Frederick, MD — Finmarc Management, Inc. has acquired Frederick Corporate Park, an 11-building portfolio comprised of nearly 440,000 s/f of single-story flex/office and two-story commercial office buildings in Frederick for $43 million from CIM Group. The corporate park was 68% leased with 22 tenants at the time of the sale. Joe Hoffman and Aaron Rosenfeld of the law firm Kelly, Drye & Warren represented Finmarc Management in this sales transaction and Alan Zuckerman of Highland Realty was the sole broker. Metropolis Capital Advisors' Cliff Mendelson assisted in arranging financing for Finmarc.
Frederick Corporate Park represents a tremendous opportunity to execute our value-add strategy in the dynamic I-270 corridor with an institutional quality portfolio that has underperformed in recent years. We are taking an aggressive approach to leasing the vacant space at this project,” said Sean Sullivan, vice president of Finmarc Management. “The corporate park has been expertly maintained by the previous owner, with no significant capital improvements needed at this time. Numerous fundamentals exist in the Frederick region that provide us with extreme confidence to elevate the corporate park to full capacity in the near future. These factors include a diverse and highly-skilled labor market, proximity to Washington, DC and the economic tentacles of the federal government, the existence of a high-technology community, reasonably-priced housing and a high quality of life.” READ MORE