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An aerial view of Festival at Manassas shopping center. (Finmarc Management)
MoCo real estate firm sells Va. shopping center for $24.5M
Finmarc Management Inc., a commercial real estate investment and management firm headquartered in Bethesda, has facilitated the sale of Festival at Manassas, a 117,675-square-foot shopping center, to JCR Companies for $24.54 million.
Located at 10288 to 10388 Festival Lane in Manassas, the Northern Virginia property was acquired by Finmarc in 2017, according to an Aug. 5 release.
Global Foods anchors Festival at Manassas, which features a combination of nearly 20 restaurants, shops, and service-oriented retailers, including Golden Royal Buffet, SudsMore, My Salon Suites and Potbelly Sandwich Works.
The Festival at Manassas transaction follows Finmarc’s $26.36 million sale of another Northern Virginia property in nearby Chantilly last month.
“Neighborhood grocery-anchored retail centers continue to thrive, and remain among the most sought-after real estate asset categories, and we fielded considerable interest in this substantially-leased property,” Finmarc executive Sean Sullivan said according to a release.
“The timely sale of Festival at Manassas represents another strategic disposition by our vertically-integrated team to recycle capital into distressed asset classes, which provides the opportunity for value enhancement.”
Finmarc focuses on the development of retail, industrial/flex and office properties in the Mid-Atlantic region. The firm also owns and manages a portfolio encompassing nearly 7.5 million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware, Pennsylvania and North Carolina.
