ROCKVILLE, MD—Finmarc Management has acquired the Travilah Square Shopping Center here for $22.4 million.

Situated at the intersection of Darnestown Road (MD Route 28) and Travilah Road, the project consists of five separate buildings that combine for approximately 61,500 square feet of retail space and commercial office space. Walgreens formerly owned the property.

"Our team envisions extremely strong upside potential for Travilah Square Shopping Center following the completion of a significant redevelopment and renovation program, and a subsequent leasing strategy designed to attract compelling retail tenants to the project," says David B. Fink, principal of Finmarc Management.

He says the firm was attracted to the property due to its strong demographics, including a daytime population of approximately 100,000 people and an average household income that exceeds more than $150,000 in the immediate area.

"Opportunities to acquire real estate assets in this section of Montgomery County are rare, and we are motivated by the challenge of repositioning and reimagining this property," Fink says.

Four separate buildings, including a free-standing Burger King restaurant, comprise the retail component of Travilah Square Shopping Center. The fifth structure is configured to support approximately 16,000 square feet of commercial office space and is currently unoccupied.

With the purchase of the shopping center, Finmarc, along with its partners, have acquired or disposed of more than $400 million worth of properties in the past two years.