Finmarc Sells 14 Buildings in NoVA’s Featherstone Industrial Park
By Keith Loria August 25, 2021 9:51 am
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A joint venture between Stockbridge Capital Group and Rosenthal Properties acquired a 14-building industrial portfolio in Woodbridge, Va., for $104.2 million, Commercial Observer has learned.
Finmarc Management, headquartered in Bethesda, Md., was the seller of the assets, which consist of 740,000 square feet of industrial and warehouse space, and were part of a 15-building portfolio that the company acquired in 2017 for $58 million.
Located within the Featherstone Industrial Park, the buildings are situated on Farm Creek Drive and Persistence Drive, two miles from Interstate 95; 25 miles from Washington, D.C., and Ronald Reagan Washington International Airport; and 30 miles from Dulles International Airport.
At the time of the sale, the portfolio was 93 percent leased, with a roster of tenants that included Coleman Worldwide Moving, Foundation Building Materials, General Services Administration and Joe Moholland Moving.
“During our ownership period, we successfully stabilized tenancy and executed an asset management strategy to maximize operational efficiencies and substantially increase the value of the portfolio,” David Fink, Finmarc’s co-founder and principal, said in a prepared release.
According to Fink, the proceeds will help fund Finmarc’s announced intentions to acquire up to $350 million of commercial real estate assets in 2021, focusing on Washington, D.C.; Pittsburgh; Philadelphia; Richmond, Va.; and North Carolina.
“Unlike many companies in our peer group, we are not constrained by a time period for holding an investment or defined internal rate of return goals, which provides extreme flexibility and creativity,” he said.
Gerry Trainor, Caulley Derringer and Jim Cardellichio of Transwestern represented Finmarc in the deal, while Joe Hoffman of Kelley Drye & Warren provided legal services to the company.
Keith Loria can be reached at kloria@commercialobserver.com.
