Manassas Shopping Center Trades For $30M
Finmarc Management is bullish on the retail market in Manassas, where it has acquired two adjacent shopping centers in the last three years.
The company announced Monday it bought the Manaport Plaza Shopping Center from Combined Properties for $29.8M.
The 250K SF shopping center is 90% leased to retailers such as Gabe's, Marshalls, Ollie's Bargain Outlet, Dollar Tree, Advance Auto Parts and Tuesday Morning. It sits at the intersection of Sudley Road and Rixlew Lane.
Metropolis Capital Advisors' Cliff Mendelson and Al Missirlian arranged financing for Finmarc, and Kelley Drye & Warren's Joseph Hoffman and Aaron Rosenfeld provided legal representation.
The deal follows Finmarc's 2017 acquisition of the Festival at Manassas Shopping Center, a 117K SF property anchored by Global Food that sits one block from the the Manaport Plaza center.
"This acquisition underscores our continuing research and analysis of Manassas, which demonstrates a submarket with a consistently growing population and served by a tenant base perfectly suited for the surrounding neighborhood demographics,” Finmarc Vice President Sean Sullivan said in a release.
Bethesda-based Finmarc also bought a Prince George's County shopping center for $44M in January. The firm is looking to purchase an additional $250M of properties in the Mid-Atlantic region over the next 12 months, Sullivan said, including retail, office, flex and industrial assets.
