Festival at Manassas sold to Finmarc Management for $20 million

Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has reported its 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 percent leased at the time of purchase, according to a news release, the asset was formerly owned by Katz Properties.

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.

Sean Sullivan, Vice President of Finmarc Management, was quoted as saying in the press release, “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.”

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. Visit http://www.finmarc.com