ATLANTA—In a joint venture with SDM Partners, Admiral Capital Group just sold 200 Ashford Center. Financial terms of the deal were not disclosed.
Built in 1989, the 158,384-square-foot office property sits in the Central Perimeter, Atlanta's largest office submarket, near the intersection of Ashford Dunwoody Road and Mount Vernon Highway. The joint venture originally acquired the office asset in Sept. 2012 for $13 million. The sale marks Admiral's fourth exist in its first value-add real estate fund. The asset was acquired in September 2012.
"Admiral is very pleased with the repositioning of 200 Ashford," says Daniel Bassichis, co-founder of Admiral. "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 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 garnered attention from new tenants and gave existing tenants more incentives to renew leases at higher rates.
"200 Ashford was a great opportunity for Admiral and our investors and we appreciate the focused effort from SDM Partners," says David Robinson, Admiral co-founder. "We look forward to building on our social mission and giving back to the Atlanta community."
Parmenter Realty Partners acquired the asset. Cushman and Wakefield represented both the buyer and the seller.
"Admiral and USAA are great partners for SDM. They were very supportive and additive from start to finish," says 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 200 Ashford sale represents Admiral's fourth realization in its first value-add real estate fund. Admiral also sold 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, and multifamily properties in Atlanta, GA and Kent, Washington.
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