FAIRFAX, VA—Corestrust Capital Partners andNormandy Real Estate Partners have formed a jointventure with the short-term goal of acquiring properties in theNorthern Virginia area. The JV has closed on its first asset:Fair Oaks Plaza, an eight-story Class Aoffice.
"We anticipate a very successful outcome for our fund investorsfrom our Fair Oaks Plaza venture, Normandy Partner GavinEvans says in a prepared statement. "Moreover, weanticipate additional transactions in Northern Virginia."
The 179,282-square foot Fair Oaks Plaza is 86% leased. Thecompanies acquired the existing mortgage note from a specialservicer out of a CMBS trust.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
