Finmarc Pays $44M For Largo Town Center Shopping Center
A shopping center near the new regional hospital under construction in Prince George's County has traded hands.
Bethesda-based Finmarc Management announced Thursday it acquired the Largo Town Center retail property from Site Centers for $44M.
The 280K SF property is 100% leased to 35 tenants, including grocery store Shoppers, Marshalls, Regency Furniture, Dollar Tree, Advanced Auto and Dress Barn. It sits at the intersection of Landover Road and Lake Arbor Way, less than 1 mile from the Largo Town Center Metro Station.
The shopping center is also within a mile of the new University of Maryland Regional Medical Center, a $543M project expected to deliver next year. A 318-unit apartment building with 27K SF of retail near the hospital also traded hands last year for $73M.
CBRE's Bill Kent, Ryan Scuillo and Chris Decoufle represented Site Centers in the sale of Largo Town Center, while Metropolis Capital Advisors' Clifford Mendelson and Albert Missirlian helped arranged the financing for Finmarc. Last year, Finmarc sold a mixed-use building in Alexandria for $30M and two Chantilly office buildings for $7M.
"Finmarc Management has been searching to invest proceeds generated from last year’s sales of several assets into a value-add property,” Finmarc Vice President Sean Sullivan said in a release. "We were attracted to the extremely strong national retailer base contained within Largo Town Center, as well as the opportunity to substantially build value with the implementation of certain re-tenanting activities as leases expire."