August 12 2015
Allegiancy to manage Spring Valley International Place office park in highly desirable North Dallas location
Richmond, Va. — Allegiancy has been appointed as asset manager for Spring Valley International Place, a two-building office park located in Far North Dallas, Tex., with 170,000 square feet of rentable space.
Spring Valley International Place was acquired Aug. 6 for $11.1 million from distressed TIC owners by the REVA Catalyst Fund, a Richmond, Va., based value-add real estate fund.The new owners selected Richmond based Allegiancy, a leading, analytics-driven commercial real estate asset management firm with a portfolio that stretches across the U.S, to provide strategic guidance and tactical oversight in the property’s operation.
Spring Valley International Place is located one block west of the Dallas North Tollway that is the city’s premier corporate thoroughfare and just one mile from the interchange at the LBJ Freeway that is undergoing a $2 billion upgrade.
Spring Valley International Place offers office and flex space in a highly desirable Far North Dallas address for value-conscious office users. It is also within one mile of Galleria Dallas, the signature upscale shopping mall and mixed-use development in the area.
Leased at 72 percent of capacity in a building that requires no major upgrades, Allegiancy CEO Steve Sadler sees great potential. “It has all of the hallmarks of a very successful piece of real estate,” he said. “The location is excellent, ingress and egress is good and it’s on a couple of major arteries in North Dallas on the periphery of Class A office space.”
In a state that weathered the recent economic downturn better than any other and in a city with a vibrant, booming economy, Sadler said he envisions quickly signing new tenants. He attributes the current vacancy rate to previous tenants in common ownership experiencing economic pressure and inattentive asset management.
“I think we’re going to see a dramatic lease-up to 90 percent within 12 months,” Sadler said. “The owners of Spring Valley selected Allegiancy because our technology platform has successfully enabled dozens of troubled properties to execute a rapid turnaround.
“Allegiancy’s reputation for protecting owners and maximizing value are a big part of the buyers’ decision to award us the contract to execute their business plan. Allegiancy’s attention to detail, the technology-enabled Value Assurance systems and the predictive analytics we deploy are all part of what makes us different in the commercial real estate market.”
Major tenants include bridal retailer Watters, Baylor Health Care System and the Axcess Group, a creative services and commercial production firm and leading musical-based advertising content creator.
The property will be managed by Allegiancy Houston. Allegiancy Houston is formerly TriStone Realty Management, a company acquired by Allegiancy in June.
Allegiancy is changing the business of asset management for commercial real estate owners and investors. With a technology-enabled operating platform and singular focus on serving as the owners’ advocate, the company brings fresh vigor to a poorly understood business. Combining its proactive Value Assurance? operational rigor with an intense focus on cash flow and profitability, Allegiancy is building on a track record of more than four decades of success.
Headquartered in Richmond, Va., and led by a team of seasoned professionals, Allegiancy’s management systems have allowed their properties to outperform their real estate investment trust (REIT) peers by 45 percent since 2006. Allegiancy is well-known for delivering attractive returns and profitable, hassle-free investments in commercial real estate.
Since 2014, the company has expanded its assets under management by 400 percent with a combination of organic growth and corporate acquisitions. Allegiancy plans to accelerate this growth by acquiring more companies, securing additional asset management contracts, hiring more employees, and continuing to improve its proprietary technology for the benefit of property owners.
More information about Allegiancy may be found at www.allegiancy.us.
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.
March 07 2017