OLNEY, MD—Finmarc Management, based in Bethesda, MD, has sold Silo Inn Shopping Center, a 28,072-square foot neighborhood retail center here for $17.42 million. Taylor Georgia, LLC, a real estate investment company based in Ellicott City, MD, was the buyer.
The shopping center, fully leased and located at 16800 Georgia Ave, is anchored by Roots Market, a local natural foods grocery store. Other tenants include Wachovia Bank, Starbucks Coffee, a pet supply store, hair and salon and a boutique restaurant.
Finmarc developed it in 2006. Since then, says Marc F. Solomon, principal of Finmarc, in a prepared statement, the tenants all developed a strong and loyal consumer following.
Over the last 22 months Finmarc, along with its partners, has acquired or disposed of more than $367 million worth of properties including the sale of this asset.
Recent deals include the acquisition of a nine-building portfolio in Gaithersburg from First Potomac Realty for $33 million via a 1031 exchange. Finmarc using the proceeds from its sale of the 58-acre Port Covington retail development to fund the transaction.
Finmarc sold the Library of Congress Landover Center Annex in Landover, Md., for $31.65 million.
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