8940 MD Route 140
Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the acquisition of a four-building portfolio comprising approximately 116,000 square feet of commercial office space for $10.6 million. Located on MD Route 108 in the Columbia section of Howard County, and formerly owned by Greenfield Partners, the project is cumulatively 91% leased. Jay Wellschlager, Managing Director – Capital Markets for JLL represented the seller in this transaction.
The single-story assets consist of 8910 Maryland Route 108 (35,598 square feet); 8920 Maryland Route 108 (24,473 square feet); 8930 Maryland Route 108 (16,176 square feet) and 8940 Route 108 (40,580 square feet) all contained within the Oakland Ridge Business Park, a 225,000 square foot business community situated adjacent to MD Route 100. The assets are contained within the same sub-market of Howard County where Finmarc Management acquired a four-building, 135,000 flex/office portfolio in summer 2015.
“Finmarc recognizes the outstanding fundamentals that exist in the Columbia submarket, led by its close proximity to both Baltimore and Washington, D.C., and we remain interested in similar opportunities to acquire,” explained Sean Sullivan, Vice President, Finmarc Management. “The existence of numerous barriers to entry in the Howard County market, including the relative unavailability of land and the lack of new inventory, positions this portfolio extremely well for long-term value. We were able to acquire these assets substantially below replacement cost and, because the project will not require significant capital outlays for improvements, we will realize higher cash flow growth.”
Significant tenants within the portfolio include A&G Pharmaceutical, Combustion Science & Engineering and Pure Technologies. The Columbia North submarket is cumulatively more than 91% leased and has achieved 4% rent growth since 2015.
The Oakland Ridge Business Park portfolio is positioned within immediate access to Interstate 95 and Maryland Route 29, with close proximity to significant employment centers and economic drivers including Fort George Meade, the National Security Agency, the United States Cyber Command and the Johns Hopkins Applied Physics Lab. Howard County is recognized as among the fastest-growing region in Maryland, with its population growing by more than 10 percent since 2010. The unemployment rate is approximately 3.2% and the median household income exceeds $110,000, which is the third-highest in the country among counties.
With this acquisition, Finmarc currently owns and manages 97 office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, approximately six million square feet of space.
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/or manages a diverse portfolio encompassing six million square feet of properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania. For additional information, visit www.Finmarc.com.
