Featherstone Industrial, Virginia

March 9, 2017 Comments Off on $58M Nets 15 Buildings Views: 430 National News, Southeast, Virginia

$58M Nets 15 Buildings

Finmarc Management of Bethesda, MD acquired a 15-building, 750,000-square-foot industrial portfolio in northern Virginia. Seller Steuart Investment Co., based in Chevy Chase, MD, walked away from the transaction with $58 million. JLL’s Marc Rampulla, Mark Levy and Jay Wellschlanger brokered the transaction, and indicated that the buy represented one of the largest industrial parcels in the region.

The portfolio is 91% leased. Tenants include General Services Administration, and moving and storage companies. According to Rampulla, the acquisition appealed to Finmarc because “It’s a large-scale transaction. It’s hard to amass 750,000 square feet in the mid-Atlantic, and the property has access to I-95,” he told Virginia Business.

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