or sold $279M worth of assets and seeks more investment ops in the Mid-Atlantic. We're not sure whether that number includes the purchase of a nine-building Gaithersburg portfolio from First Potomac, which news broke of moments ago.