Finmarc Management, Inc., a fully-integrated commercial real estate company headquartered in Bethesda, Maryland, has acquired the Stone Industrial Campus, a three-building 115,000 square foot industrial, manufacturing and office project contained on nearly 17 acres of land in the College Park section of Prince George’s County, Maryland. Located at 9207 51st Avenue, the purchase price was $6.2 million, with the transaction brokered by Christopher Kubler, Director of Investment Sales for NAI KLNB and Alan Coppola, SIOR, Senior Associate for NAI KLNB.
“We are considering all available options for this property to achieve the best and highest use, which range from maintaining its status as an industrial project to rezoning the site to support a new townhouse development,” explained Sean Sullivan, Vice President of Finmarc Management. “Because the buildingsare presently unoccupied, we have a clean slate that presents an attractive opportunity to pursue alternative uses. Its strategic positioning near US Route 1, Interstate 495 and Greenbelt Road, combined with the strong momentum of both the industrial/warehouse and residential sectors, presents our team with compelling and completely different possibilities.”
Presently zoned I-2 (heavy industrial), Stone Industrial Campus consists of a 73,000 square foot manufacturing building, a 31,000 square foot warehouse structure and an 11,000 square foot office project that was most recently occupied by Precision Products Group. Each building has been renovated with the most recent upgrade occurring in 2007. The warehouse building features ceiling heights of eighteen feet and the manufacturing building offers seventeen foot ceiling heights.
The Stone Industrial Campus is located approximately one mile from the University of Maryland at College Park, the Greenbelt Metro Station and The Discovery District. A full-service hotel was delivered near the University of Maryland last year and new retail amenities, restaurants and a Whole Foods grocery store have been recently addedto the area. Nearby tenants include NOAA, the Food and Drug Administration Center for Food Safety and Applied Nutrition and the UMD/FDA Institute for Food Safety and Applied Nutrition.
“With a small portion of Stone Industrial Campus currently zoned residential, our conclusion might result in a combination of both industrial/warehouse and residential product types,” Sullivan added. “The scarcity of strategically-located industrial product in the suburban Washington, D.C. area, and the strong uptick in the home buying market places us in a favorable position in both situations.”
“Finmarc Management was exactly the right buyer for this asset,” stated Christopher Kubler of NAI KLNB. “With their entrepreneurial mindset and business acumen, the Stone Industrial Campus will prove an excellent investment for the new owners.”
Finmarc Management, Inc. is a fully-integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and/or manages a diverse portfolio encompassing over six million square feet of properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania. For additional information, visit www.Finmarc.com
