Monday, February 25, 2019

Admiral Capital Acquires 160K SF KOP Office Property

by Steve Lubetkin,
Admiral Capital Group says its core-plus investment platform acquired Valley Forge Park Place, an office complex encompassing 160,043 square feet of space in two three-story buildings in King of Prussia, PA. The seller was Keystone Property of Conshohocken, PA, which has owned the office complex since 2006, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions,. Financial details were not disclosed.

VFPP is located less than three miles away from both King of Prussia Town Center and King of Prussia Mall, providing exceptional retail and entertainment amenities to its tenants. VFPP was constructed in 1978, underwent a significant renovation in 2007 and is 96 percent leased.

The acquisition adds to Admiral’s core-plus office portfolio which already includes assets in Phoenix, AZ; San Diego, CA; and Frisco and Plano, TX (Dallas MSA).
This investment expands Admiral’s presence in the region, which includes a significant investment as a co-founder of the Fitler Club, opening in Philadelphia in April 2019. The Fitler Club is a high-end social, dining and fitness club located at 2400 Market Street in the new Aramark headquarters building.

Admiral’s core-plus strategy, called A2R, was formed in early 2018 with the mandate of acquiring and managing core-plus properties that provide stable cash yields in growth markets across the US. A2R is led by Andy Stone, who has acquired and managed more than $1 billion of commercial real estate assets in his career.

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