Institutional-quality center located in dominant retail node of Frederick
Delivered in 1998, situated on approximately 23 acres and fronting Urban Pike (MD Route 355), Riverview Plaza features 10 retailers, including TJ Maxx, PetSmart, Michaels, Staples, Sierra, and Old Navy, and is shadow-anchored by The Home Depot and Target. Approximately 9,260 square feet of retail space remains available for lease. More than 1.2 million square feet of commercial flex/office space is contained within a one-mile radius of the center, and more than 125,000 people reside within a five-mile radius, with an average income approaching $130,000.
Riverview Plaza is positioned in what is considered “the dominant retail node of Frederick,” given its connectivity to the Francis Scott Key Mall, the region’s largest shopping venue, as well as its proximity to major big box retailers, and its position at the confluence of Buckeystown Pike and Urban Pike. More than 20,000 vehicles pass the site daily via Urbana Pike and nearly 550,000 people reside within the center’s true trade area.
“Riverview Plaza in an institutional-quality regional shopping center with a proven track record of high occupancy, tenant retention and strong sales,” said Finmarc’s Co-founder and Principal David Fink. “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.
“We have been strategically looking to make acquisitions that fit the profile of Riverview Plaza, and this acquisition was aided by the tremendous relationships we maintain in the greater Frederick area. The former partnership did a tremendous job with the tenancy and management of the property, and we are anxious to initiate an aggressive leasing strategy to further elevate and enhance its value,” he added.
Enduring strength of greater Frederick, Maryland market
According to information published by the Frederick County Office of Economic Development, nearly 300,000 people reside in Frederick County, and its population has been growing faster than other counties in Maryland. Major employers include Fort Detrick, Frederick Health, AstraZeneca, and Thermo Fisher Scientific, and more than 135,000 are employed in the county. Frederick County population expanded by nearly 15 percent over the past 10 years.
The City of Frederick, among the largest cities in Maryland, is the northern anchor of the I-270 Technology Corridor, which is considered a key economic engine for the state. Washington, D.C. is approximately 40 miles away and served by the MARC (Maryland Area Rail Commuter) train station, Baltimore is approximately 45 miles from the site, and Leesburg, Virginia is less than 25 miles away.
Frederick County’s strategic location has allowed it to benefit from the spill-over effect of Montgomery County to the south and its position as part of the greater Washington, D.C. metropolitan area.
Finmarc’s long-term acquisition strategy and mission
Finmarc’s long-term investment strategy remains to identify and acquire institutional-quality assets with compelling value-add components in urban and suburban submarkets that demonstrate long-term strength and viability. The company believes that well-located and best-in-class retail shopping centers, flex/office, and industrial buildings will continue to flourish and is extremely confident in the long-term economic fundamentals of the Mid-Atlantic and DMV submarkets.
“We are especially interested in under-performing properties that provides our team opportunities to build value with proven leasing and asset management tactics,” Fink said. “We view our private, internal capital as an advantage, as we are not constrained by a particular period for holding an investment or defined internal rate of return goals for any investor or partner that other companies may have.”
He explained that Finmarc’s strong and long-term financing relationships, ready access to internal capital, unlimited investment horizon and demonstrated certainty to close transactions, provide the company with a distinct advantage over its peer group.
“Despite an uncertain interest rate environment, we believe opportunities remain. Our team continues to identify value-add opportunities, and we intend to remain aggressive and extremely diligent in our acquisition approach,” Fink added.
Finmarc Management, Inc. is a fully-integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and manages a portfolio encompassing approximately seven million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware, Pennsylvania, and North Carolina. For additional information visit http://www.finmarc.com
Media Contact
Larry Lichtenauer, LH&A, Inc., 410.627.2675, [email protected]
SOURCE Finmarc Management