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    Garland Realty, Inc.



    The Garland Company, a leading Cleveland-based commercial roofing manufacturer with over 100 years of history, was interested in identifying a real estate asset that afforded them the opportunity to diversify their investment portfolio and provide an alternative for corporate office space near their existing corporate headquarters. The proposed asset had to include a stable rent roll, minimal deferred maintenance, and a small amount of vacancy to meet existing corporate demand for office space.


    Allegro assisted Garland in inventorying and identifying possible investment assets in the Rockside Road market, only a few miles away from their existing campus. Allegro canvassed the market, reaching out to ownership groups, and financially analyzed each building as opportunities presented themselves. After approximately two years of exploring alternatives, Allegro identified an off-market opportunity that could match the needs of the seller and Garland. Using creative deal terms, Allegro was able to structure a proposed transaction that afforded the seller an exit strategy timed to meet their pending debt expiration. In addition, Allegro structured the proposed transaction such that the seller maintained a facility management agreement on the property resulting in a price deduct for Garland.

    Garland was ultimately able to acquire a well-maintained office building with 95% occupancy that allowed them to diversify their existing investment portfolio and procure additional office space capacity.