Finmarc Management has successfully sold the Laurel Commerce Center, a two-building portfolio consisting of approximately 60,000 square feet of warehouse and industrial space. The sale was completed for $9.175 million.
Located at 14709 and 14711 Baltimore Avenue in Laurel, Maryland, the properties were almost fully leased at the time of the transaction with an occupancy rate of around 91%. KLNB’s team including Joe Friedman, Chris Kubler, Josh Norwitz and Don Schline represented Finmarc Management while Lucern Capital Partners from New Jersey acted as their own representative during negotiations. Legal services for Finmarc were provided by Aaron Rosenfeld from Kelley Drye & Warren LLP.
Finmarc Management acquired this site in 2014 which includes two buildings – one measuring at 28,653 square feet located on Baltimore Avenue (14709) and another measuring at29 ,959 square feet situated on both sides (14711-14713). Recently they invested over $500k into exterior improvements to enhance its value before selling it off. The property is conveniently located next to US Route1 with Ronald Reagan Washington International Airport just a short drive away – only about24 miles distance.
In a successful transaction worth $9M dollars,Finnarc management has sold off its prized possession,the Laurel Commerce Center,a portfolio comprising two buildings spanning nearly sixty thousand sq.ft.of warehouse & industrial space.Situated in Laurl,Maryland,the assets boasted an impressive ninety-one percent occupancy rate when they changed hands.KLNB’s expert team led by Joe Friedman alongwith Chris Kubler,Josh Norwitz,& Don Schline represented Finnarc management while Lucern Capital partners,a private equity real estate investment firm based outof New Jersey,self-represented themselves.Aaron Rosenfield from Kelley Drye&Warren LLP offered legal counselto Finnarc during this deal.Finnarc had purchased these assets backin 2014,which included a28,653 sq.ft.building at14709 Baltimore Avenue & another29 ,959 sq.ft.structure located on both sides of the road (14711-14713).Recently,Finnarc invested over half a million dollars in exterior improvements to enhance its value before selling it off.The property is conveniently situated next to US Route1 with Ronald Reagan Washington International Airport just about twenty-four miles away.
