LOS ANGELES & MORRISTOWN, N.J.--(BUSINESS WIRE)--
Coretrust Capital Partners and Normandy Real Estate Partners today announced that they have formed a joint venture, and that the partnership has closed on its first acquisition, Fair Oaks Plaza, located in Fairfax, Virginia. Coretrust, based in Los Angeles, CA and Normandy, of Morristown, NJ, teamed to purchase Fair Oaks Plaza by working with the special servicer to acquire the existing mortgage note from the CMBS Trust.
Fair Oaks Plaza is an eight-story Class A office building comprising 179,282 rentable square feet. Located approximately 20 miles west of Washington, D.C., at the interchange of I-66 and Lee-Jackson Highway (US 50), the property is presently 86% leased, with a tenant roster including HQ Global, NY Life Insurance, Computer Sciences Corporation, Syska Hennessy Group and local law firms McCandlish & Lillard and Harrity & Harrity.
The Coretrust – Normandy team will jointly manage the property, and have retained top local producers Jeff Roman, Mike Pepper and John DiCamillo of CBRE to provide leasing services. In fact, lease negotiations are in progress with several tenants. The Washington, D.C. office of Eastdil Secured arranged mortgage financing from Citizens Bank, N.A. on behalf of the joint venture.
Coretrust Managing Principal John Sischo said: “We are very pleased to complete the first closing of our new company concurrent with the formation of the new partnership with Normandy. Fair Oaks is an outstanding asset and we have no doubt that our joint venture management team will successfully execute our plan to improve the property, provide our signature customer service and increase occupancy.” Normandy Partner Gavin Evans added: “We anticipate a very successful outcome for our fund investors from our Fair Oaks Plaza venture. Moreover, we anticipate additional transactions in Northern Virginia with the Coretrust team, who share our approach to providing high-quality office environments in superior sub-markets.”
Fair Oaks Plaza is part of the Fairfax Center submarket, which has consistently outperformed the broader Northern Virginia market, as evidenced by the property’s strong occupancy throughout the Great Recession and subsequent slow-growth recovery.
About Coretrust Capital Partners
Coretrust Capital Partners, LLC (“CTCP”) is a private real estate investment, management, operating and development company formed in 2013 by three original partners of Thomas Properties Group, Inc. (NYSE:TPGI). CTCP was founded to serve as a reliable vehicle for institutional investors to access value-add and core plus opportunities primarily in the office and mixed-use sectors. The firm’s mission is to provide exceptional value for its investors, partners, and tenants through superbly planned, executed and managed real estate assets. The company’s focus is to acquire under-performing assets, strategically address their shortcomings, and maximize value through intensive hands-on re-positioning and functional enhancements. CTCP targets growth markets in the West, South, and Mid-Atlantic regions. For more information visit: www.core-trust.com.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit: www.normandyrealty.com.
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Barbara Casey, 310-636-1888