LOS ANGELES, CA—Coretrust Capital Partners has two more deals it is underwriting, following the announcement last week of its Fair Oaks Plaza transaction in Fairfax, VA. Both properties in Northern Virginia, a market that managing principal John Sischo says is poised for a comeback. "We don't think Northern Virginia can to be in this somewhat distressed or recessionary state forever," he tells GlobeSt.com. "Now is a good time to invest."

The "we" Sischo is referring to are his partners Thomas Ricci and Randall Scott, who along with Sischo, held senior management positions at Thomas Properties Group and Charles Toppino, founder & president of Oak Pass Capital.

The foursome is relying on their collective experience, market intelligence and contacts as they push forward in their new endeavor.

For instance, the acquisition of Fair Oaks Plaza, a former asset of the company, was due in large part to Coretrust's status as succession firm of Thomas Properties, which was acquired by Parkway Properties in December 2013.

Buying a property out of special servicing is no easy task, even when you are familiar with the asset and the servicer, as Coretrust was, Sischo says. This particular asset was a good deal "but it is not in our business plan to be hanging around waiting for assets to come through special servicing."

The company will largely target marketed assets and some offmarket deals, he says. Its investment criteria range from value-add to core plus properties.

Special servicing deals are possible as well, primarily because of the number of ten-year loans that are coming up now, he adds. "But it will be a case by case basis for us."

Instant Insights /

Coretrust Preps to Buy Two More NoVa Assets

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