The economy might be improving, but Allegiance Realty Corp believes there are still plenty of opportunistic value-add properties to be found nationwide, and it wants more. (Leave no mostly vacant office unturned!) So the Charlotte-based investor inked a deal with a California-based company to make the hunt easier.
Under the deal, San Diego-based Trigild will manage the 16 office buildings Allegiance has acquired so far in the Southeast and Midwest, including five in the Carolinas. Allegiance CEO Chris Smith (with CFO Lisa Quinn) tells us that the partnership will free up time and energy to pursue further acquisitions of $10M to $50M assets. Partnering with a West Coast company will also help Allegiance enter such markets as Las Vegas, Denver, Phoenix, and Southern California, Chris adds, growing a national platform.
Trigild managing director Brian Morelan tells us that a partnership of this kind is an important step for mid-sized companies such as Allegiance in going head-to-head with larger investors--REITs, private equity funds, and the like. "You have to be fully integrated to compete nationally," he says. "Our goal is to build an operating platform to work with investors such as Chris, who has had a successful record in investing in office buildings."
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