Finmarc Management, Inc. acquired Riverview Plaza, a 185,275-s.f. regional shopping center in Frederick for $30M. The center is anchored by T.J. Maxx, Michaels, PetSmart and Bob’s Discount Furniture, and shadow anchored by The Home Depot and Target. Other tenants include Staples, Sierra and Old Navy. The property was 95% leased at the time of the transaction.
Property Type: A Regional Shopping Center in Frederick, Md.
Price: $30M
Buyer: Finmarc Management, Inc.
Seller: A Joint Venture Between EDENS and JPMorgan Chase & Co.
Riverview Plaza is positioned in what is considered a 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. 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.
“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 provided 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.
This is the second asset and first retail center in Finmarc’s Frederick-area portfolio. This is all part of the company’s goal of acquiring $250M worth of a range of real estate asset types, including real estate debt instruments and fee ownership, over the next 18 months. 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 other Northeast submarkets.
