Dealmaker: Finmarc Management Acquires Shopping Center for $44M

Finmarc Management, Bethesda, Md., acquired Largo Town Center in Upper Marlboro, Md. for $43.95 million. The 280,000-square-foot suburban Washington, D.C. regional shopping center is currently 100 percent occupied.

CBRE Executive Vice Presidents Bill Kent and Chris Decoufle and Senior Vice President Ryan Sciullo represented seller SITE Centers, Beachwood, Ohio, in the transaction. Metropolis Capital Advisors Founder Clifford Mendelson and COO/Managing Director Albert Missirlian secured Finmarc’s financing.

Finmarc Management Vice President Sean Sullivan said the firm liked the center’s strong national retailer base–it is presently anchored by Marshalls, Regency Furniture, Shoppers Food Warehouse and others–“as well as the opportunity to substantially build value with the implementation of certain re-tenanting activities as leases expire.”

Largo Town Center is less than one mile from the Capital Beltway. More than 230,000 people reside within five miles, including more than 82,000 households with $89,000-plus average household income. “With the expected opening of the new University of Maryland Regional Medical Center next year, the retailers can also anticipate a dramatic influx of new shoppers into the venue,” Sullivan said.

Finmarc Management owns more than 100 properties encompassing more than six million square feet in Maryland, Washington, D.C., Virginia, Delaware, New Jersey and Pennsylvania.