R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

Mark Glagola and Joe Friedman of Transwestern represent the seller Finmarc Management acquires office portfolio for $15.75m in Columbia, MD

ISSUE HIGHLIGHTS Volume 27 Issue 16 August 28 - Sep. 10, 2015

OLUMBIA, MD — Finmarc Manage- ment, Inc. , a Bethes- da, MD-based commercial real estate firm has announced the acquisition of a four-building flex/office portfolio compris- ing approximately 135,000 s/f of space for $15.75 million. Located at Rumsey Rd. in the Columbia section of Howard County, and formerly owned by First Potomac Realty Trus t, the project is nearly 100% leased. Mark Glagola and Joe Friedman of Tran- swestern represented the seller in this transaction. Constructed in 1980 with an all-brick exterior, the single- story buildings consist of 9150 to 9180 Rumsey Rd. The cur- rent tenant roster is primar- ily comprised of “service flex/ office” uses that are attracted C KING OF PRUSSIA, PA — Roseview-PMRG Fund I, LLC (the Fund) , a $250 million discretionary fund formed by PMRealty Group (PMRG) and The Roseview Group , has acquired a single- story, 102,204 s/f class A office building located at 211 South Gulph Rd. in King of Prussia for $21 million. This is the first acquisition in the greater Philadelphia market for the Fund which was formed to acquire and reposition office

ly-low vacancy rates, makes this an extremely strong long- term addition to our portfolio,” said Marc Solomon , princi- pal of Finmarc Management. “The portfolio remains in ex- cellent physical condition and features a stable and diverse tenant base that creates a steady income stream. We in- tend to invest in various main- tenance projects to assure the functionality and aesthetics of the four buildings.” The Rumsey Rd. portfolio is positioned within immedi- ate access to I-95 and Mary- land Routes 100 and 29, with close proximity to significant employment centers including Fort George Meade, the School of Education at Johns Hopkins University and the central busi- ness district of downtown Co- lumbia, as well as BWI airport. n the Fund’s primary aim is to roll existing leases to market rates with extended terms. According to Angelo Lo- bosco , executive vice presi- dent, PMRG "we are confident that we will be able to back fill any upcoming vacancy space as King of Prussia benefits from continued tightening in Main Line and Conshohocken submarkets which currently have class A vacancy of 3.7% and 10%, respectively as well as rental growth of 35.98% and 36.08% during the past five years.” Developed in 1960 and situ- ated on 9.31 acres, 211 South Gulph Rd. is located one-half mile south of the King of Prussia Mall; four miles from the most affluent Main Line towns including Wayne and Radnor, PA; and 17 miles from downtown Philadelphia. The building has frontage and prominent signage on the Schuylkill Expressway (I-76), the Metro region’s busiest highway. Access to the Inter- state is available one half mile north or two miles south and access to the property is via a signalized intersection. n

SPOTLIGHT Commercial Real Estate Law 15-20A PA/NJ/DE ICSC Conference &Deal Making

Rumsey Road

Section C

to the proximity of a mature highway network, strong labor market and flexible, open floor plans. “The numerous barriers to

entry that exist in the Howard County marketplace, includ- ing the absence of new inven- tory over the past ten years, combined with the historical-

NJ Apartment & Multifamily Conference 5-14A

Roseview-PMRG Fund I procures 102,204 s/f office building for $21m in King of Prussia, PA

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES OCTOBER 16, 2015 NJ CapitalMarkets Summit NOVEMBER 13, 2015 NJ Real Estate Development Conference DECEMBER 9, 2015 1031 Exchange Conference


211 South Gulph Road

properties across the United States. The Roseview/PMRG partnership also owns proper- ties in Atlanta, Houston and Massachusetts. The seller, a joint venture between O’Neil Properties and The Arsenal Fund, acquired the property in February 2007. Under the Fund’s new ownership, an additional $1.1 million of capital improve- ments will be made including upgrading exterior amenities and signage; updating the building’s façade to enhance

its presence; and system im- provement. "This acquisition was stra- tegic for the Fund because it is a value-add opportunity that is well located within an in-fill market near downtown Phila- delphia,” said Steve Corri- dan , partner of The Roseview Group. “The area offers all the fundamentals we are seeking which include recent growth in both commercial and resi- dential sectors." With the building 100% oc- cupied at the close of escrow,

Business Cards/Billboards. .................................. IBC-A Owners, Developers &Managers - Featuring Building Services &Suppliers. .......................Section B Green Buildings..................................................17-22B Shopping Centers Featuring ICSC. .................Section C

Upcoming Spotlight September 11, 2015 APPRAISAL www.marejournal.com

Made with FlippingBook flipbook maker