DALLAS, Feb. 14, 2019 (GLOBE NEWSWIRE) — Admiral Capital Group (“Admiral”) announced today that its core-plus investment platform (“A2R”) has acquired two Class A office properties in the Dallas metro area. The acquisitions in Plano, Texas, and Frisco, Texas, are an expansion of the platform launched in 2018 that includes assets in San Diego, Calif., and Phoenix, Ariz., and targets Class A office buildings in high job growth markets.
“We continue to execute our defensive, core-plus office strategy with these new acquisitions,” said Andy Stone, managing partner of A2R. “These properties enhance A2R’s growing portfolio by providing significant lease duration and tenant credit quality.”
Duke Bridges III (“DB3”) comprises 161,131 square feet of Class A office space in a three-story building in Frisco, Texas, the fastest growing city in the United States according to the U.S. Census Bureau. DB3 was built in 2007 and is 94 percent leased to a diverse set of tenants in the technology, government and business services industries.
Parkwood Place (“Parkwood”) comprises 98,750 square feet of Class A office space in a three-story building in Plano, Texas, near the heavy amenity base at Legacy West. Parkwood is equipped with a tenant lounge and a conference room facility available for tenant use. Parkwood was built in 2005 and is 76 percent leased to 20 different tenants.
Stream Realty Partners will serve as the leasing and property management team for Parkwood and DB3.
“We are excited to add these well located, high quality assets to our portfolio and expand our presence in Texas,” said Admiral co-founder Dan Bassichis. “The north Dallas submarkets have long been a major focus for Admiral due to the rapid job growth and growing demand for economical alternatives to the new supply in the market.”
About Admiral Capital Group
Admiral Capital Group is a real estate and private equity investment firm with offices in New York, San Antonio and Seattle. Admiral was co-founded by David Robinson, US Naval Academy graduate, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral invests in real estate through a series of discretionary funds and separate accounts, and targets value-add and core-plus opportunities in office, multifamily, hotel and retail properties. Admiral has acquired over $1.5 billion of real estate assets since 2008. Admiral’s founders also have pledged 10% of their profits to philanthropic causes in certain areas where Admiral invests, building on Robinson’s lifetime commitment to support education and lower-income communities.
A2R was formed in early 2018 with the mission to acquire and manage core-plus properties in growth markets across the U.S. A2R is led by Andy Stone, who has acquired and managed over $1 billion of commercial real estate assets in his career.