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Finmarc Sells Metro D.C. Office Campus for $13M
Bethesda-based commercial real estate firm Finmarc Management has sold the Reston Business Campus, a four-building office portfolio in Reston, VA. The sales price was $13 million. The buyer was not disclosed.
The assets are located at 12320, 12330, 12340 and 12350 Pinecrest Dr., and were 95% leased and occupied at the time of the sale. The properties were part of a 26-building portfolio totaling approximately 950,000 square feet of commercial office, flex/office and warehouse space that Finmarc acquired from First Potomac Realty Trust in 2016 for $96 million.
“This sale represents another successful execution of our long-term plan to build value in and dispose of selective properties to fund future acquisition opportunities,” said Sean Sullivan, vice president at Finmarc.
“Our leasing team identified tenants that matched the neighborhood profile and satisfied the need for family-oriented services in the greater Reston area, which enabled us to substantially elevate leasing and stabilize the assets. The new owners acquired an excellently maintained cash-flowing portfolio with a significant portion of the tenancy locked into long-term leases.”
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