Finmarc Management has recently completed the sale of a two-story building in Gaithersburg, Maryland. The property, which offers approximately 25,000 square feet of flex/office space, was sold for nearly $4.35 million to a non-profit organization called Identity.
This particular asset was originally part of Finmarc’s nine-building portfolio that was acquired in 2014. Situated on a generous 1.98-acre parcel of land, the building had an occupancy rate of around 50% at the time it changed hands to its new owner – Identity.
Identity plans to use this newly acquired property as their headquarters and will be relocating around fifty employees there from their current location.
The seller was represented by Ken Fellows and Rob Pugh from KLNB while Jhon Pacheco from CBRE acted as the buyer’s representative during this successful sales transaction.
According to David Fink – principal at Finmarc – last year saw investment sales activity come almost entirely grinding down due largely in part because interest rates were rising rapidly across various markets nationwide; however with lower benchmark rates now being offered along with pent-up demand still being very much present within different sectors throughout our industry we are confident that our team can continue identifying value-add opportunities making us preferred buyers moving forward into next year.”
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