{"id":1004293103,"date":"2019-01-21T03:58:13","date_gmt":"2019-01-21T11:58:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004293103"},"modified":"2019-01-21T05:20:34","modified_gmt":"2019-01-21T13:20:34","slug":"finmarc-management-buys-md-shopping-center-for-44m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/finmarc-management-buys-md-shopping-center-for-44m\/","title":{"rendered":"Finmarc Management Buys MD Shopping Center"},"content":{"rendered":"
\"Largo<\/a>

Largo Town Center<\/p><\/div>\n

In a $43.9 million deal, Finmarc Management Inc. has acquired Largo Town Center, a 280,000-square-foot shopping mall in Upper Marlboro, Md., from SITE Centers.<\/p>\n

\u201cThe appeal was a strong shopping center in the submarket, with a value-add component,\u201d <\/em>Sean Sullivan, Finmarc Management\u2019s vice president, told Commercial Property Executive. \u201cFinmarc always looks for assets with a stable cash flow and value-add potential.\u201d<\/em><\/p>\n

Located at 950 Largo Center Drive in Prince George\u2019s County, the regional shopping center was 100 percent leased at the time of the sale, with a tenant roster that included Shoppers Food Warehouse, Regency Furniture, Marshalls Advanced Auto, Dress Barn and Dollar Tree.<\/p>\n

Overall, the center is home to 35 tenants consisting of a blend of fast-casual and sit-down restaurants, along with retailers, as well as business and consumer services.<\/p>\n

The property is situated next to MD Routes 202 (Landover Road) and 214 (Central Avenue) and is under 1 mile from an Interstate 495 (Capital Beltway) exit.  <\/p>\n

A growing area<\/strong><\/h2>\n

Currently, there are more than 230,000 people who live within 5 miles of Largo Town Center, and more than 33 percent of those have an average household income greater than $89,000.<\/p>\n

\u201cThis market is going to continue growing, with an influx of more residential and employment opportunities,\u201d <\/em>Sullivan said. \u201cIn addition to the new medical campus, Cap Centre Boulevard is being redeveloped.\u201d<\/em><\/p>\n

Apartment and homebuilders are bringing more housing to the market as well. For example, the NRP Group is looking for the site plan approval of 260 multifamily units at Capital Court in Largo. <\/p>\n

Based locally in Gaithersburg, NRP put the apartment side of the Harry S. Truman Drive project under contract from developer Sandler & Sons. The other side of the project, which includes townhouses, is claimed by Stanley Martin Cos. <\/p>\n

Although Finmarc Management has no definitive plans to renovate Largo Town Center at this point, according to Sullivan, it could be looking to lease to some new tenants to help drive traffic to the shopping mall.<\/p>\n

CBRE\u2019s Bill Kent, Ryan Sciullo and Chris Decoufle represented the seller in the deal. Metropolis Capital Advisors\u2019 Clifford Mendelson and Albert Missirlian handled financing for Finmarc.<\/p>\n

Last summer, Finmarc Management acquired two flex\/office buildings totaling 110,000 square feet<\/a> in Columbia, Md., for $10.9 million.<\/p>\n

Image courtesy of Lawrence Howard & Associates<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company paid $43.9 million to acquire a 280,000-square-foot Upper Marlboro mall, which is anchored by Marshalls, Shoppers Food Warehouse, Regency Furniture, Advanced Dollar Tree and Dress Barn.<\/p>\n","protected":false},"author":451,"featured_media":1004293130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21749,1615],"tags":[32789,34253,34912,36370,43778],"class_list":["post-1004293103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-retail","category-washington-dc","tag-cbre","tag-finmarc-management-inc","tag-metropolis-capital-advisors","tag-sean-sullivan","tag-the-nrp-group"],"acf":[],"yoast_head":"\nFinmarc Management Buys MD Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-buys-md-shopping-center-for-44m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finmarc Management Buys MD Shopping Center\" \/>\n<meta property=\"og:description\" content=\"The company paid $43.9 million to acquire a 280,000-square-foot Upper Marlboro mall, which is anchored by Marshalls, Shoppers Food Warehouse, Regency Furniture, Advanced Dollar Tree and Dress Barn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-buys-md-shopping-center-for-44m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-21T11:58:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-01-21T13:20:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Largo-Town-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-buys-md-shopping-center-for-44m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-buys-md-shopping-center-for-44m\/\",\"name\":\"Finmarc Management Buys MD Shopping Center - 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