Upon acquisition of asset in 2014, Bethesda, Maryland-based company infuses shopping center with new tenants including Trader Joe’s and completes major renovation program
Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the sale of the Travilah Square Shopping Center, a 61,500 square foot shopping center located in the I-270 Tech Corridor section of Montgomery County, Maryland for $52.27 million to InvenTrust Properties Corp. Joseph Hoffman and Aaron Rosenfeld of Kelley, Drye & Warren provided the legal services for Finmarc and Ryan Sciullo and Bill Kent of CBRE represented the seller in this transaction.
Upon Finmarc’s acquisition of the shopping center in 2015, the company, with the assistance of Matt Skalet of KLNB Retail immediately embarked on a comprehensive renovation, improvement and re-tenanting strategy that infused a number of new national, regional and local tenants into the shopping center including a Trader Joe’s grocery store which opened in September 2018. Additional tenants that Finmarc attracted or renewed leases with at the shopping center included restaurants Flower Child, Café Rio, Ledo Pizza and Pholuscious Vietnamese Grill and tenants Banfield Pet Hospital, Title Boxing Club, and ATI Physical Therapy.
Improvements completed at Travilah Square focused on the installation of new exterior façades, the replacement of dated wood siding with patterned brick and steel detailing and the addition of a new canopy and LED lighting and new signage throughout. Finmarc also demolished a former office building and free-standing Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s.
“This significant value-add sale validates our team’s belief in the strong upside potential for Travilah Square Shopping Center following the execution of an aggressive leasing and property improvement strategy,” explained David B. Fink, Principal of Finmarc Management. “We were initially attracted to the asset based on its tremendous fundamentals, highlighted by affluent demographics that surround the center, including a strong daytime population of almost 100,000 people. Our team’s performance to reposition and subsequently sell the shopping center demonstrates our understanding of the local marketplace, coupled with the strong relationships we have cultivated in various disciplines including with national retailers.”
Originally constructed in 1988, Travilah Square Shopping Center is in close proximity to the University of Maryland Shady Grove campus, with almost 5,000 students, Shady Grove Adventist Hospital, as well as within the Shady Grove Life Sciences Campus which includes 200 companies and more than 45,000 full-time employees.
More than 44,000 vehicles pass the site on a daily basis via Darnestown Road and Travilah Road, and more than 110,000 consumers reside within three miles of the project. It is also located less than two miles from Interstate 270, the major north-south commuter road that handles more than 200,000 vehicles each day.
Finmarc Management, Inc. is a fully-integrated commercial real estate company that focuses on the real estate investment, management, leasing and development of retail, industrial/flex projects, and office buildings throughout the Mid-Atlantic region. The firm presently owns and manages a diverse portfolio of more than 100 buildings encompassing more than six million square feet of space situated in Maryland, Washington, D.C., Virginia, Delaware, and Pennsylvania. For additional information, visit www.finmarc.com
