Admiral Capital Group Announces Acquisition of Philadelphia MSA Office Property

KING OF PRUSSIA, Penn., Feb. 21, 2019 (GLOBE NEWSWIRE) -- Admiral Capital Group (“Admiral”) announced today its core-plus investment platform (“A2R”) has acquired an office property in the Philadelphia metro area. The property, Valley Forge Park Place (“VFPP”), comprises 160,043 square feet of office space in two three-story buildings in King of Prussia, Penn. 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, San Diego, Frisco (Dallas MSA) and Plano (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 (“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 U.S. A2R is led by Andy Stone, who has acquired and managed over $1 billion of commercial real estate assets in his career.

Newmark Knight Frank will serve as the leasing and property management team for VFPP.

About Admiral Capital Group
Admiral Capital Group is a real estate and private equity investment firm with offices in New York, San Antonio, and Dallas. 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. For more information, visit www.admiralcg.com.

Media Contacts: Anton Communications
Vanessa Showalter  vshowalter@antonpr.com
Genevieve Anton  ganton@antonpr.com