May 23 2016
ALLEGIANCY MANAGED PROPERTY HAS SOLD FOR $58. 2 MILLION SALE IN NASHVILLE.
Richmond, VA. May 23, 2016, — Allegiancy is pleased to announce on behalf of ownership the sale of Cool Springs Commons, a Class A office building of approximately 300,000 SF in the top performing Nashville market of Cool Springs. Allegiancy selected Cushman & Wakefield to market this property and through their efforts it has sold to a Newport Beach, California based investment management firm for $58.2 million. This marks the buyer’s first purchase of a Nashville-area office building.
The Cool Springs complex is just 15 minutes from downtown Nashville and 25 minutes from Nashville International Airport. Occupancy at Cool Springs Commons has been very stable for the past 10 years. The market in this area of Tennessee is thriving and experiencing a lot of growth rapidly. The Nashville area is being recognized as a captivating new place for professionals to live because of it’s incredible music scene, restaurants, and tourism.
“We normally don’t purchase office buildings, but Cool Springs in an interesting office environment because of the low vacancy and high demand,” said Josh Martin, CEO and chief investment officer with Emerald Real Estate Partners, which was backed in the acquisition by two California family offices.
“Cool Springs Commons was purchased in 2006 based on a 10-year hold and has meet it’s investment objectives,” said Allegiancy President Chris Sadler.
Allegiancy is changing the business of asset management for commercial real estate owners and investors with radical specialization. With a technology-enabled operating platform and singular focus on serving as the owners’ advocate, the company brings fresh vigor and unparalleled discipline to a poorly understood business. Combining its proactive Value Assurance operational rigor with an intense focus on cash flow and profitability, Allegiancy is leveraging the experience of its principals of more than four decades of success.
PLEASE NOTE: No money or other consideration is being solicited pursuant to this press release, and if any is sent in response, it will not be accepted. No offer to buy Allegiancy’s securities and no part of the purchase price for Allegiancy’s securities can be received until the offering statement Allegiancy has filed with the SEC is qualified, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any indication of interest in Allegiancy or its offering involved no obligation or commitment of any kind. A copy of Allegiancy’s offering statement containing its most current preliminary offering circular describing the offering that is the subject of this press release can be found at: www.allegiancyipo.com
March 07 2017