BackAdmiral 2R Management LLC (“A2R”), an investment management firm partnered with Admiral Capital Group (“Admiral”), announced today the acquisition of The Madison office complex in Phoenix, AZ and the Balboa Executive Center office building in San Diego, CA. These acquisitions are the first for A2R and aligned with its strategy of acquiring well-leased, Class A office properties in growth markets across the U.S.
The Madison is located at 5343 and 5353 N. 16th Street and comprises 177,312 square feet of Class A office space in two, four-story buildings which offer views of Camelback Mountain and Piestewa Peak, and quick access to area amenities including many top shopping and dining destinations. Over the past two years, The Madison underwent an extensive repositioning program including renovations to lobbies, restrooms, conference facilities, signage and landscaping, and the addition of an on-site deli. The renovation led to a surge in leasing, bringing occupancy to 90%.
Balboa Executive Center “Balboa” is located at 9444 Balboa Avenue in Kearny Mesa at the “main and main” intersection of Balboa Avenue and Ruffin Road. Balboa comprises 120,992 square feet of Class A office space in a single, five story building that is 100% leased. Balboa benefits from long-term credit tenancy and substantial capital improvements that were completed in 2015, highlighted by a fully renovated lobby.
“These recently renovated, centrally located office buildings within high growth markets are exactly the type of assets we are looking to acquire and manage,” said Andy Stone, Managing Partner of A2R. “We will look to further improve these properties with the enhancement of outdoor common spaces and other potential amenity additions.”
“We are excited to expand the Admiral Platform with the launch of our new A2R partnership” said Admiral co-founder Dan Bassichis. “These assets provide a stable base for us to build a portfolio of strong cash flowing assets in top tier markets,” added Bassichis.
About Admiral 2R Management
A2R was formed in early 2018 with the mission to acquire and manage well leased, Class A office properties 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.