Manaport Plaza changes hands for nearly $30m

Finmarc Management purchased the Manaport Plaza in Manassas, Virginia, for $29.78m. The 250,000 sq ft shopping center is currently 90 percent leased. The property is anchored by Marshalls, Gabes, Ollies, Tuesday Morning, McKay Books, Advance Auto Parts and Dollar Tree. The seller was Combined Properties. “This acquisition underscores our continuing research and analysis of Manassas, which demonstrates a sub-market with a consistently growing population and served by a tenant base perfectly suited for the surrounding neighborhood demographics,” said Sean Sullivan, vice president of Finmarc Management. “Manaport Plaza represents a long-term cash flowing asset that we were able to acquire at an extremely attractive going-in yield that is well below replacement cost. We intend to quickly lease the remaining few available spaces, stabilize the asset and position the center to achieve long-term value.”