Projects on Rumsey Road and Red Branch Road in Howard County are approximately 90% leased

Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the acquisition of a two-building flex/office portfolio comprising nearly 110,000 square feet of space in the Columbia section of Howard County for $10.9 million. Formerly owned by Greenfield Partners, the portfolio was 90% leased. Jay Wellschlager, Managing Director – Capital Markets for JLL represented the seller in this transaction.

Last December, Finmarc Management acquired a 116,000 square foot flex/office building portfolio in Columbia from Greenfield Partners for $10.6 million that was approximately 91% leased at the time of the purchase. In 2015, the commercial real estate firm also purchased a four-building 135,000 square foot flex/office portfolio in Columbia for $15.75 million that was nearly 100% leased at the time of the acquisition.

“We continue to seek value-add opportunities to acquire institutional-quality commercial properties in Howard County based on our long-term confidence in this sub-market,” explained Sean Sullivan, Vice President, Finmarc Management. “The region has benefitted from low unemployment rates and consistent job growth, which has produced historically-low vacancy rates that have been sustainable over a long period of time. Additional favorable fundamentals include the lack of developable land that has stymied the construction of new inventory in recent years, a strategic position centered between two major metropolitan areas, numerous business amenities within close proximity.”

The assets include 9151 Rumsey Road, a single-story 49,000 square foot flex building and 9130 Red Branch Road, a single-story 61,000 square foot flex/retail/office building. The portfolio is located within immediate access to Maryland Routes 108, 100 and 29, as well as Interstate 95. Significant employment centers including Fort Meade, the School of Education at Johns Hopkins University and the central business district of downtown Columbia, as well as BWI airport. The Mall at Columbia is situated approximately four miles from the portfolio.

With this acquisition, Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling just under six million square feet of space.

Finmarc Management, Inc. is a fully-integrated commercial real estate company that focuses on the real estate investment, management, leasing and development of retail, industrial/flex projects, and office buildings throughout the Mid-Atlantic region. The firm presently manages a diverse portfolio nearly six million square feet of space situated in Maryland, Washington, D.C., Virginia, Delaware, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com