ALEXANDRIA, VA—Finmarc Management has plans toacquire $100 million more in properties for theremainder of this year, the company announced as it scooped up itslatest prize: two waterfront properties here for $31.5million.

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Earlier this week the company announced it had purchasedWaterfront Center I and II, a two-building officeportfolio here consisting of more than 150,000 square feet, whichis 69% leased. The seller is Gates Hudson.Gerry Trainor, Jim Cardellicchio, Wesley Machowsky andClifton McCrory of Transwestern's InstitutionalCommercial Group represented both the buyer and the sellerin this transaction.

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Waterfront Center 1, located at 801 N. Fairfax St., is afour-story building, 60,000 square foot building with ground floorretail. It delivered in 1971.

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Waterfront Center II, located at 209 Madison Street, is afive-story, 90,000 square foot office with a three-level Sport andHealth Club as the anchor tenant.

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Finmarc plans to stabilize the existing tenants in the buildingsand lease up the remaining space with a strong marketing andleasing campaign, says Marc F. Solomon, principalof Finmarc. "Our research indicates there exists outstandingshort-term and long-term leasing opportunities in the Old TownAlexandria sub-market."

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He adds that the company also plans to continue to build on itsNorthern Virginia presence. Over the last 24 months the company,along with its partners, has either sold or acquired more than $427million worth of properties.

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