Sign In
Upcoming Event
Free Newsletter
Paula C. Squires// March 6, 2017//
Finmarc Management, based in Bethesda, Md., has acquired a 15-building portfolio for $58 million, one of the largest industrial parcels in Northern Virginia.
According to JLL, which brokered the transaction, the deal includes the Featherstone Industrial Park in Woodbridge and another property in Fredericksburg. The seller was Steuart Investment Co., based in Chevy Chase, Md.
Marc Rampulla, one of the JLL brokers involved, said the portfolio includes 750,000 square of industrial space, which is 91 percent leased. Tenants include the General Services Administration and some moving and storage companies. The other JLL brokers were Mark Levy and Jay Wellschlanger.
The acquisition appealed to Finmarc, said Rampulla, because “It’s a large scale transaction. It’s hard to amass 750,000 square feet in the mid-Atlantic, and the property has access to I-95.''
As development continues closer to the D.C. beltway, this is pushing demand for industrial space further down 95 South, he added. The portfolio drew several competitive bids.
