Big Buy in Fairfax
LA-based Coretrust Capital Partners and NJ-based Normandy Real Estate Partners have formed a JV and wasted little time. The out-of-towners announced yesterday the purchase of Fair Oaks Plaza in Fairfax from Parkway Properties. (Gotta love those dollars from tourists.) Coretrust's John Sischo tells us the venture will seek to buy more assets in Northern Virginia and DC, and says another purchase could be announced within the next 60 days. Coretrust and Normandy were mum on the price, but it last sold in 2007 for $51M.
CBRE's Jeff Roman (right, with Fairfax County's Jerry Gordon), along with colleagues Mike Pepper and John DiCamillo, will be the new leasing brokers for Fair Oaks. The building is 86% leased, but John Sischo tells us Fair Oaks has historically outperformed the market in occupancy and the remaining space shouldn't take long to lease up.
