Allegiancy to Manage REVA Catalyst Fund-Owned Office Park

Allegiancy, a commercial real estate asset management company based in Richmond, Virginia, has been appointed as asset manager for Spring Valley International Place, a two-building office park located in North Dallas.

Spring Valley International Place was acquired on August 6 for $11.1 million from distressed tenant-in-common owners by the REVA Catalyst Fund, a Richmond-based value-add real estate fund. The new owners selected Allegiancy to provide strategic guidance and tactical oversight in the property’s operation.

The office park, which is 72 percent leased and requires no major upgrades, is comprised of 170,000 square feet of rentable office and flex space. It is within one mile of Galleria Dallas, an upscale shopping mall and mixed-use development in the area, one block west of the Dallas North Tollway, the city’s premier corporate thoroughfare, and one mile from the interchange at the LBJ Freeway that is undergoing a $2 billion upgrade.

“It has all of the hallmarks of a very successful piece of real estate,” Allegiancy chief executive officer Steve Sadler said. “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.”

Major tenants include bridal retailer Watters, Baylor Health Care System and the Axcess Group, a creative services and commercial production firm and leading musical-based advertising content creator.

The property will be managed by Allegiancy Houston. Allegiancy Houston is formerly TriStone Realty Management, a company acquired by Allegiancy in June. To read more about the multi-million dollar merger, click here.