Finmarc Management has acquired four office buildings in Virginia for $39.36 million.
The portfolio, known as Trinity Centre, includes 46,500 square feet of Class A commercial real estate. The buildings are located at 5860, 5870, 5875 and 5885 Trinity Parkway in Centreville, Fairfax County. The first two occupy nearly 13,500 square feet of space and are each six stories high. The other two are three stories high and each are nearly 8,500 square feet.
Amenities at the 70-acre community include a lake, a 136-room hotel, a fitness center and three restaurants. The portfolio is close to Washington DC and Dulles International Airport.
The Trinity Centre was previously owned by a joint venture between Spear Street Capital, LLC and Partners Group. At the time of the sale, the property was approximately 71 percent leased.
Finmarc CEO Neil Markus said in a statement that there are “positive fundamentals and trends” in play in the Northern Virginia market. He also talked about the strong workforce at FairFax, which employs more than 660,000 people, citing county data.
“We believe in the continued strength of suburban commercial real estate, particularly in the Northern Virginia submarket, where demand is federally driven and there is a highly skilled and well-educated workforce,” Markus said.
“This purchase is a sign of our firm’s renewed mission to identify and acquire institutional quality portfolios with investment grade tenant ratings. This portfolio was attractive due to the opportunity to acquire a prime property at a re-established price, enabling the implementation of a new investment strategy.”
Finmarc, meanwhile, recently sold its 25.29-acre property in Loudoun County, Virginia, for $60 million. The Maryland-based company said it is focused on real estate opportunities in the Carolinas and Mid-Atlantic markets.
“Our team is particularly interested in acquiring underperforming properties that offer us the opportunity to create long-term value through the implementation of our proven leasing and asset management protocols,” said Markus.
