Park Real Estate, Inc. has its roots in a partnership formed in 1953 by Herbert R. Alcorn, Sr. of Eden, North Carolina and A.H. Underwood of Floyd, Virginia. The two Air Force veterans met in Blacksburg, at Virginia Tech, where they were enrolled under the GI Bill. They became partners in buying and selling used cars to support their young families while full-time students.
The partners' used car sales expanded into mobile home sales, then to retail furniture sales. They incorporated in 1956 as A&U Mobile Homes, Inc. and purchased property to house the businesses.
Through the 1960s and 1970s the company expanded throughout the southeast, eventually comprising 47 locations in seven states from West Virginia to Florida. The partners continued to purchase and develop new businesses, and their interests grew to include mobile home manufacturing, recreational vehicle sales, a new automobile franchise, and numerous real estate development projects.
A Serial Entrepreneur
He was also a founding partner in Leisure Way Industries, Inc., a multi-state entertainment company that operated Leisure RV Sales in Salem and Roanoke Virginia, Natural Bridge Chair Lift, and the Astro-Needle Amusement Park in Myrtle Beach South Carolina.
Sons Ray, Randy and Rick Alcorn began working in his businesses as teenagers. Starting as laborers, gophers and utility employees, they worked their way through the ranks during summer breaks and college years. The progression of experience gave each a bottom-up view of what makes a business tick. Each son spent time working outside the family businesses; each returned to the fold to put their experience to work.
Following Mr. Underwood's death in 1977, Mr. Alcorn purchased sole ownership of the business interests from the estate and continued to grow the operations. His sons became an integral part of the business, and the operations grew to include mobile home parks, apartments, and residential subdivisions, as well as a number of significant development projects.
Mr. Alcorn retired from the business in 1998. He continues a lifetime of community service to several community service organizations in the Blacksburg, Virginia area.
Park Real Estate Today
Park Commercial Real Estate currently owns, manages, and develops commercial property throughout the New River Valley and Roanoke Valley and has remained active in the Office, Retail, and Hospitality sectors. The company plans to continue the legacy of an innovative, responsive business that regards its customers, vendors and employees as members of their extended family, specializing in high-quality investment properties managed for strategic growth and value enhancement.