FAIRFAX, VA—Corestrust Capital Partners and Normandy Real Estate Partners have formed a joint venture with the short-term goal of acquiring properties in the Northern Virginia area. The JV has closed on its first asset: Fair Oaks Plaza, an eight-story Class A office.
"We anticipate a very successful outcome for our fund investors from our Fair Oaks Plaza venture, Normandy Partner Gavin Evans says in a prepared statement. "Moreover, we anticipate additional transactions in Northern Virginia."
The 179,282-square foot Fair Oaks Plaza is 86% leased. The companies acquired the existing mortgage note from a special servicer out of a CMBS trust.
The strategy, of course, is to lease up the property, which currently sports a tenant roster that includes HQ Global, NY Life Insurance, Computer Sciences Corp., Syska Hennessy Group and local law firms McCandlish & Lillard and Harrity & Harrity.
The JV has tapped CBRE's Jeff Roman, Mike Pepper and John DiCamillo to provide leasing services and reports that lease negotiations are in progress with several tenants. Citizens Bank, N.A. provided the mortgage financing behalf of the joint venture, a transaction arranged by Eastdil Secured.
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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.
