Finmarc Sells Industrial/Retail Asset in Rockville

Gude Commerce Center

ROCKVILLE, MD–Finmarc Management has sold a 80,000-square foot industrial/retail asset for $14.55 million to the California-based Berkeley Partners. Finmarc acquired the property in 2013 completely vacant for $5.87 million. One $4 million renovation project later, the property is about 94% leased to nine tenants including the General Services Administration, Mayorga Coffee and the Habitat for Humanity’s ReStore affiliate.

The building was the former Smith Litho printing building — the company used it as their headquarters, Sean Sullivan, Vice President of Finmarc Management tells GlobeSt.com. “We did a full gut and renovation with plans to make it into a industrial/retail building.” After the project was complete Finmarc first landed Mayorga Coffee, which took about 22,000-square feet and then Habitat for Humanity’s ReStore. These two tenants were a springboard to the others signing on, Sullivan says. There is a diminishing supply for this type of product in the Rockville submarket, he adds, even as demand for such space remains strong.