CHANTILLY, VA–Two years ago Finmarc Management closed on First Potomac Realty Trust's 950,000-square foot Northern Virginia portfolio for $96 million. It has been selectively selling off assets since then, including most recently two holdings for $7.2 million.
Two flex/office/warehouse buildings comprising 56,076 square feet within the Enterprise Center here traded to 10th Street, LLC. Caulley Deringer and Andrew Hassett of Transwestern represented the seller and Andrew Fallon of Calkain Companies represented the buyer in this transaction.
Over the past two years, Finmarc has increased the leased space in the buildings from 51% to 100%.
This disposition represents the last of the four buildings sold by Finmarc within Enterprise Center, following the sale of a three-story 78,327 square foot office building for $4.9 million last year. It also marks the company's second sale in the last four months with Finmarc selling an Alexandria, Virginia office building in August for nearly $30 million.
“This sale continues our strategy of selectively disposing of certain properties from our portfolio, with the strong potential for continued activity expected in the near future,” says Sean Sullivan, Vice President of Finmarc Management.
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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.
