Admiral Capital Realizes Its Fourth Exit with the Sale of 200 Ashford Center in Atlanta, Georgia
NEW YORK, Feb. 18, 2015 /PRNewswire/ -- On February 17, 2015, Admiral Capital Group ("Admiral") and its joint-venture partner, SDM Partners ("SDM"), announced the successful sale of 200 Ashford Center in Atlanta, Georgia.
Built in 1989, the 158,384 square foot office property is located in the Central Perimeter, Atlanta's largest office submarket, near the intersection of Ashford Dunwoody Road and Mt. Vernon Highway. The asset was acquired in September 2012 and the sale represents the fourth realization for Admiral in its first value-add real estate fund.
"Admiral is very pleased with the repositioning of 200 Ashford," said Daniel Bassichis, Co-Founder of Admiral Capital Group. "Our investment thesis was to create value by investing the capital necessary to upgrade the building and improve the tenancy in the strengthening Atlanta market, which we successfully achieved."
Admiral and SDM executed a strategic, value-add business plan focused on increasing the rents through an improved leasing effort, enhanced exterior and lobby aesthetics, and the build-out of "move-in-ready" suites. These initiatives heightened the appeal of 200 Ashford to prospective tenants, and incentivized in-place tenants to renew their leases at higher rates.
"200 Ashford was a great opportunity for Admiral and our investors and we appreciate the focused effort from SDM Partners," stated David Robinson, Admiral Co-Founder. "We look forward to building on our social mission and giving back to the Atlanta community."
"Admiral and USAA are great partners for SDM. They were very supportive and additive from start to finish," said Steve Martin, Managing Principal of SDM Partners. "In addition, David Robinson's participation in the deal and interaction with our tenants positively increased the property's exposure."
The buyer was Parmenter Realty Partners, a fully integrated real estate investment, management and development firm headquartered in Miami, Florida with over a billion dollars in assets under management. Both the buyer and seller were represented by Cushman and Wakefield.
In addition to the 200 Ashford sale, Admiral successfully realized the sale of its Austin office portfolio in February 2014 and its Hilton Garden Inn – Energy Corridor in September 2014. Admiral has over $250 million of assets under management, including office buildings in El Segundo and Santa Clara, CA, hotel properties in Fort Worth, TX and Las Vegas, NV, and multi-family properties in Atlanta, GA and Kent, Washington.
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, multi-family 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 SDM Partners
SDM Partners is a private commercial real estate investment firm focused on acquiring office, industrial, business park, and related land sites located in Atlanta and the Southeast. For more information, visit www.sdmpartners.com.
Photo - http://photos.prnewswire.com/prnh/20150218/176390
SOURCE Admiral Capital Group
Share this article