Over the years the principals of Park Real Estate Inc. have owned and managed many types of properties and businesses over a wide geographic area. A brief description of the major projects, businesses and properties we have been involved with over the years are listed here.
2460 N. Franklin Street, Christiansburg VA: Mr. Alcorn Sr. originally developed this property in 1960 as a 32-lane bowling center. The sons redeveloped the property for Walgreens in 2003. The property was sold to a Florida investment firm in 2006.
1725 West Main Street, Salem VA: The Company acquired this newly constructed Walgreen’s drug store through a related transaction with the developer in 2003. The 14,560 sf building is located on the main retail corridor of this growing city. The Company sold the property in 2004.
1839 West Main Street, Salem, VA. Located adjacent to the Wal-Mart Supercenter (next entry below), the company retained this parcel and subsequently developed the site as a Monroe Muffler location in 1992.
1841 South Main Street, Salem, VA. The company acquired the real estate as a 44-unit motel property in 1972. Property was sold for redevelopment 1988 in a co-development arrangement with Eisenberg Realty of St. Louis, MO.
Triangle Plaza Shopping Center
North Franklin Street, Christiansburg, VA. The Company developed this 46,000 sf shopping center in 1969. Rick managed the property, and maintained a consistent 100% occupancy level until the property was exchanged in 1986 for several properties in Blacksburg.
Big Boy Restaurant
3703 South Main Street, Blacksburg, VA. The company developed this franchised full-service restaurant adjacent to the Blacksburg Comfort Inn in 1991. The property was sold to an owner/operator in 1994, repurchased by the company in 2002, and is currently leased to the El Mariachi restaurant.
A 14,550 square foot retail development situated on a 1.3-acre parcel between the Walgreen’s property in Christiansburg (described above), and a Wal-Mart Supercenter. Developed by the company in 2002, it is anchored by Dollar Tree, the nation’s leading one-price store.
College & Main Office Building
King Street Office Building
104 King Street, Blacksburg, Virginia. Developed and constructed by Mr. Alcorn, Sr. in 1965 as the regional office for the US Forestry Service. This 3,600 sf office building served as the Company’s headquarters in Blacksburg from 1984-2007.
Park Plaza Office Building
3701 South Main Street, Blacksburg, Virginia. This 15,000 sf office/retail building completed the eight-acre Park Plaza commercial development begun by the Company in 1986. The land is the original home of A&U Motor Sales, purchased by Mr. Alcorn Sr. and Mr. Underwood in 1953. The property was sold in 1993.
Drysdale Eye Center
8,000 sf medical clinic built adjacent to Park Plaza in 1992. Ray served as the overall project manager for Park Plaza, and managed the sale of the Drysdale site. At the time the sale ranked as one of the highest land sales on a per square foot basis on record in Montgomery County.
Multi-Family and Residential Properties
110 Northview Drive, Blacksburg, VA. Acquired in 1986, Randy managed this 54-unit apartment complex, catering to graduate and international students. In 1999 the company performed extensive renovations which significantly improved performance and value. The complex was sold in 2005.
712 E. Roanoke Street, 709 E. Lee Street, Blacksburg, Virginia. Acquired in 1986, this complex is located in central Blacksburg VA, serving the student housing market. The company sold the properties in 2002.
Roanoke Street Apartments
710 E. Roanoke Street, Blacksburg, VA. Acquired in 1999, the Company purchased a three-bedroom house adjacent to Burch Apartments and expanded the property to a multi-family complex. The company sold this property in 2002.
Knob Hill Estates Subdivision
Knob Hill Drive, Blacksburg, Virginia. The Company developed this twelve-lot, single-family subdivision located in the central portion of Blacksburg, VA. The project was developed in 2000 and sold out in 2004.
Pepper Valley Estates
Peppers Ferry Road (State Rt. 114), Christiansburg, Virginia. This thirty-eight acre parcel was purchased by Mr. Alcorn Sr. in 1961, and held for future development. Pre-development engineering and feasibility was completed for a 65 unit, planned unit residential development, but lack of public sewer doomed the project to never leave the drawing board. The property was sold to a developer with more patience in 2006.
Ft. Lewis Motel and Apartments
West Main Street, Salem VA. Acquired in 1972, this property spanned a full city block. The motel and apartment operations also included a site leased to a manufactured housing retailer and about 12,000 sq. ft. of retail space leased to local merchants. The property was redeveloped by the company beginning in 1988 for Wal-Mart stores and Monroe Muffler.
Belmont Mobile Home Park
1600 Peppers Ferry Road, Christiansburg, Virginia. Acquired in 1974, this 56-space manufactured housing community is located in the geographic center of the New River Valley. The company sold this property in 2002.
University Village Mobile Home Park
301 Givens Lane, Blacksburg Virginia. This 264-unit student housing project was built over a fifteen-year period by between 1969 and 1986. All of the Alcorn brothers had a hand in the construction, maintenance, and management of this property, occupied primarily by Tech students. The property was sold in 1998.
Hilltop Mobile Home Park
2870 North Franklin Street, Christiansburg, Virginia. Acquired this 25-unit park in 1973. The park was closed and the site redeveloped for commercial use in 1990. Sold in 1994.
Shady View Mobile Home Park
South Main Street, Blacksburg, Virginia. Mr. Underwood acquired the property as raw land in 1953. Together with Mr. Alcorn Sr., a 35-space mobile home park was developed. The partners moved their first mobile homes from downtown Blacksburg to the property, and in 1955 Ray was brought home from the hospital to live his first years there. The park was operated by the company’s predecessors, until being redeveloped beginning in 1989 for the Blacksburg Comfort Inn. With fitting irony, Ray was the project manager for the project, his first commercial development.
Oak Forest Mobile Home Park
Rt. 808, Hightop Road, Blacksburg, Virginia. Acquired 100-pad project in 1973; expanded to 175 pads in 1978. The park was sold to a local investor in 1985.
Leisure Lanes Bowling Center and Restaurant
1709 N. Lee Highway, Pulaski, Virginia: Acquired in 1972, this sixteen-lane bowling and recreational center was operated by the Company with onsite general managers reporting to the corporate office. Ron Alcorn was GM in the 1990’s, and Rick Alcorn supervised a total refurbishment of the facility in 2004 prior to leasing the facility to third-party operators. The property was sold 2011.
Triangle Lanes Bowling Center and Restaurant
2460 North Franklin Street, Christiansburg, Virginia. Built by Mr. Alcorn, Sr. in 1960, Triangle was a 32-lane bowling center and 60-seat restaurant located at the intersection of Peppers Ferry Road (Route 114) and North Franklin Street (Route 460). The Company operated this business until January 2003, and then worked in cooperation with a Tennessee developer to redevelop the site for the Walgreens Drugstore.
2095 Roanoke Street, Christiansburg, Virginia. Developed and constructed by Mr. Alcorn, Sr. in 1969, the Company owned and operated a franchised new car dealership. Ray worked for a time in the business in the new car prep and clean-up shop in the mid-1970’s. The Company sold the franchises in 1989, retaining the real estate with a lease-back from the purchaser. The property was deemed non-critical to the Company’s strategic objectives and sold in 2001.
Ft. Lewis Maytag Homestyle Laundromat
Salem VA. Developed by the company in 1985, Rick managed the construction and operations until the property was redeveloped by Ray for Monroe Muffler in 1992.
Christiansburg VA. Ray acquired this property in 1994 and redeveloped a former restaurant into a self-service Laundromat. Rick supervised the construction and ongoing operation. The business operated until 2000, and the property was sold for redevelopment.
University Village Maytag Homestyle Laundromat
Blacksburg Virginia. The Company constructed this facility as an amenity for its mobile home community. Rick was the project manager and supervised the management of the operation. The facility was sold along with the park in 1998.
Astro-Needle Amusement Park
Myrtle Beach, South Carolina. In 1970, Mr. Alcorn formed a partnership that developed and constructed a 200-foot tall scenic ride in this popular oceanfront resort. The property also included an amusement park, and a 10,000 sf nightclub (The Sunshine Express), subsequently leased to Mother Fletcher’s. Ray and Randy were employees of the nightclub in 1976. The property was sold in 1981 for redevelopment by Burroughs & Chapin.
Natural Bridge Sky Lift
Natural Bridge, VA. A predecessor to the Company (Leisure Way Industries, Inc.) erected this property in 1971. It then operated with a concession lease, a cable-run aerial sky lift to transport tourists to and from a natural wonder attraction. The lease was not renewed and operation ceased in 1980.
Housing Sales, Construction and Manufacturing
Park Realty Company
Blacksburg, Virginia. This entity is the most direct predecessor of the current Company. Originally formed in 1953 as a general partnership by Mr. Alcorn, Sr., the company specialized in building mobile home parks throughout Virginia, West Virginia and North Carolina. Park Realty became a sole proprietorship in 1977 with the death of Mr. Alcorn’s partner. In 1981, Rick became General Manager. Gradually the emphasis and direction of the company changed from mobile home parks to the ownership and management of all types of income properties, including many of the projects listed here. The company merged its operations with Park Real Estate Inc. in 1996.
Future Home Builders, Inc.
Southwest Virginia – Modular housing construction and development firm headquartered in Christiansburg, Virginia. Mr. Alcorn, Sr. founded this company in 1978, which specialized in the development of subdivisions and custom built housing. Ray was the general manager from 1980-1984. Rick managed from 1984-1990. Company built over 100 single-family homes using modular construction techniques that at the time were among the most progressive building system in practice. Other activities included the development of a number of infill residential lots, and the construction of several multi-family student housing projects in Blacksburg for owner-investors.
Omega Homes, Inc.
VA, NC, WV – Multi-location manufactured housing sales operation founded by Mr. Alcorn, Sr. in 1974. The company operated ten sales centers in Virginia, West Virginia, and North Carolina, with annual sales exceeding $15 million. In the 1990’s Omega ceased up its housing sales operations and became a real estate development firm. The corporation was merged into Park Real Estate, Inc. in 1996. Randy served as Vice President of Retail Finance. Ray was involved in various sales and management capacities over the years.
Nashville, North Carolina. Mr. Alcorn, Sr. acquired this manufacturing facility in 1965. The operation included two production plants, which supplied A&U Mobile Homes’ (see below) retail sales locations and mobile home parks with manufactured housing. The plants were sold in 1969, but were operated by the Mr. Alcorn, Sr. & Mr. Underwood under contract with the buyer until 1974.
A&U Mobile Homes of Georgia, Inc.
Southeast – Founded by Mr. Alcorn, Sr. and Mr. A. H. Underwood in 1953. Retail mobile home sales operation grew from single location in Blacksburg, Virginia to forty-seven sales centers in seven southeastern states. The partners sold this company, along with Coburn Industries, to Equity National Industries in 1969. The partners served as officers for Equity National under contract until 1974. Ray and Randy both held their first jobs as laborers for A&U and Park Realty.