Finmarc pays $20m for Festival at Manassas in Virginia

Finmarc Management, has paid $20 million for the Festival at Manassas retail center. Located on Festival Lane in Manassas, Virginia, the 117,000 square foot center was 97 percent leased at the time of the sale. Anchored by Global Food, other tenants include Potbelly Sandwich Works, CiCi’s Pizza, 360 Buffet, Nutritional Wellness Center and Furniture House. The asset was formerly owned by Katz Properties which was represented by Bill Kent of CBRE during the transaction. Including this purchase, 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. The buyer is based in Bethesda, Maryland.

“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."