San Diego-based real estate company Trigild inked a long-term deal with Charlotte, N.C.-based Allegiance Realty Corp. to manage 16 Class A and B office buildings throughout the Midwest and Southeastern United States.
As part of the contract, Trigild will take over day-to-day operations of the 16 office buildings on Feb.1, overseeing all financial reporting, lease administration and other operational tasks.
The 2 million-square-foot commercial portfolio spans nine states, including New Mexico, Alabama, Georgia, Michigan, Ohio, South Carolina, Connecticut, Tennessee and North Carolina.
The 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 real estate investments, according to Bill Hoffman, Trigild’s president and CEO.
The two companies will focus on commercial office building acquisitions with valuations ranging from $10 million to $50 million.