Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of Waterfront Center I and II, a two-building office portfolio in Alexandria, Virginia containing more than 150,000 square feet of commercial office space. The company purchased the waterfront properties from Gates Hudson for $31.5 million. Gerry Trainor, Jim Cardellicchio, Wesley Machowsky and Clifton McCrory of Transwestern’s Institutional Commercial Group represented both the buyer and the seller in this transaction. The buildings are cumulatively 69% leased.
Positioned at 801 N. Fairfax Street, Waterfront Center I is a four-story building offering nearly 60,000 square feet of commercial office space. Delivered in 1971, the project received interior and exterior improvements in 2010. Featuring 15,000 square foot average floor plates, the project also offers street-level space on the ground floor that is suitable for both office and retail applications. Waterfront Center I is approximately 62% leased.
Waterfront Center II, located at 209 Madison Street, is a five-story, all-brick building containing approximately 90,000 square feet of office space. Constructed in 1987, the project was renovated last year with improvements made to the lobby and elevator system, with new interior finishes implemented throughout the structure. Waterfront Center II features floor plates approximately 16,000, and has a three-level premier Sport and Health Club as the anchor tenant. The building is approximately 74% leased.
Both assets are one block from the waterfront area of Alexandria waterfront and offer plenty of on-site parking. The buildings are situated within close proximity to a range of business amenities including restaurants, a new Harris Teeter supermarket, Trader Joe’s. The Braddock Road Metro stop is approximately six blocks away and downtown Washington, D.C. and Reagan National Airport are located minutes away via major highways.
“Both assets satisfy our acquisition criteria and represent excellently-maintained and strategically-located buildings contained in extremely healthy office environments,” explained Marc F. Solomon, Principal of Finmarc. “Waterfront Center I and II will complement our existing office and retail portfolio, as we continue to increase our foothold in the Northern Virginia marketplace. We plan to stabilize the existing tenants, and implement a strong marketing and leasing campaign to increase the occupancy of each building. Our research indicates there exists outstanding short-term and long-term leasing opportunities in the Old Town Alexandria sub-market.”
With the sale of this asset, over the last 24 months Finmarc, along with its partners, has acquired or disposed of more than $427 million worth of properties, and is on target to acquire another $100 million of additional properties by year-end.
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 encompassing more than five million square feet of space situated in Maryland, Washington, D.C., Virginia, Delaware, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com