Finmarc Buys College Park Mixed-Use Campus, Pondering Its Eventual Use
Stone Industrial Campus is a three-building, 115,000-square foot industrial, manufacturing and office complex.
COLLEGE PARK, MD–Finmarc continues its strategy of periodic acquisitions, this time in College Park where it has acquired a three-building industrial, manufacturing and office project. Called the Stone Industrial Campus and located at 9207 51st Ave., the purchase price for the unoccupied 115,000-square foot complex was $6.2 million.
The transaction brokered by Christopher Kubler and Alan Coppola of NAI KLNB.
VP of Finmarc Sean Sullivan says the company is considering all available options for the property, ranging from maintaining its status as an industrial project to rezoning the site to support a new townhouse development. “Its strategic positioning near US Route 1, Interstate 495 and Greenbelt Road, combined with the strong momentum of both the industrial/warehouse and residential sectors, presents our team with compelling and completely different possibilities,” he says in a prepared statement.
It is possible, he adds, the company might decide on a combination of industrial/warehouse and residential product uses.
“The scarcity of strategically-located industrial product in the suburban Washington, DC area, and the strong uptick in the home buying market places us in a favorable position in both situations,” he says.
Presently zoned I-2 (heavy industrial), Stone Industrial Campus consists of a 73,000 square foot manufacturing building, a 31,000 square foot warehouse structure and an 11,000 square foot office that was most recently occupied by Precision Products Group. Each building has been renovated, most recently in 2007.