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

|

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

|

The foursome is relying on their collective experience, marketintelligence and contacts as they push forward in their newendeavor.

|

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

|

Buying a property out of special servicing is no easy task, evenwhen you are familiar with the asset and the servicer, as Coretrustwas, Sischo says. This particular asset was a good deal "but it isnot in our business plan to be hanging around waiting for assets tocome through special servicing."

|

The company will largely target marketed assets and someoffmarket deals, he says. Its investment criteria range fromvalue-add to core plus properties.

|

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

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.