Admiral Capital Realizes Its Fifth Exit with the Sale of 4500 Great America Parkway in Santa Clara, California
NEW YORK, March 31, 2015 /PRNewswire/ -- Admiral Capital Group ("Admiral") and its joint-venture partner, South Bay Development Company ("South Bay") are pleased to announce the successful sale of 4500 Great America Parkway in Santa Clara, California.
Developed in 1983, the 74,276 square foot office property occupies over 3.7 acres at the intersection of Great America Parkway and Patrick Henry Drive, inside the Golden Triangle of Highways 101, 237 and 880. Its location is two blocks from the Valley Transit Authority Light Rail station and the new $1.2 billion, 68,500-seat Levi's Stadium, home of the San Francisco 49ers.
At the time of Admiral's acquisition and recapitalization in June 2013, the property was scheduled to become 100% vacant and was in need of a repositioning to meet the market demands from technology tenants.
Admiral and South Bay executed a tailored repositioning of the vacant property. 4500 Great America underwent a complete renovation including an exterior facade improvement, interior upgrades, and new amenities and landscaping.
"The repositioning of 4500 Great America with South Bay was a great success and positioned the asset well in today's market," said Daniel Bassichis, Co-Founder of Admiral Capital Group. "The capital invested provided maximum flexibility to a future user and ultimately attracted the ideal buyer."
"South Bay and 4500 benefited greatly from the partnership with Admiral and USAA Real Estate Company," said South Bay President, Jim Mair. "Their professionalism and sophistication were very useful in our repositioning of the asset."
The sale represents the fifth realization for Admiral in its first value-add real estate fund. It is anticipated that the new owner will use 4500 as an incubator for technology start-ups, further benefiting the Santa Clara region.
In addition to the 4500 Great America sale, Admiral successfully realized the sale of an Austin office portfolio, the Hilton Garden Inn – Energy Corridor, and the 200 Ashford office building in Atlanta. Admiral has over $250 million of assets under management, including hotel properties in Fort Worth, TX and Las Vegas, NV, multifamily properties in Atlanta, GA and Kent, Washington and an office building in El Segundo, CA.
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral, in partnership with USAA Real Estate Company identifies value-add opportunities through equity and debt investments in office, hotel, multifamily and retail properties valued between $20 million and $70 million. The Admiral founders have also pledged 10% of their profits to philanthropic causes in areas where the fund invests, building on Robinson's lifetime commitment to support education and lower-income communities. For more information, visit www.admiralcg.com.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multifamily, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About South Bay Development Company
South Bay Development Company, incorporated in 1978, acquires, develops and owns commercial property for its own account and in partnership with a variety of institutional investors. The firm is a leading manager and developer of office, industrial and retail properties in Northern California. For more information, visit http://www.southbay.us.
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SOURCE Admiral Capital Group
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