Virtua Capital Management, the capital formation arm of private equity real estate investment manager Virtua Partners, has purchased a 1031 exchange-eligible multi-tenant office building located in the Atlanta suburb of Alpharetta, Georgia for $13 million.
The property is a 75,300-square-foot, Class-A building that is 100 percent occupied by four tenants and anchored by Seimens, the largest industrial manufacturing company in Europe with branch offices abroad.
North Fulton County experienced a 14.1 percent increase in population from 2010 to 2018 according to the U.S. Bureau of Economic Analysis. Virtua noted that “high-end amenities, a low cost of living and an abundance of educated workers also support a strong outlook for this investment.”
“In a highly competitive environment, our ability to execute off-market acquisitions on a property with such strong drivers highlights the value we strive to provide,” says Quinn Palomino, chief executive officer of Virtua Partners. “This funding achievement is one of many milestones our firm has accomplished to prove our historical ability to provide transparent investment solutions.”
Virtua said that it plans to offer new 1031 investments across asset classes following increased investor demand. Its project pipeline targets areas of opportunity in the hospitality and multifamily asset classes.
“Virtua continues to see strong demand for 1031 exchange opportunities and investors are starving for yield,” says Derek Uldricks, president of Virtua Capital Management. “We have seen a tendency for investors to shift more capital to income producing opportunities at this stage of the economic cycle. The investor appetite was sensational.”
Virtua Capital Management oversees the capital formation functions and investor processing and securities compliance for the investment funds sponsored by Virtua Partners. Virtua Capital Management also oversees fund structuring, fund accounting, fund administration, offering materials generation, marketing collateral, fund marketing, issuer sales for the investment funds, and building and maintaining investor relations domestically and abroad.
Virtua Partners is a private equity firm specializing in commercial real estate. The firm and its affiliates sponsor a variety of investment funds and commercial real estate projects across the United States and currently have 16 million square feet of assets under management or development.