Verus Partners, a full-service commercial real estate firm that has developed and managed industrial and office properties on behalf of private, corporate and institutional clients, has launched a new acquisitions division. The Chicago-based firm seeks to buy Class A and B industrial and select office properties in the 30 top U.S. markets and several Canadian cities, with values ranging between $4 million and $60 million.
Greg Skirving, who recently joined Verus Partners as executive vice president, will lead the acquisition efforts. Skirving most recently served as senior vice president and regional acquisitions director for DCT Industrial, a publicly traded real estate investment trust based in Denver. In a five-year period with DCT, Skirving acquired 29.8 million sq. ft. of industrial properties valued at $1.3 billion.
“Greg brings nearly 30 years of experience as well as a proven track record of success in value creation, marketing and business development, transaction management and financial analysis to our team,” says Christopher Broccolo, principal of Verus Partners.
Founded in 2003 by four principals, Verus Partners currently has more than $300 million in assets under management. That figure includes approximately 3 million sq. ft. of buildings and 1,100 acres of land that will support nearly $950 million of new development.
The firm anticipates that investor demand will grow for well-located buildings in markets with skilled labor and strong transportation fundamentals, especially in supply-constrained markets. Verus Partners expects lease rates to stabilize and increase with time as the markets begin to rebalance.
The principals of Verus have completed transactions with many institutional and private real estate investors including MetLife, ING Real Estate, SunLife Financial, AEW Capital Management, Northwestern Mutual Life, and Cabot Partners to name a few.