Richmond-based Allegiancy will oversee 430,000-square-foot office park in North Carolina
- August 4, 2014
An institutional real estate investment firm has finalized a contract with Allegiancy, selecting the Richmond-based real estate asset management firm to oversee operations at a newly acquired 430,000-square-foot office park in North Carolina.
According to Alleghiancy, the private equity real estate investor acquired Research Commons, a $62 million, five building office complex in Research Triangle Park, on July 10.
“The senior principals at Allegiancy were heavily involved in this acquisition from the beginning,” Steve Sadler, Allegiancy’s CEO, said in a statement. “The private equity investor needed an asset management partner that really understands the property itself and the business plan to maximize its value.”
While paying bills and collecting rents are an important part of operations and part of the support Allegiancy provides, Sadler added, “Our job is to create enduring value.”
At Research Commons, Allegiancy said it is working with the local CBRE brokers on leasing opportunities. “The marketing plan is in place, materials are ready to go and prospects are setting up tours as we speak,” said Dan Simons, Allegiancy’s chief operations officer.
Allegiancy has more than $300 million in assets under management.