Allegiancy to manage Spring Valley International Place office park in Dallas
Allegiancy, a Richmond-based commercial real estate asset management firm, said Thursday that it has been appointed asset manager for Spring Valley International Place, a two-building office park in Dallas.
REVA Catalyst Fund, a Richmond based value-add real estate fund, acquired the 170,000-square-foot Spring Valley property earlier this month for $11.1 million from distressed owners.
The property is located a block west of the Dallas North Tollway, a main corporate thoroughfare, and is a mile from Galleria Dallas, an upscale shopping mall and mixed-use development. According to Allegiancy, it offers office and flex space in a Far North Dallas address for value-conscious office users.
About 72 percent of the building is leased, and Allegiancy CEO Steve Sadler sees great potential. “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.”
Allegiancy Houston will manage the property. It formerly was known as TriStone Realty Management. Allegiancy acquired the company in June.
Allegiancy has been in an expansion mode since last year. It was just named to Inc. magazine’s 34th annual Inc. 5000 list of fastest-growing private companies in the U.S., ranking No. 2,486 on growth of 151 percent and revenue of $3.7 million.