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Companies will Also Focus on Commercial Office Acquisitions with Valuations Ranging from $10 Million to $50 Million
SAN DIEGO – Adding more than two million square feet in commercial real estate to its portfolio, Trigild – a full-service real estate and hospitality services company – has solidified a long-term deal with Charlotte-based Allegiance Realty Corporation to manage 16 Class A and B office buildings throughout the Midwest and Southeastern U.S.
As part of the contract, Trigild will take over day-to-day operations of the 16 office buildings on February 1, 2013, overseeing all financial reporting, lease administration and other operational tasks. Additionally, said Brian Morelan, managing director, commercial real estate of San Diego-based Trigild, the firm will “carefully evaluate each property’s respective needs, determining what will create the greatest value for Allegiance and its investors.”
The properties include:
· 3100 Presidential Drive, Fairborn, Ohio
· 1801 Stanley Road, Greensboro, NC
· 4905 Koger Blvd, Greensboro, NC
· 435 Second Street, Macon, GA
· 1003 Douglas Avenue, Nashville, TN
· 44 Old Ridgebury Road, Danbury, CT
· 11499 Chester Road, Cincinnati, OH
· 220 Stoneridge Drive, Columbia, SC
· 240 Stoneridge Drive, Columbia, SC
· 246 Stoneridge Drive, Columbia, SC
· 433 N. Summit Street, Toledo, OH
· 901 Tower Drive, Troy, MI
· 1720 Windward Concourse, Alpharetta, GA
· 1725 Windward Concourse, Alpharetta, GA
· 2001 Park Place North, Birmingham, AL
· 142 Lincoln Square, Santa Fe, NM
According to Bill Hoffman, Trigild’s president and CEO, this deal marks the beginning of what each firm envisions as a long-term venture, in which the companies will collaborate on various projects – with Trigild concentrating on management and Allegiance on successful real estate investments. “This is clearly a milestone in Trigild’s 37 year history,” Hoffman said. “Working with Allegiance will enable us to continue our rapid growth – allowing us to focus on long-term management and assist in raising capital – as well as continue to specialize in fiduciary services for lender clients.”
The two companies will focus on commercial office building acquisitions with valuations ranging from $10 million to $50 million. “The Allegiance team can now focus on core investment strategies – with a trusted partner to handle day-to-day strategic operating of properties,” said Christopher Smith, founder and CEO of Allegiance. “We believe we have assembled the best acquisition and management team in the marketplace with the ability to effectively and efficiently manage commercial properties, as well as to source and manage deals.”
Headquartered in San Diego with regional offices throughout the country, Trigild has more than 37 years of property management, receivership/bankruptcy and consulting expertise, with a focus on managing and maximizing value for assets in an array of industries, including commercial real estate, multifamily, hospitality, petroleum properties and more. Since its inception, Trigild has developed a full service national operating platform providing institutional quality services to private real estate investors and financial institutions. For further information, visit www.trigild.com.
About Allegiance Realty Corp.
With a history of successful commercial real estate and multifamily investments – both in capital sourcing and as an acquisition sponsor – Allegiance Realty Corporation is a privately-held real estate investment company founded in 1996 with a current portfolio totaling over three million square feet. The firm’s current focus is on acquiring and optimizing under-performing office properties in primary and secondary markets throughout the US. For more information visit www.allegiancerealestate.com.