JCR Cos Acquires Festival At Manassas Retail Property In Manassas For $24.54M From Finmarc Management

The retail asset is located at 10288-10388 Festival Lane in Manassas, VA, and has a total area of 117,675 square feet. JCR Cos acquired the property for $24,540,000, which equates to approximately $209 per square foot. The asset is nearly 94% leased, indicating a strong occupancy rate.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $24,540,000
• Buyer: JCR Cos
• Seller: Finmarc Management, Inc.
• Broker: CBRE
• Sale Price per Square Foot: $209
• Square Footage: 117,675
• Location: 10288-10388 Festival Lane, Manassas, VA

The buyer, JCR Cos, is anticipating an 11.34% five-year yield from the acquisition. The seller, Finmarc Management, Inc., plans to utilize the proceeds from this sale to invest in value-add office, flex/office, and retail opportunities across the eastern U.S.