Sales  ·  Commercial

Finmarc Sells Northern Virginia Industrial Portfolio in $46M Deal

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A joint venture between The Davis Companies and Davin Holdings has acquired a six-building portfolio, comprising 212,000 square feet of warehouse space in Manassas, Va., for $45.8 million.

Finmarc Management sold the properties, which were part of a 26-building portfolio acquisition of commercial office, flexible and warehouse space from First Potomac Realty Trust that went for $96 million in 2016.

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“We concluded this was the appropriate time to sell these six buildings and pursue new value-add opportunities,” Sean Sullivan, an executive vice president at Finmarc, told Commercial Observer. “Given the positive outlook of the economy and the substantial amount of capital we have for immediate investment, we intend to be extremely active in the coming year in our pursuit of acquiring more than $250 million worth of commercial real estate holdings.”

Located at 7345, 7663 and 7795 Coppermine Drive and 7201, 7301 and 7401 Gateway Court, the six properties were 86 percent leased at the time of the sale. Tenants include Aimpoint, an optics company; Capital Lighting & Supply; and eye care company Notal Vision. 

“During our hold period, our team substantially increased the value of these buildings with the successful completion of leasing activities, combined with the implementation of efficient property management practices,” Sullivan said.

Marc Tasker, Ryan Moody and Christopher Kubler of NAI KLNB represented Finmarc in the deal. The buyers’ broker was not revealed.

Requests for comment from the joint venture partners and brokers were not immediately returned. 

Keith Loria can be reached at Kloria@commercailobserver.com.