Finmarc Buys Laurel Commerce Center for $6M
- Dec 08, 2014
Finmarc Management Inc. recently announced the acquisition of another commercial property in the Greater Washington, D.C., area. The Bethesda-based commercial real estate firm purchased the Laurel Commerce Center for $6 million.
The property was constructed in 1986 at 14709 Baltimore Ave. It offers 58,609 square feet of industrial space and is home to a mix of automobile-related retailers and repair service companies. According to Finmarc, the Laurel Commerce Center was fully leased at the time of the sale, to 13 tenants.
Finmarc Management was self-represented in the transaction. Nathan Pealer of Marcus & Millichap represented the seller, Laurel Commerce Center L.P., an entity controlled by the Fernebok family.
“Our team is extremely impressed with the retail and business momentum derived from the Prince George’s County marketplace over the past several years,” Marc Solomon, Finmarc principal, said in a statement for the press. “The MD Route 1 corridor remains a dense and highly traveled region. Projects such as the recently improved Towne Centre at Laurel encourage new businesses and residents to enter the market, and subsequently increases consumer and business traffic in our trade area. We are constantly searching for new acquisition opportunities to expand our portfolio.”
Together with its partners, Finmarc has acquired or disposed of more than $520 million worth of properties in the past two-and-a-half years. In 2014, it purchased a nine-building portfolio in Gaithersburg for $33 million and the Waterfront Center I and II office buildings for $31.5 million. It also sold the GSA-leased Library of Congress Landover Center Annex for $31.7 million.
Finmarc won’t stop here. The company plans to invest an additional $10 million this year to buy other properties.
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