Valley Forge Park Place office complex, King of Prussia, PA
KING OF PRUSSIA, PA—Admiral Capital Group says its core-plus investment platform acquired Valley Forge Park Place, an office complex encompassing 160,043 square feet of space in two three-story buildings in King of Prussia, PA. The seller was Keystone Property of Conshohocken, PA, which has owned the office complex since 2006, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions,. Financial details were not disclosed.
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, AZ; San Diego, CA; and Frisco and Plano, TX (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, called 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 US. A2R is led by Andy Stone, who has acquired and managed more than $1 billion of commercial real estate assets in his career.
Newmark Knight Frank will serve as the leasing and property management team for VFPP.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
