Finmarc Sells Data Center It Bought From First Potomac For $23M
After buying a 26-building portfolio from First Potomac Realty Trust earlier this year, Finmarc Management has already flipped one of the assets it got in the deal.
The Bethesda-based firm sold the 55k SF data center at 4120 Lafayette Center Drive in Chantilly to Legacy Lafayette for $23M. Although the building is just 6% of the property Finmarc acquired in March, it sold for 24% of the $96M the Bethesda-based firm paid for the entirety 950k SF portfolio.
The deal was brokered by CBRE's Thomas E. Cleaver III and Rob Faktorow, Joseph Hoffman of Kelley, Drye and Warren and Cooley's Brian Winterhalter.
Finmarc principal Neil Markus said the sale is part of a strategy to shed some of its portfolio and to acquire roughly $150M of assets through 1031 exchanges over the next six months.
“Since acquiring the 26-building portfolio this year, which this asset was a part of, we have been selectively disposing of certain properties and employing the proceeds into new acquisitions,” Markus said in a release.
It's unclear which other parts of the portfolio Finmarc, which has ambitious growth plans, will sell and which it will keep, but it's already on pace to make a significant ROI on the First Potomac acquisition.
CORRECTION, DEC. 21, 9:15AM: A previous version of this story misidentified the names and firms of the brokers and lawyers who worked on this deal. This story has been updated.
