Maryland
Finmarc Buys Maryland Retail Plaza for $30M
Bethesda, Md.-based Finmarc Management wants to build a $250 million diverse real estate portfolio by the end of 2025, and the acquisition of a retail plaza not far from their home base keeps them well on target.
The firm has purchased Riverview Plaza, at 5425 Urbana Pike in Frederick, Md., for $30 million, Commercial Observer has learned. A joint venture between Edens and J.P. Morgan Chase sold the 185,275-square-foot shopping center, represented by Ryan Sciullo and Casey Benson Smith of CBRE. Finmarc was self-represented in the deal.
Riverview Plaza is currently 95 percent leased, anchored by TJ Maxx, Michaels, PetSmart and Bob’s Discount Furniture. Staples, The Home Depot and Target are also tenants.
It’s now the second plaza in Finmarc’s Federick-area cadre. The firm acquired the neighboring Frederick Corporate Park for $43 million in 2020.
“Riverview Plaza in an institutional-quality regional shopping center with a proven track record
of high occupancy, tenant retention and strong sales,” David Fink, Finmarc’s co-founder and principal, said in a statement. “During a time when other retail venues suffered during the pandemic, the center’s national tenant mix pushed sales to new heights and more than 4 million shoppers visited Riverview Plaza last year, marking another high.”
Finmarc’s stated goal of building a robust portfolio doesn’t mean that the firm is afraid to shed some properties, however.
The Riverview Plaza purchase follows the firm’s sale earlier this year of 8000 Granier Court, an 88,000-square-foot flex/warehouse property in Northern Virginia, for about $16 million to C2 Imaging. The building is part of an 11-building group Finmarc acquired in mid-2022 for $128 million.
“We are especially interested in underperforming properties that provide our team opportunities to build value with proven leasing and asset management tactics,” Fink said. “We view our private, internal capital as an advantage, as we are not constrained by a particular period for holding an investment or defined internal rate of return goals for any investor or partner that other companies may have.”
Nick Trombola can be reached at NTrombola@commercialobserver.com.
Maryland
Howard County police investigate fatal officer-involved shooting in Columbia
COLUMBIA, Md. (WBFF) — An adult man was killed in a police-involved shooting in Columbia early Sunday, prompting an investigation by the Maryland Attorney General’s Independent Investigations Division.
Howard County police said officers were called on March 1, at about 12:09 a.m., to an apartment building in the 6400 block of Freetown Road for a report that involved an adult male threatening to harm himself.
According to police, at about 12:22 a.m., officers encountered the man outside the building. The man approached officers while holding a knife and ignored commands to drop the weapon, police said. Officers then shot the man.
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Officers attempted life-saving measures, but the man was pronounced dead at the scene. Officersrecovered a knife near the man.
No officers were injured, and the officers were equipped with body-worn cameras.
The Independent Investigations Division is investigating.
Anyone with information about this incident, including cell phone or private surveillance video, is asked to contact the IID at (410) 576–7070 or by email atIID@oag.maryland.gov.
The IID willgenerally releasethe name of the decedent and any involved officers within two business days of the incident, although that period may be extended, if necessary,pursuant toIID protocol.
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TheIID willgenerally releasebody-worn camera footage within 20 business days of an incident. There may be situations where more than 20 days is necessary, including if investigators need more time to complete witness interviews, if there are technical delays caused by the need to shield the identities of civilian witnesses, or to allow family members to view the video before it is released to the public.
Maryland
AM showers Sunday in Maryland
Maryland
Pilot killed after small plane crashes in woods of Hollywood, Maryland
Aircraft located in wooded area
HOLLYWOOD, Md. – First responders, including Maryland State Police from the Leonardtown Barrack, deputies from the St. Mary’s County Sheriff’s Office and EMS, responded to the area.
Maryland State Police Aviation Command assisted in the search and ultimately located the aircraft in a wooded area.
Preliminary investigation indicates a small ultralight aircraft crashed for reasons that remain under investigation.
Pilot pronounced dead
Authorities said the operator was the sole occupant of the aircraft and was pronounced dead at the scene.
The identity of the pilot has not been released pending notification of next of kin.
Officials said no photos of the crash scene will be released.
Investigation ongoing
The Maryland Aviation Administration and the National Transportation Safety Board have been notified.
The investigation remains active.
The Source: This article was written using information provided by local emergency officials.
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