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.
A University of Maryland (UMD) football player was arrested for harassment, according to the Harford County Sheriff’s Office.
Dontay Joyner, a defensive back and rising senior at UMD, was charged with telephone misuse for making repeated calls, electronic communications harassment, and violating release conditions, a misdemeanor offense, according to court records.
Joyner’s attorney is calling the ordeal “outrageous,” saying “[Joyner] has been locked in a cage in Harford County for seven nights after being charged with a misdemeanor for telephone misuse for texting his longtime girlfriend during an argument. This is simply outrageous.”
Joyner’s attorney, Former Attorney General Douglas Gansler, said the 21-year-old has never been in trouble with the law and does not own a handgun. According to Gansler, Joyner’s girlfriend is “fully supportive of him and does not want to press charges.”
According to the UMD Terps website, Joyner is a Lakeland, Florida, native who previously attended Arkansas State. In the spring, Joyner was given the Nick Cross Defensive Back Award in a tradition that honors “past terrapin greats.”
According to court records, Joyner was held without bond.
WJZ has reached out to UMD officials for comment.
In Maryland, residents can find parades, concerts, history programs, fireworks, volunteer opportunities and family-friendly celebrations leading up to Independence Day.
America250, the national semiquincentennial initiative, is encouraging communities to take part through local commemorations, block parties, service projects and July 4 events. State and local commissions, historical societies, museums, libraries, parks departments and civic groups are also hosting events tied to the milestone.
Open primaries advocate Jeremy Gruber says nearly 100,000 independent voters in D.C. remain locked out of primary elections despite voters overwhelmingly approving open primaries in 2024. On The Final 5 with Jim Lokay, he blames the D.C. Council for refusing to fund the change and says similar efforts are gaining momentum in Maryland, where more than one million independents are also excluded from primaries. Gruber argues that in many one-party jurisdictions, the primary is effectively the election, making voter access even more critical.
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