COLUMBIA, MD—Finmarc Management has acquired a four-building, 135,000-square foot office/flex portfolio in this submarket for $15.75 million.
The single-story buildings were developed in 1980 and are located on 9150 to 9180 Rumsey Rd. The buildings are almost fully leased. Mark Glagola and Joe Friedman of Transwestern represented the seller in this transaction. It is unclear who the seller was; Finmarc noted that at one time the portfolio was formerly owned by First Potomac Realty Trust.
The portfolio is an excellent addition to Finmarc's holdings, Marc Solomon, principal of the company, says in a prepared statement. He cites the numerous barriers to entry in Howard County, the lack of new supply over the past ten years and its historically low vacancy rate. "We intend to invest in various maintenance projects to assure the functionality and aesthetics of the four buildings," he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
