VIRGINIA — Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the acquisition of a fifteen-building portfolio comprised of more than 750,000 s/f of industrial and warehouse space situated along the I-95 corridor in Northern Virginia from Stewart Investment Company for $58 million. The portfolio, contained primarily within the Featherstone Industrial Park in Woodbridge, and also including a property in Fredericksburg, features more than twenty-five tenants and is presently 91% leased. Marc Rampulla, Mark Levy and Jay Wellschlanger of JLL were the brokers of record in this transaction.
With this acquisition, Finmarc currently owns and manages more than 90 office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling 6.6 million s/f of space.
Known as the Mid-Atlantic I-95 Corridor portfolio, the site encompasses fifty-eight acres and is considered among the largest industrial parks in the Northern Virginia region. Featherstone Industrial Park accounts for 40% of all warehouse and distribution space in the Prince William East submarket which is cumulatively 94% leased.
“We were attracted to the critical mass of this portfolio, coupled with our long-term optimism of the industrial and warehouse sector given the recent explosion of the e-commerce industry and accompanying expansion of same-day or next-day delivery models,” explained Marc Solomon, a principal of Finmarc. “There continues to be an enormous appetite among companies to maintain large distribution centers near major population centers to achieve its logistics objectives. This acquisition was completed below replacement cost.”
According to John Detleff, senior vice president at JLL Mid Atlantic who will be managing leasing activities, “Featherstone Industrial Park has enjoyed historically high occupancy due to its ceiling heights, truck radius and heavy industrial zoning.