BETHESDA, MD—Finmarc Management has bought and sold a number of assets over the last 26 months - $450 million worth to be exact – and the company intends to continue along that tract as its pursues new opportunities, CEO Marc Solomon tells GlobeSt.com.
The company acquired land in Silver Spring, along Route 29, and it has plans to develop a grocery-anchored mixed-use residential complex on it, he says. "We have purchased about $70 million worth of commercial real estate in that area. We see it as a growing market with the US Food and Drug Administration expanding its facility there."
Finmac also has under contract some $40 million worth of transactions, including a 300,000-square foot shopping center in Maryland and an 80,000-square foot small bay industrial facility in the state. "We anticipate closing on those before the end of the year as well as investing another $30 million of equity," Solomon says.
Finmarc's approach to market varies according to market conditions. It had acquired the REI in Tysons, which it recently sold for $22 million, with an eye to a long-term hold. However, it was approached by a 1031 buyer and the price offered was just right, Solomon says. "We paid $12.2 million for the REI, invested about $4 million in the asset and exited with a nice profit."
The company has targeted value-add, core and opportunistic deals over the years and worked with a variety of equity sources ranging from institutional equity to high net worth individuals.
"Right now we are just following the markets and pursuing the opportunities that we see development."
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