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Finmarc Buys Maryland Retail Plaza for $30M

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Finmarc Buys Maryland Retail Plaza for M


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.

SEE ALSO: MetLife Acquires SoCal Office From Former Borrowers at 45% Discount

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.

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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.

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“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.



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Attempted traffic stop leads to arrest of Maryland man wanted for kidnapping

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Attempted traffic stop leads to arrest of Maryland man wanted for kidnapping


Frederick County Sheriff’s Office (FCSO) announced the arrest of a man wanted for kidnapping on Thursday afternoon.

Suba Washington Jr., 27, of Williamsport, Maryland, was apprehended in Frederick after an attempted traffic stop early Thursday morning, according to deputies. 

The pursuit

When officers tried to pull over a Hyundai Elantra in the 7300 block of Crestwood Blvd., the driver, later identified as Washington, refused to stop. 

Deputies were later notified that Washington was wanted on charges of kidnapping, first-degree assault, second-degree assault, and reckless endangerment in Washington County, Maryland.

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As Washington fled northbound on Route 85, he struck a car near Crestwood Blvd. and Buckeystown Pike; however, the driver of the vehicle was unharmed as the suspect continued onto northbound I-270 and then westbound I-70.

Washington’s tires were eventually flattened after deputies deployed stop sticks near the Middletown exit. 

Though the pursuit still wasn’t over, as the vehicle managed to cross over into Washington County, where the Washington County Sheriff’s Office (WCSO) and Maryland State Police (MSP) aided in apprehension.

Washington was taken into custody after his vehicle approached the Route 40 exit, coming to a full stop on the highway. 

The charges

A 17-year-old in the passenger seat was found with Washington during the pursuit. The teenager was released to WSCO.

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According to FCSO, Washington Jr. was taken to the Frederick County Adult Detention Center and charged with numerous traffic citations, including reckless driving, negligent driving, and two counts of attempting to elude law enforcement.



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Maryland to launch study on economic impacts of climate change

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Maryland to launch study on economic impacts of climate change


Maryland will launch a study to analyze the economic impacts of climate change to determine the costs associated with storm damage and health outcomes. 

The move is part of the Moore-Miller administration’s strategic approach to investing in a clean energy economy and modernizing the state’s energy infrastructure. 

“While the federal government has spent the past year rolling back climate protections and driving up energy costs, Maryland is taking a responsible step toward understanding the true price tag of climate change,” Gov. Wes Moore said in a statement. “This study will give us a clear, data-driven look at the real burden taxpayers are shouldering as climate change drives more extreme and costly weather events.” 

The RENEW Act Study will be funded by investments and state sources, including $30,000 from philanthropic funding and $470,000 from the Strategic Energy Investment Fund, to assess the burden that Marylanders are paying due to intense weather events and environmental shifts. 

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Marylanders on climate change 

The announcement comes months after Maryland lawmakers opposed a proposal by the U.S. Environmental Protection Agency to recind its 2009 endangerment finding, which determined that greenhouse gases were a danger to public health. 

Lawmakers raised concerns that the move would mean engine and vehicle manufacturers would not be required to measure, control or report greenhouse gas emissions. They also raised concerns that the decision could impact climate change and harm local communities.

The EPA said it intended to retain regulations for pollutant and toxic air measurement and standards. In September, the agency initiated the formal process to reconsider the finding. 

In March, a Johns Hopkins University poll found that nearly 73% of surveyed Baltimore City and County residents were concerned that climate change would affect them. 

According to the study, city residents were more concerned about personal harm from climate change than county residents. However, county residents expected to see higher costs in the next five years due to climate change. 

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About 70% of Baltimore area residents believe climate change will increase costs for homeowners and businesses in the next five years, the study found. 

An April report ranked the Washington/Baltimore/Arlington region as the 36th worst in the country and second worst in the mid-Atlantic region for ozone smog. The report graded Baltimore County an “F” for ozone smog. 

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Combination of cold and snow coming to Maryland

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Combination of cold and snow coming to Maryland




Combination of cold and snow coming to Maryland – CBS Baltimore

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