Finmarc's On a Buying Spree
A big buy in Old Town Alexandria marks $430M in acquisitions over the past 26 months for Finmarc Management. And they're nowhere near done. (Old Town will be Older Town by the time they're through.) Finmarc's Marc Solomon (right, with partner David Fink), which just purchased Waterfront Station I & II in Alexandria for $31.5M, says by year end, the firm expects to close another $100M in purchases. And it's not looking to buy, lease-up, and exit assets quickly: "We're really long-term buyers." The Waterfront Station buy comes on the heels of Finmarc's May purchase of the former AKA Luxury Suites hotel in the RB Corridor, which it's converting to condos.
At Waterfront Station (here's one of the buildings, 209 Madison St), Marc says the firm is "exploring renovations" for the 150k SF, 69% leased complex. CBRE has been hired as the new leasing broker, he adds. Finmarc was intrigued by the value-add potential as well as the flurry of development activity in Old Town, including the just-delivering Kingsley apartments (and ground-floor Harris Teeter), Edens' site on First Street, and the Robinson Terminal redevelopment. Marc says Finmarc's future purchases (the firm focuses on Philadelphia down to Richmond—sounds like someone at Finmarc is a Civil War battlefield buff) will each be in the $5M to $70M range. Transwestern's Gerry Trainor, Jim Cardellicchio, Wesley Machowsky and Clifton McCrory repped the undisclosed seller in the Waterfront Station deal.