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Festival at Manassas sells for $20 million

From a press release: 

“Finmarc Management, Inc., a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of the Festival at Manassas, a 117,000 square foot neighborhood shopping center located at 10280-10388 Festival Lane in Manassas, Virginia for $20 million. Anchored by Global Food and approximately 97% leased at the time of purchase, the asset was formerly owned by Katz Properties. Bill Kent of CBRE represented the seller in this transaction.

With this acquisition, Finmarc currently owns and manages 92 office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling 6.7 million square feet of space.
In addition to Global Food, a grocery store specializing in Asian and other international food products, the center features a complementary blend of retail tenants that includes Potbelly Sandwich Works, CiCi’s Pizza, 360 Buffet, Nutritional Wellness Center and Furniture House. According to demographic trends, the population located within one mile of the shopping center is expected to increase by more than ten percent over the next five years.

More than 39,000 vehicles pass the site on a daily basis via Sudley Road (VA Route 234), and more than 155,000 consumers reside within five miles of the project with an average household income approaching $96,000.”

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