ALEXANDRIA, VA—Finmarc Management has plans to acquire $100 million more in properties for the remainder of this year, the company announced as it scooped up its latest prize: two waterfront properties here for $31.5 million.
Earlier this week the company announced it had purchased Waterfront Center I and II, a two-building office portfolio here consisting of more than 150,000 square feet, which is 69% leased. The seller is Gates Hudson. Gerry Trainor, Jim Cardellicchio, Wesley Machowsky and Clifton McCrory of Transwestern's Institutional Commercial Group represented both the buyer and the seller in this transaction.
Waterfront Center 1, located at 801 N. Fairfax St., is a four-story building, 60,000 square foot building with ground floor retail. It delivered in 1971.
Waterfront Center II, located at 209 Madison Street, is a five-story, 90,000 square foot office with a three-level Sport and Health Club as the anchor tenant.
Finmarc plans to stabilize the existing tenants in the buildings and lease up the remaining space with a strong marketing and leasing campaign, says Marc F. Solomon, principal of Finmarc. "Our research indicates there exists outstanding short-term and long-term leasing opportunities in the Old Town Alexandria sub-market."
He adds that the company also plans to continue to build on its Northern Virginia presence. Over the last 24 months the company, along with its partners, has either sold or acquired more than $427 million worth of properties.
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