June 08 2015
Allegiancy signs Norfolk Commerce Park in strong market in Eastern Virginia
Asset manager plans to add value for equity owners.
RICHMOND, VA. – Allegiancy has been appointed to be the commercial real estate asset manager for Norfolk Commerce Park in Norfolk, Va., in a stable and growing area.
The $30 million asset is considered a stable, Class B+ Office/Flex property.
It is owned under a Delaware Statutory Trust (DST) structure, and includes 331,883 rentable square feet.
The Norfolk market benefits from its central location in Eastern Virginia. The area’s large military presence, as well as its East Coast-leading port and well-known tourism destinations, have helped maintain the economic stability of the region.
Allegiancy will implement its proactive processes in managing this asset, seeking to increase occupancy to take full advantage of an improving market.
Allegiancy President Chris Sadler said: “We are pleased to add this attractive asset to our portfolio. This property is 85 percent leased, and we are certain that our proactive approach, including laser-like attention to detail and aggressive leasing, will build on occupancy and cash flow to ultimately deliver more value for the owners.”
Sadler added, “This property will benefit from our data-driven decision models, our use of the latest technology, and our expertise with office/flex properties. We expect this property to provide further proof of Allegiancy’s philosophy that hands-on asset management and care for the equity owners pay off.”
Allegiancy is changing the business of asset management for commercial real estate owners and investors. With an advanced technology platform and singular focus on serving as the owners’ advocate, the company brings fresh vigor to an often poorly understood business. Combining its proactive Value Assurance? operational rigor with an intense focus on cash flow and profitability, Allegiancy is expanding on a track record of more than four decades of success.
Headquartered in Richmond, Va., and led by a team of seasoned professionals and more than 100 years of experience, Allegiancy manages properties that have outperformed their peers by 45 percent since 2006. Since 2014, the company has more than doubled its assets under management (AUM), delivering clients attractive returns and profitable, hassle-free investments in commercial real estate.
To schedule an interview with Allegiancy’s leadership, contact Audrey Bevel at email@example.com or 866.842.7545 ext. 204 or (804)201-7161.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Allegiancy, LLC’s (the “Company”) present expectations, but these statements are not guaranteed to occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the offering circular dated January 14, 2014 and filed by the Company with the U.S. Securities and Exchange Commission on January 15, 2014. The offering circular, and any supplements or updates thereto, is available on the EDGAR system located on www.sec.gov.
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