Finmarc Sells DC-Area Retail Center for $70M
An investment group led by KPI Commercial purchased the asset.
Largo Town Center, the regional retail center that Finmarc sold. Image courtesy of Finmarc Management Inc.
Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot regional retail center in Upper Marlboro, Md. An investment group led by KPI Commercial purchased the asset for $70 million.
Consulting Director John Donnelly of John C. Donnelly Inc. and Director of Investment Sales Arthur Benjamin and Principal Broker Alex Alperstein of AdvisoRE LLC brokered the transaction on behalf of Finmarc. Partner Joseph Hoffman of Kelley Drye & Warren provided legal services for the seller.
Finmarc acquired the retail center in 2019 for $43.9 million, financing the purchase with a $30 million loan from Wells Fargo Bank, according to CommercialEdge data. Following the acquisition, the company started an enhancement strategy, which included parking lot improvements, facade upgrades and a roof replacement.
Notable tenants in an Opportunity Zone
Completed in 1991, Largo Town Center encompasses eight buildings on a 28-acre lot. Anchored by Marshalls and Shoppers Food Warehouse, the property has a diverse mix of tenants offering entertainment, business, retail and consumer services, such as Advanced Auto, Dollar Tree, Burlington, Foot Locker, Capital One Bank, McDonalds, Subway and Tacobell. Urban Air Adventure also agreed to lease space at the retail center, with its location set to open in the fall.
Located at 950 Largo Center Drive, in an Opportunity Zone, the property is at the intersection of Largo Road and Central Avenue, in an area where the traffic count reaches 70,000 vehicles per day. The retail center serves more than 230,000 people and approximately 90,000 households, with the average income surpassing $102,000, within a 5-mile radius.
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