DALLAS, Texas (February 14, 2019) – Admiral Capital Group (“Admiral”) announced today that its core-plus investment platform (“A2R”) has acquired two Class A office properties in the Dallas metro area. The acquisitions in Plano, TX and Frisco, TX are an expansion of the platform launched in 2018 that includes assets in San Diego, CA and Phoenix, AZ and targets Class A office buildings in high job growth markets.
Duke Bridges III (“DB3”) comprises 161,131 square feet of Class A office space in a three-story building in Frisco, TX, the fastest growing city in the United States according to the U.S. Census Bureau. DB3 was built in 2007 and is 94% leased to a diverse set of tenants in the technology, government, and business services industries.
Parkwood Place I (“Parkwood”) comprises 98,750 square feet of Class A office space in a three-story building in Plano, TX near the heavy amenity base at Legacy West. Parkwood is equipped with a tenant lounge and a conference room facility available for tenant use. Parkwood was built in 2005 and is 76% leased to 20 different tenants.
Matthew Wieser and Rhett Miller with Stream Realty Partners will serve as the leasing and property management team for Parkwood and DB3.
“We continue to execute our defensive, core-plus office strategy with these new acquisitions,” said Andy Stone, Managing Partner of A2R. “These properties enhance A2R’s growing portfolio by providing significant lease duration and tenant credit quality.”
“We are excited to add these well located, high-quality assets to our portfolio and expand our presence in Texas,” said Admiral co-founder Dan Bassichis. “The north Dallas submarkets have long been a major focus for Admiral due to the rapid job growth and growing demand for economical alternatives to the new supply in the market,” Bassichis added.
SOURCE: Admiral Capital Group