Columbia, MD — Finmarc Management, Inc., a Bethesda, MD-based commercial real estate firm has announced the acquisition of a four-building flex/office portfolio comprising approximately 135,000 s/f of space for $15.75 million. Located at Rumsey Rd. in the Columbia section of Howard County, and formerly owned by First Potomac Realty Trust, the project is nearly 100% leased. Mark Glagola and Joe Friedman of Transwestern represented the seller in this transaction.
Constructed in 1980 with an all-brick exterior, the single-story buildings consist of 9150 to 9180 Rumsey Rd. The current tenant roster is primarily comprised of “service flex/office” uses that are attracted to the proximity of a mature highway network, strong labor market and flexible, open floor plans.
“The numerous barriers to entry that exist in the Howard County marketplace, including the absence of new inventory over the past ten years, combined with the historically-low vacancy rates, makes this an extremely strong long-term addition to our portfolio,” said Marc Solomon, principal of Finmarc Management. “The portfolio remains in excellent physical condition and features a stable and diverse tenant base that creates a steady income stream. We intend to invest in various maintenance projects to assure the functionality and aesthetics of the four buildings.”
The Rumsey Rd. portfolio is positioned within immediate access to I-95 and Maryland Routes 100 and 29, with close proximity to significant employment centers including Fort George Meade, the School of Education at Johns Hopkins University and the central business district of downtown Columbia, as well as BWI airport.