COMMERCIAL REAL ESTATE – ALLERAND REALTY HOLDINGS, LLC
After more than a decade of uninterrupted growth in the U.S. economy, all real estate sub-markets have been impacted by the COVID-related global economic downturn. Allerand has successfully navigated the most recent market dislocation and has positioned its realty assets to withstand future stresses deriving from the pandemic and other financial and political changes that are anticipated to occur in the near future. Following is a brief summary of the current Allerand realty portfolio and some past transactions that Allerand has invested in.
NET LEASE INVESTMENTS
Allerand currently owns a majority and controlling interest in a portfolio of over 30 net leased retail properties occupied by tenants such as CVS, Walgreens, Rite Aid Corporation, Advance Auto and Family Dollar. Despite the pandemic, Allerand successfully refinanced 20 of these properties during 2020. All the above assets are managed by Allerand from its Jupiter, FL office.
OTHER COMMERCIAL REALTY
Allerand also currently owns (i) development land in Florida (170 acres), (ii) two Florida mixed use office buildings totaling approximately 40,000 square feet; (iii) a “sandwich” lease portfolio of 12 bank branch properties, (iv) two treatment center properties in Lake Ariel, PA; and (v) “in the money” options to purchase approximately 15 net leased drugstore properties. All the above assets are managed by Allerand from its Jupiter, FL office.
NYC REDEVELOPMENT TRANSACTIONS
During the past three decades, Allerand has redeveloped the following rowhouse properties in Manhattan: (i) 74 Bank Street, (ii) 9 East 81st Street, (iii) 4 East 74th Street, (iv) 7 East 80th Street, (v) 208 East 18th Street, (vi) 210 East 18th Street, (vii) 10 West 10th Street, (viii) 253 West 18th Street, (ix) 38 West 87th Street and (x) 334 West 84th Street. Total equity investment by Allerand in all these projects exceeded $20 million.
In addition to the townhouse projects referred to above, since 2008, Allerand has gut renovated and converted approximately 20,000 square feet of light industrial and commercial space in Hudson Square into four luxury apartments, collectively valued now at more than $30 million.