Shopping Center Sold In Manassas

MANASSAS, VA—A Maryland-based commercial real estate firm announced Tuesday, May 21, it has bought Manaport Plaza Shopping Center in the 8300-8400 blocks of Sudley Road. Finmarc Management, Inc., in Bethesda, already owns Festival at Manassas, a shopping center adjacent to Manaport that it acquired in 2017.

"This acquisition underscores our continuing research and analysis of Manassas, which
demonstrates a sub-market with a consistently growing population and served by a tenant base
perfectly suited for the surrounding neighborhood demographics," Sean Sullivan, vice
president of Finmarc Management, said in a statement. "Manaport Plaza represents a long-term cash flowing asset that we were able to acquire at an extremely attractive going-in yield that is well below replacement cost. We intend to quickly lease the remaining few available spaces, stabilize the asset and position the center to achieve long-term value."

Manaport Plaza's businesses include Gabes, Marshalls, Ollie's, Tuesday Morning, McKay Books, Advance Auto Parts, Dollar Tree and other retailers and restaurants. Formerly owned by Combined Properties, the shopping center's space was 90 percent leased at the time of purchase.

Both shopping centers are near Manassas Mall.