Normandy Acquires $157M Portfolio

NORTHERN VIRGINIA-Normandy Real Estate Partners was the winning bidder of the US Army/Air Force Mutual Aid Association’s real estate portfolio here, called Starco Properties. The Morristown, NJ-based firm paid $157 million for the 10-asset portfolio, which totals 786,632 sf. It made the acquisition on behalf of its private equity fund, Normandy Real Estate Fund, LP, which is co-sponsored by an affiliated partnership, Normandy Northeast Office Venture Partners, LP.

The properties are located in Northern Virginia submarkets of Westfields, Reston, Fairfax, and Alexandria. There is also one asset located in Columbia, MD.

Cassidy & Pinkard represented the association, which provides life insurance to the military. Holland & Knight was tapped to serve as legal counsel to Normandy. Morgan Stanley provided the mortgage financing.