MoCo real estate firm sells Va. property for $26.3M

Finmarc Management Inc., a commercial real estate investment and management firm headquartered in Bethesda, announced July 8 that it sold an 83,300-square-foot flex/office building and an adjacent 6.4-acre plot of land within the Park East Corporate Center in Chantilly, Virginia, for $26.36 million. 

The buyer, Pulte Homes, is a brand of residential home-construction company PulteGroup Inc. The Atlanta-based business plans to develop 183 homes on the newly acquired 14-acre property, including a combined 126 townhomes, 32 condominium flats and 25 affordable and workforce dwelling units, according to Finmarc, who originally acquired the 200,000-square-foot three-building business park in 2021 for $33.6 million. 

“The flex/office component of Park East Corporate Center continues to perform exceptionally well, given its strategic position with a robust commercial office and retail corridor, the nearby shopping and transportation amenities and the availability of a diverse industry base and highly-skilled labor force,” Finmarc executive Sean Sullivan said in a statement.

“This successful land and building disposition underscores the ability of our vertically-integrated team to acquire irreplaceable assets, and react to opportunities that derive maximum value from certain holdings. We remain committed to preserving the best-in-class office environment that we have established for Park East Corporate Center tenants.”

Even with the Pulte Home acquisition of the single-story building at 13990 Parkeast Circle, Finmarc still owns two flex/office buildings the business community: Park East I, a 50,700-square-foot building at 14150 Parkeast Circle; and Park East II, a 64,200-square-foot building situated at 14048 Parkeast Circle, a release says. Finmarc expressed intentions to continue to own and operate these buildings.

Park East Corporate Center is located near Interstate 66 and Washington Dulles International Airport. The business community features walking paths and is leased by corporate and government entities.