Finmarc Management Inc., a commercial real estate investment and management firm headquartered in Bethesda, Maryland, has acquired Riverview Plaza, a 185,275-square-foot shopping center in Frederick, Maryland, for $30 million.
Riverview Plaza opened in 1998 and is situated on approximately 23 acres. The property is 95% leased and is anchored by TJ Maxx, Michaels, PetSmart, and Bob’s Discount Furniture; it is also shadow-anchored by The Home Depot and Target. This is Finmarc’s first retail center in its Frederick-area portfolio, which also includes the Frederick Corporate Park.
Finmarc stated the transaction furthers its goal of acquiring $250 million worth of a range of real estate asset types, including real estate debt instruments and fee ownership, over the next 18 months.
“Riverview Plaza in an institutional-quality regional shopping center with a proven track record of high occupancy, tenant retention and strong sales,” said David Fink, Finmarc co-founder and principal. “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 four million shoppers visited Riverview Plaza last year, marking another high. Recently signed leases and lease extensions provide our team with tremendous confidence about the long-term value of the center.”
Photo courtesy of LoopNet
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