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Finmarc Sells Two-Building Portfolio in Laurel for $9M
Finmarc Management has completed the sale of a Laurel Commerce Center, a two-building portfolio comprised of nearly 60,000 square feet of warehouse and industrial space, for $9.175 million.
Situated at 14709 and 14711 Baltimore Avenue in Laurel, Maryland, the assets were approximately 91 percent leased and occupied at the time of the transaction. KLNB’s Joe Friedman, Chris Kubler, Josh Norwitz, and Don Schline represented Finmarc Management, and the buyer, Lucern Capital Partners, a private equity real estate investment firm based in New Jersey, was self-represented. Aaron Rosenfeld of Kelley Drye & Warren LLP provided legal services to Finmarc.
Finmarc Management acquired the site in 2014, which includes the 28,653-square-foot 14709 Baltimore Avenue and the 29,959-square-foot 14711-14713 Baltimore Avenue. Recently, Finmarc executed an exterior capital improvement plan valued at more than $500,000. Laurel Commerce Center is situated directly adjacent to US Route 1, and Ronald Reagan Washington International Airport is just over 24 miles away.
