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David Fink Of Finmarc Management Acquires Riverview Plaza In Frederick For $30M From Edens & J.P. Morgan Chase

Property Image
SOLD
$30,000,000
Ryan Sciullo
Casey Benson Smith

Maryland

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Retail185,275 SF
Sold 07/09/2024
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Property Image
SOLD

David Fink Of Finmarc Management Acquires Riverview Plaza In Frederick For $30M From Edens & J.P. Morgan Chase

5425 Urbana Pike

See Similar Deals
Retail185,275 SF
Sold 07/09/2024
Ryan Sciullo
Casey Benson Smith
the dealplayerscompscontact
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Summary

MARYLAND
Asset Type:Retail
Price Per Square Foot:$161
Total Square Footage:185,275 SF
Transaction Type:Sale

The retail asset located at 5425 Urbana Pike in Frederick, MD, has a sale price of $30,000,000. The property encompasses 185,275 square feet and is currently 95 percent leased. The plaza is anchored by notable tenants such as TJ Maxx, Michaels, and PetSmart.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $30,000,000
  • Square Footage: 185,275
  • Price Per Square Foot: $162
  • Buyer: David Fink - Finmarc Management
  • Seller: Edens & J.P. Morgan Chase
  • Brokers: Casey Benson Smith & Ryan Sciullo - CBRE

Finmarc Management is aiming to build a $250 million real estate portfolio by 2025 with the acquisition of Riverview Plaza. This investment reflects the company's strategic growth plans in the retail sector, supported by a strong occupancy rate at the property.

Players

Ryan Sciullo
CBRE
Ryan Sciullo
7 deals$168M volume
BROKER
Casey Benson Smith
CBRE
Casey Benson Smith
5 deals$110M volume(571) 213-5468
BROKER

Details

SOLD
IMAGE: 07/09/2024 ADDRESS: 5425 Urbana Pike MARKET: Frederick, MD ASSET TYPE: Retail BUYER: David Fink - Finmarc Management SELLER: Edens & J.P. Morgan Chase BROKERS: Casey Benson Smith & Ryan Sciullo - CBRE SALE PRICE: $30,000,000 SF: 185,275 ~ PPSF: $162 NOTE: Finmarc Management purchased Riverview Plaza in Frederick, Md., for $30 million, aiming to build a $250 million real estate portfolio by 2025. The 185,275-square-foot retail plaza, now 95 percent leased and anchored by major tenants like TJ Maxx, Michaels, and PetSmart, was sold by a joint venture between Edens and J.P. Morgan Chase.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66