EL SEGUNDO, CA-Admiral Capital Real Estate Fund, a newly launched joint venture of USAA Real Estate Co. and Admiral Capital Group, has acquired the 119,626-square-foot 1700 E. Walnut Ave. office building from Alliance Commercial Partners of Lakewood, CO. The purchase price was not disclosed, but the buyers said they acquired the building “at a significant discount to replacement cost.”

Alliance had owned the building since February 2007, according to information on the company’s web site. Built in 1986, 1700 E. Walnut is a six-story building on the south side of East Walnut Avenue, between Washington Street and Sepulveda Boulevard.

The Admiral-USAA joint venture says that it expects to “generate attractive returns through an active asset management strategy, a strong tenant base and recovering fundamentals in the region.” The Admiral Capital Real Estate Fund is a newly launched partnership between USAA Real Estate Co. and Admiral Capital Group formed by NBA Hall of Famer, philanthropist and 1987 US Naval Academy graduate David Robinson and managing partner, Dan Bassichis.