Challenge
After a corporate restructuring, TravelCenters of America was in the process of reviewing its existing North American portfolio of highway retail sites and expanding its service area into new territories. In various engagements over several years, the client looked to Allegro to evaluate its current properties’ market values, traffic counts, disposition opportunities as well as site selection and acquisition support for new facilities. While these sites had excellent interstate highway accessibility and visibility, they were predominantly rural and publicly available market data was extremely limited.
Solution
Allegro provided real estate market and site analysis for existing and potential TravelCenters of America locations. Allegro conducted market research, analysis, and reporting on these locations by interviewing local real estate professionals and property owners, contacting economic development and utility officials, gathering traffic count data, researching local news publications, and utilizing other information sources. For the site selection projects, Allegro engaged local brokers, conducted initial due diligence, prepared client tours, and initiated negotiation processes. Allegro assessed the surrounding land uses, local retail trade areas, development activity, highway exits, population growth, site topography, and other market characteristics to understand the local real estate markets. Allegro also garnered comparable land listings and recent sales to help the client establish competitive purchase offers on their potential sites.
TravelCenters of America utilized Allegro’s market and property evaluations to make business cases for management of its existing portfolio as well as the purchase of the potential new sites.
