M id A tlantic Real Estate Journal —January 21 - February 17, 2022 — 27A
www.marej.com
Joseph Hoffman and Aaron Rosenfeld of Kelley Drye provide legal services NAI KLNB rep. Finmarc in disposition of six-building, 212,000 s/f portfolio for $45.8M
M ANASSAS, VA — Fin- marc Management, Inc. has announced the disposition of a six-building portfolio, comprising 212,000 s/f of warehouse/flex space in Manassas for $45.58 million. The assets were part of the 26-building portfolio contain- ing approximately 950,000 s/f of commercial office, flex/office and warehouse space acquired from First Potomac Realty Trust in 2016 for $96 million. The buyer of the portfolio, which was 86% leased at the time of the transaction, was a joint ven- ture partnership between The Davis Companies and Da- vin Holdings . Marc Tasker, RyanMoody and Christopher Kubler of NAI KLNB repre- sented Finmarc Management. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye provided legal services. “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
Last week, Finmarc entered the North Carolina market with its $58 million acquisition of Plantation Point Shopping Center, a 383,000 s/f shopping center. Plantation Point was 91% leased and occupied at the time of the transaction and features anchors Burlington, BJs Wholesale Club, Big Lots, Dollar Tree and LA Fitness. The recently-sold portfolio in Manassas consisted of 7345, 7663 and 7795 Coppermine Dr. and 7201, 7301 and 7401 Gate- way Court. Significant tenants are Aimpoint, Capital Lighting & Supply, Cedar F&B, Eaton Corporation, DH Companies, Lennox Industries and Notal Vision. “With a substantial amount of capital available for immedi- ate investment, we intend to seek compelling opportunities in the coming year throughout the mid-Atlantic region,” Sul- livan added. “Our goal is to purchase approximately $250 million worth of value-add commercial real estate assets in 2022.” MAREJ
ues our strategy of selectively disposing of certain properties to generate proceeds to fund value-add and opportunistic Manassas portfolio
efficient property manage- ment practices,” said Finmarc executive vice president Sean Sullivan . “This sale contin-
acquisitions, including our recent 383,000 s/f shopping center purchase in the Raleigh- Durham area.”
Ryals-Taylor of Cushman & Wakefield | Thalhimer brokers sale of Southern Shopping Center in Norfolk , VA for $25M
VIRGINIA — Cushman & Wakefield | Thalhimer completed the following transactions in Virginia: River City Capital, LLC pur- chased Southern Shopping Center in Norfolk. The 246,000 s/f retail center, situated on 20.36 acres, from Southern Shopping Center, LLC for $25 million as an additional invest- ment for their portfolio. The shopping center is anchored by Food Lion, and features ad- ditional tenants to include Shoe Department, Game Stop, Ath- lete’s Foot, Sally Beauty Sup- ply, Dollar Tree, H&R Block, and Rent-A-Center to name a few. The property also features outparcel locations for Ruby Tuesday, Chartway Federal Credit Union, and Bojangles. Sharon Ryals-Taylor of Cushman & Wakefield | Thal - himer handled the sale negotia- tions on behalf of the seller. Cushman & Wakefield |
7-Eleven
Southern Shopping Center in Norfolk, VA
Thalhimer’s Capital Markets Group has represented the seller in the disposition of seven freestanding 7-Eleven loca- tions. The corporately leased portfolio consists of seven NN+ 7-Eleven gas and convenience locations situated throughout Central Virginia. Affiliates of Equitas Invest - ments acquired the assets on December 22, 2021, for $19.7 million. Sale negotiations were
handled by Catharine Span- gle r of Cushman & Wakefield | Thalhimer’s Capital Markets Group along with John Prit- zlaff of Thalhimer’s Charlot- tesville office. Cushman & Wakefield | Thalhimer announced the sale of the 275-acre Waverton Commerce Park in Suffolk. The property is located along Carolina Rd. and includes two industrial buildings totaling
27,000 s/f. Flint Acquisitions LLC pur- chased the acreage and build- ings fromWaverton Associates, Inc. for $10.3 million and will be developing an industrial park, Coastal Logistics Center. William C. Throne, CSC- MP, CCIM, SIOR of Cush- man & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser. Conte Bicycle Group, LLC
purchased the 22,355 s/fi ndus - trial/flex building at 2028 Vir - ginia Beach Blvd. in Virginia Beach from JFS Real Estate LLC for $2,857,149 and will utilize the property for their administrative offices and bi - cycle storage. Janet Whitbeck of Cush- man & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser and the seller. MAREJ
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