Frederick Corporate Park, an 11-building portfolio with 440,000 square feet of space, has been acquired by Finmarc Management Inc. for $43 million. The business park, which is on Horizon Way, Spectrum Way and New Technology Way, was previously owned by CIM Group.
At the time of the sale, the corporate park was 68 percent leased and had 22 tenants, including the Department of Veterans Affairs, Aeroflot, Mad Fitness, Love & Company and Carey International.
“Frederick Corporate Park represents a tremendous opportunity to execute our value-add strategy in the dynamic Interstate 270 corridor with an institutional quality portfolio that has underperformed in recent years. We are taking an aggressive approach to leasing the vacant space at this project,” said Sean Sullivan, vice president of Finmarc Management.
Finmarc Management is in Bethesda and is a fully integrated commercial real estate company that focuses on commercial real estate investment, management leasing and development in the Mid-Atlantic region.
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