FREDERICKSBURG, VA — Bethesda, Maryland-based real estate company Finmarc Management Inc. sold two warehouse and industrial buildings, totaling more than 50,000 in square feet, in the Fredericksburg area for $4.1 million, the company said Monday. Finmarc Management sold the two buildings, located on Juliad Court in Stafford County, to Juliad Holdings LLC.
The buildings are located adjacent to Warrenton Road (Route 17), near Interstate 95. They were part of a 15-building portfolio, totaling more than 750,000 square feet and located in the Fredericksburg and Woodbridge areas, that the company acquired from Stewart Investment Co. for $58 million in 2017. The other parts of the portfolio are located predominantly within the Featherstone Industrial Park in Woodbridge, the company said.
The two buildings in the Fredericksburg area had four tenants at the time of the sale, according to Finmarc Management.
“Our decision to dispose these assets was largely predicated on a geographical analysis of our portfolio, and the realization that we lacked a critical mass of properties in Fredericksburg,” Sean Sullivan, vice president of Finmarc Management, said Monday in a statement. “With the sustained demand for high-quality and strategically-located warehouse/industrial product along the Interstate 95 corridor throughout the Mid-Atlantic region, the buyer has acquired two flexible buildings that we expect to perform extremely well and build value in the future.”
As for the Woodbridge assets, the company said in a statement that those properties “are not being actively marketed for sale at this time, but we are always evaluating disposition opportunities.”
Finmar Management owns or manages nearly 6.6 million square feet of properties in Virginia, Maryland, Washington, D.C., Delaware and Pennsylvania.
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