Finmarc Management acquires Frederick Corporate Park for $43M

Bethesda-based commercial real estate firm Finmarc Management Inc. Monday acquired Frederick Corporate Park, an 11-building portfolio in Frederick for $43 million from CIM Group.

The corporate park, which has nearly 440,000 square feet of single-story flex/office and two-story commercial office buildings, was 68% leased with approximately 22 tenants at the time of the sale.

Joe Hoffman and Aaron Rosenfeld of the law firm Kelly, Drye & Warren represented Finmarc Management in this sales transaction and Alan Zuckerman of Highland Realty was the sole broker. Metropolis Capital Advisors’ Cliff Mendelson assisted in arranging financing for Finmarc.

The assets are located 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 Department of Veterans Affairs, Aeroflex, American Computer Development, Carey International, Meeting Play, Love & Company and Mad Fitness.

Frederick Corporate Park is immediately adjacent to MD routes 85 and 355 and is within close proximity to Interstates 70 and 270. Dulles International Airport is located less than 45 miles away; and both Washington and Baltimore can be reached in approximately one hour. A number of business and consumer amenities are within close proximity including Francis Scott Key Mall with a diverse selection of fast-casual and sit-down dining options. Also located across the street is Riverview Plaza featuring big-box stores The Home Depot, Target, Staples and Petsmart among others.

According to the Maryland Department of Commerce, nearly 300,000 people reside in nearly 100,000 households in Frederick County with an average household income approaching $110,000. The vacancy rate for commercial office buildings in Frederick County was 13.7% at the close of 2019 with rent expanding at the rate of 1.7% in the past year. There were no new building deliveries in the greater Frederick market in 2019.

Finmarc Management, Inc. is a fully integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the mid-Atlantic region. The firm presently owns and manages a diverse portfolio encompassing nearly 6.6 million square feet of commercial properties located in Maryland, Washington, Virginia, Delaware and Pennsylvania.