Finmarc Sells Prince George’s County Retail Center for $70M After Lease Up
By Keith Loria July 31, 2023 4:25 pm
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Finmarc Management sold Largo Town Center, a regional retail center in Upper Marlboro, Md., for $70 million, a 59 percent markup from the price it paid in 2019, to an investment group led by Bethesda-based KPI Commercial.
Finmarc purchased the 280,000-square-foot property for $44 million when it was 80 percent leased. During its four-year ownership period, the company completed leasing with discount retailers Burlington and Foot Locker and trampoline park Urban Air Adventure. When the latter tenant opens at the center this fall, Largo Town Center will be fully occupied.
The company also executed a comprehensive improvement strategy, which included the installation of state-of-the-art LED lighting throughout the parking lot, milling and repaving of the parking lot, façade enhancements and a roof replacement.
“The new owner has acquired a fully leased and durable infill shopping center located in the direct path of continuing residential and commercial development activities, which reflects the long-term economic health and viability of this section of Prince George’s County,” David Fink, Finmarc’s co-founder and principal, said in a prepared statement.
Located at 950 Largo Center Drive, Largo Town Center has a tenant roster of 35 retailers, including anchors Marshalls and Shoppers Food Warehouse, as well as Advanced Auto Parts and Dollar Tree.
The University of Maryland’s Regional Hospital and Medical Center opened across the street from the center in 2021. More than 230,000 people reside within five miles of Largo Town Center, including nearly 90,000 households with an average household income exceeding $102,000, according to Finmarc.
John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer in the deal. Joseph Hoffman of Kelley Drye provided legal services for the seller.
Keith Loria can be reached at Kloria@commercialobserver.com.
