Finmarc Buys Maryland Retail Plaza for $30M
Acquisition fuels Finmarc’s goal of buying $250M worth of real estate before 2026
By Nick Trombola July 9, 2024 1:18 pm
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Bethesda, Md.-based Finmarc Management wants to build a $250 million diverse real estate portfolio by the end of 2025, and the acquisition of a retail plaza not far from their home base keeps them well on Target.
The firm has purchased Riverview Plaza, at 5425 Urbana Pike in Frederick, Md., for $30 million, Commercial Observer has learned. A joint venture between Edens and J.P. Morgan Chase sold the 185,275-square-foot shopping center, represented by Ryan Sciullo and Casey Benson Smith of CBRE (CBRE). Finmarc was self-represented in the deal.
Riverview Plaza is currently 95 percent leased, anchored by TJ Maxx, Michaels, PetSmart and Bob’s Discount Furniture. Staples, The Home Depot and Target are also tenants.
It’s now the second plaza in Finmarc’s Federick-area cadre. The firm acquired the neighboring Frederick Corporate Park for $43 million in 2020.
“Riverview Plaza in an institutional-quality regional shopping center with a proven track record
of high occupancy, tenant retention and strong sales,” David Fink, Finmarc’s co-founder and principal, said in a statement. “During a time when other retail venues suffered during the pandemic, the center’s national tenant mix pushed sales to new heights and more than 4 million shoppers visited Riverview Plaza last year, marking another high.”
Finmarc’s stated goal of building a robust portfolio doesn’t mean that the firm is afraid to shed some properties, however.
The Riverview Plaza purchase follows the firm’s sale earlier this year of 8000 Granier Court, an 88,000-square-foot flex/warehouse property in Northern Virginia, for about $16 million to C2 Imaging. The building is part of an 11-building group Finmarc acquired in mid-2022 for $128 million.
“We are especially interested in underperforming properties that provide our team opportunities to build value with proven leasing and asset management tactics,” Fink said. “We view our private, internal capital as an advantage, as we are not constrained by a particular period for holding an investment or defined internal rate of return goals for any investor or partner that other companies may have.”
Nick Trombola can be reached at NTrombola@commercialobserver.com.
