Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of the Festival at Manassas, a 117,000 square foot neighborhood shopping center located at 10280-10388 Festival Lane in Manassas, Virginia for $20 million. Anchored by Global Food and approximately 97% leased at the time of purchase, the asset was formerly owned by Katz Properties. Bill Kent of CBRE represented the seller in this transaction.
With this acquisition, Finmarc currently owns and manages 92 office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling 6.7 million square feet of space.
In addition to Global Food, a grocery store specializing in Asian and other international food products, the center features a complementary blend of retail tenants that includes Potbelly Sandwich Works, CiCi’s Pizza, 360 Buffet, Nutritional Wellness Center and Furniture House. According to demographic trends, the population located within one mile of the shopping center is expected to increase by more than ten percent over the next five years.
“Global Food attracts sustained consumer traffic from an extremely wide radius based on its diversified and highly-unique product offering, and the grocery store has proven its strength as the anchor tenant for Festival at Manassas,” explained Sean Sullivan, Vice President of Finmarc Management. “We are extremely familiar with the Manassas sub-market based on our warehouse and industrial holdings and believe in the long-term fundamentals of suburban retail product in Northern Virginia. This is an opportunistic, stable cash flow deal for our company and we intend to maintain the operations of the center with a seamless transition. Katz Properties has done a tremendous job with this asset.”
More than 39,000 vehicles pass the site on a daily basis via Sudley Road (VA Route 234), and more than 155,000 consumers reside within five miles of the project with an average household income approaching $96,000. The center includes a free surface parking lot that can accommodate nearly 600 vehicles. Festival at Manassas is contained within a mature retail environment along the Sudley Road corridor that includes national retailers Macy’s, Sears, Wal-Mart, Lowe’s Home Improvement, and Dick’s Sporting Goods.
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 manages a diverse portfolio throughout Maryland, Washington, D.C., Virginia, Delaware, New Jersey and Pennsylvania. For additional information, visit www.finmarc.com
