Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Finmarc Sells Gaithersburg Office Building
Finmarc Management has sold a two-story building in Gaithersburg, Maryland, containing around 25,000 square feet of flex/office space, to non-profit organization Identity for nearly $4.35 million.
The asset was part of a nine-building portfolio purchased by Finmarc in 2014. The building, situated on a 1.98-acre parcel, was 50% occupied at the time of the sale. Identity plans to relocate its headquarters and around 50 employees to the property.
Ken Fellows and Rob Pugh of KLNB represented the seller and Jhon Pacheco of CBRE represented the buyer in this sales transaction. “A rapidly-rising interest rate environment brought investment sales activity to a virtual standstill last year. But, prospects of lower benchmark rates, pent-up demand, and our team’s ability to identify value-add opportunities in various asset classes positions us as preferred buyers in the year ahead,” said David Fink, principal of Finmarc.
- ◦Sale/Acquisition
