A Bethesda real estate firm has sold the Festival at Manassas shopping center in Manassas for $24.54 million.
Finmarc Management Inc. completed the disposition of the 117,675-square-foot grocery-anchored community center to JCR Companies, according to a company press release. The property at 10288-10388 Festival Lane sits at the signalized intersection of Sudley Road and Portsmouth Road, across from Manassas Mall. It was 88 percent leased and occupied at the time of the sale.
Finmarc acquired the center in 2017. It is anchored by Global Foods and includes a mix of nearly 20 restaurants, shops and service-oriented retailers, among them Golden Royal Buffet, SudsMore, My Salon Suites and Potbelly Sandwich Works. Nearly 200,000 people in more than 60,000 households live within a five-mile radius.
Sean Sullivan, executive vice president of Finmarc, said grocery-anchored neighborhood centers remain among the most sought-after real estate categories and that the company fielded considerable interest in the substantially leased property. He noted the new owner is taking over a well-maintained asset with a stabilized tenant base and the chance to push it toward full occupancy. JCR Companies already holds other retail properties in the Manassas area.
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