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
Expect freezing temperatures in Maryland overnight before we see a quick rebound on Sunday
Watch CBS News
Maryland
People wish for more and let go of hard things at the Water Lantern Festival – WTOP News
The Water Lantern Festival is underway at Maryland’s National Harbor, where hundreds of people turned out Friday to participate in the opening event.
(WTOP/Kyle Cooper)
WTOP/Kyle Cooper
(WTOP/Kyle Cooper)
WTOP/Kyle Cooper
(WTOP/Kyle Cooper)
WTOP/Kyle Cooper
Hundreds of people took part in the first night of a weekend Water Lantern Festival at National Harbor in Maryland.
According to organizers, the festival is a community-centered experience where you can decorate a floating paper lantern with personal messages of love, hope, remembrance or intention, and release them onto the water.
Jack Hawkins came all the way from Richmond, Virginia, to take part in the event.
“You’re with friends, family and loved ones. You can put your dreams and hopes and everything in the lantern and, hopefully, they come true,” he said.
Hawkins wrote a special wish for his children on his lantern which read, “The kids to have a bright and meaningful life with all the happiness in the world.”
A woman named Tee said the lantern release represents hope for her. “Life has been hard the last couple of months, and just the thought of being able to write it down and watch it flow away kind of connected with me,” she said.
One of the lanterns quoted scripture from the book of Psalms: “God is with her, she will not fail.”
Alyssa Bailey expressed gratitude on her lantern.
“I actually just served a mission for my church and so I wrote about how Jesus loves me and how he cares for me and loves other people,” she said.
Jessica Hawkins sees the event as a way to express what’s inside.
“I like the idea of getting your hopes and wants out, and putting it out in the world and watching what the future brings from there,” she told WTOP.
The festival runs through the weekend, with water lanterns launched each night at about 7:30 p.m.
Tickets are available online.
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Maryland
USPS driver charged with manslaughter in crash that killed Montgomery County woman
It was a summer morning last July when 64-year-old Mairi Morrison set out for her daily walk, not knowing it would be her last.
Surveillance video shows a USPS mail truck pulling out of a gas station in Kensington, Maryland, right as Morrison was crossing the driveway.
After the USPS driver hit Morrison, he kept driving forward for 4 seconds and then backed up for 6 seconds, all with her body still underneath the van, according to court documents.
“I feel her loss every single day and I try not to imagine, but it’s not easy, how painful and horrific her death ended up being,” Morrison’s sister, Catriona Morrison, told News4 by phone.
The driver of the mail truck was 26-year-old Oscar Pedrozo from Silver Spring. Montgomery County prosecutors have now charged him with criminally negligent manslaughter, a misdemeanor.
Court documents show Pedrozo told police in an interview he heard a thump and felt a vibration, and thought someone ran into him.
He admitted he had earbuds in and was listening to music, but he said the volume was low and that he could still hear his surroundings.
“I am relieved the driver is being held responsible. I also feel, of course, sadness and a renewed sense of how much has been needlessly lost,” Catriona Morrison said.
Mairi Morrison was an attorney. Her sister said she enjoyed reading, traveling and giving pro-bono legal assistance.
“If somebody needed legal help, she would just throw herself into the cause and work tirelessly for them free of charge,” she said.
Court records show Pedrozo posted bond on Thursday.
If convicted, he could face up to three years behind bars.
Pedrozo’s trial is scheduled for May 14.
“The individual is still an employee with the U.S. Postal Service,” USPS said in a statement to News4. “Pursuant to postal policy, we do not discuss internal personnel matters, and we cannot further comment on the status of this employee.”
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