Allegiancy will manage assets of Norfolk Commerce Park
Allegiancy has been appointed as the commercial real estate asset manager for Norfolk Commerce Park in Norfolk.
According to Richmond-based Allegiancy, the $30 million asset is considered a stable, Class B, office/flex property.
It is owned under a Delaware Statutory Trust (DST) structure and includes 331,883 square feet of rentable space.
Allegiancy said in a statement that it plans to increase the building’s occupancy, now at 85 percent, to take advantage of an improving market.
“We are pleased to add this attractive asset to our portfolio,” said Allegiancy President Chris Sadler.