In a $43.9 million deal, Finmarc Management Inc. has acquired Largo Town Center, a 280,000-square-foot shopping mall in Upper Marlboro, Md., from SITE Centers.
“The appeal was a strong shopping center in the submarket, with a value-add component,” Sean Sullivan, Finmarc Management’s vice president, told Commercial Property Executive. “Finmarc always looks for assets with a stable cash flow and value-add potential.”
Located at 950 Largo Center Drive in Prince George’s County, the regional shopping center was 100 percent leased at the time of the sale, with a tenant roster that included Shoppers Food Warehouse, Regency Furniture, Marshalls Advanced Auto, Dress Barn and Dollar Tree.
Overall, the center is home to 35 tenants consisting of a blend of fast-casual and sit-down restaurants, along with retailers, as well as business and consumer services.
The property is situated next to MD Routes 202 (Landover Road) and 214 (Central Avenue) and is under 1 mile from an Interstate 495 (Capital Beltway) exit.
A growing area
Currently, there are more than 230,000 people who live within 5 miles of Largo Town Center, and more than 33 percent of those have an average household income greater than $89,000.
“This market is going to continue growing, with an influx of more residential and employment opportunities,” Sullivan said. “In addition to the new medical campus, Cap Centre Boulevard is being redeveloped.”
Apartment and homebuilders are bringing more housing to the market as well. For example, the NRP Group is looking for the site plan approval of 260 multifamily units at Capital Court in Largo.
Based locally in Gaithersburg, NRP put the apartment side of the Harry S. Truman Drive project under contract from developer Sandler & Sons. The other side of the project, which includes townhouses, is claimed by Stanley Martin Cos.
Although Finmarc Management has no definitive plans to renovate Largo Town Center at this point, according to Sullivan, it could be looking to lease to some new tenants to help drive traffic to the shopping mall.
CBRE’s Bill Kent, Ryan Sciullo and Chris Decoufle represented the seller in the deal. Metropolis Capital Advisors’ Clifford Mendelson and Albert Missirlian handled financing for Finmarc.
Last summer, Finmarc Management acquired two flex/office buildings totaling 110,000 square feet in Columbia, Md., for $10.9 million.
Image courtesy of Lawrence Howard & Associates