November 28 2016
ALLEGIANCY WINS THE ASSET MANAGEMENT CONTRACT OF CLASS A OFFICE & WAREHOUSE IN CHESAPEAKE, VA.
Richmond, Va., November 28, 2016 —Allegiancy is pleased to announce this week that it has been formally awarded the asset management contract for the Seacoast Class A Office building, 3800 Cook Blvd., in Chesapeake, VA. Seacoast is situated in the waterfront city of Chesapeake. The city is apart of the recognized Hampton Roads comprising of Virginia Beach, Newport News, and Norfolk. Hampton Roads are distinguished by having a large military presence, ice-free harbor, shipyards, and miles of beautiful waterfront.
Seacoast, an electric company specializing in supplying electric cables, equipment, and connectivity products for the military, is fully occupying the space. The complex encompasses 125,906 square feet, offers a fully modern and updated office, warehouse, and distribution asset that went through a full renovation in 2007. Features of the renovation include upgraded lighting, exterior finishes, power supply, rail access, and a TPO roofing system that is under warranty.
Cavalier Industrial Park is located by the interchange of interstate 64 and U.S. route 13. Making Seacoast a central point within the region’s fully integrated highway system with convenient access to all area interstates. Cavalier Industrial Park extends over 700-acre serving 206 industrial buildings and distribution companies.
The Seacoast contract was just renewed with the U.S. Navy in 2016 and will re-compete the contract in 2021.Given their long history of contract renewal at Seacoast there is a strong likelihood of a contract extension.
Allegiancy will instrument it’s routine active procedures in managing this asset, seeking to reduce expenses where possible while ensuring the property is maintained in an exceptional manner to benefit an asset of this caliber.
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.
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 REVA’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.
March 07 2017