{"id":1004398685,"date":"2020-03-10T04:54:31","date_gmt":"2020-03-10T12:54:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004398685"},"modified":"2020-03-10T04:54:31","modified_gmt":"2020-03-10T12:54:31","slug":"finmarc-management-acquires-maryland-corporate-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/","title":{"rendered":"Finmarc Management Acquires Maryland Corporate Park"},"content":{"rendered":"<div id=\"attachment_1004398727\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004398727\" data-attachment-id=\"1004398727\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/finmarc-mgmt\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Finmarc Mgmt\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Frederick Corporate Park. Image courtesy of Finmarc Management&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg?w=800\" class=\"wp-image-1004398727 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004398727\" class=\"wp-caption-text\">Frederick Corporate Park. <em>Image courtesy of Finmarc Management<\/em><\/p><\/div>\n<p>Finmarc Management Inc., of Bethesda, Md., has acquired Frederick Corporate Park, an <a href=\"https:\/\/www.commercialsearch.com\/news\/for-office-buildings-the-future-is-flexible\/\">11-building office\/flex park<\/a> totaling nearly 440,000 square feet in Frederick, Md., for $43 million. The seller was CIM Group.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/cim-group-breaks-ground-on-first-phase-of-2-7gw-solar-project\/\">CIM Group Breaks Ground on First Phase of 2.7GW Solar Project<\/a><\/p>\n<hr>\n<p>The park consists of two-story office and single-story flex\/office buildings and is 68 percent leased to about 22 tenants. The assets are at 7485 and 7495 Horizon Way; 5303, 5305 and 5325 Spectrum Way; and 7430, 7435, 7445, 7450, 7470 and 7490 New Technology Way. Major tenants include the Department of Veterans Affairs, Aeroflex, American Computer Development, Carey International, Meeting Play, Love &amp; Co. and Mad Fitness.<\/p>\n<p>Frederick Corporate Park is adjacent to MD Routes 85 and 355 and within close proximity to I-70 and I-270. Dulles International Airport is less than 45 miles away, and both Washington, D.C., and Baltimore can be reached in about one hour. Nearby amenities include Francis Scott Key Mall, with a variety of fast-casual and sit-down dining options, and Riverview Plaza featuring big-box stores The Home Depot, Target and Staples, among others.<\/p>\n<p>Joe Hoffman and Aaron Rosenfeld of law firm Kelly, Drye &amp; Warren represented Finmarc in the transaction, and Alan Zuckerman of Highland Realty was the sole broker. Metropolis Capital Advisors\u2019 Cliff Mendelson assisted in arranging financing for Finmarc.<\/p>\n<h2>A hard market to pin down<\/h2>\n<p>In a prepared statement, Finmarc Vice President Sean Sullivan said that the asset, while well maintained, \u201c<em>has underperformed in recent years<\/em>,\u201d and that Finmarc will work aggressively to increase occupancy.<\/p>\n<p>The suburban Maryland office market has seen significant fluctuations in deliveries and absorption since early 2017, with rents creeping up, even as average vacancy also rose slightly, according to a fourth-quarter report from Colliers International. In 2020, however, both deliveries and overall occupancy are expected to increase, based on several large move-ins that are anticipated, again according to Colliers.<\/p>\n<p>In January, MedAmerica Properties <a href=\"https:\/\/www.commercialsearch.com\/news\/broad-street-medamerica-close-mergers-first-phase\/\">finished its merger with Broad Street Realty LLC<\/a>, leaving the resulting entity, Broad Street Realty Inc., with a portfolio of nine grocery-anchored retail centers. They include the 98,900-square-foot Vista Shops at Golden Mile in Frederick, Md.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 11-building Frederick Corporate Park comprises 440,000 square feet of office and flex space.<\/p>\n","protected":false},"author":882,"featured_media":1004398727,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21747,1615],"tags":[33194,32763,34253,48953,34912,36370],"class_list":["post-1004398685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-cim-group","tag-colliers-international","tag-finmarc-management-inc","tag-highland-realty-capital","tag-metropolis-capital-advisors","tag-sean-sullivan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finmarc Management Acquires Maryland Corporate Park - 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-acquires-maryland-corporate-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finmarc Management Acquires Maryland Corporate Park\" \/>\n<meta property=\"og:description\" content=\"The 11-building Frederick Corporate Park comprises 440,000 square feet of office and flex space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/\" \/>\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=\"2020-03-10T12:54:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.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=\"Scott Baltic\" \/>\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-acquires-maryland-corporate-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/\",\"name\":\"Finmarc Management Acquires Maryland Corporate Park - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg\",\"datePublished\":\"2020-03-10T12:54:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/finmarc-management-acquires-maryland-corporate-park\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Finmarc-Mgmt.jpg\",\"width\":800,\"height\":620,\"caption\":\"Frederick Corporate Park. 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