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May 22, 2019
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Admiral 2R Management Closes on Office Buys in Phoenix and San Diego


Admiral 2R Management LLC closed on two office property buys, acquiring The Madison office complex in Phoenix and the Balboa Executive Center office building in San Diego. These acquisitions, totaling 298k sf of space, are the first for A2R, an investment management firm partnered with Admiral Capital Group, and aligned with its strategy of acquiring well-leased, Class A office properties in growth markets across the U.S.

The Madison, Phoenix
The Madison, Phoenix
The Madison is located at 5343 and 5353 N. 16th St and comprises 177.3k sf of Class A office space in two, four-story buildings that 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, San Diego
Balboa Executive Center, San Diego
Balboa Executive Center is located at 9444 Balboa Ave in Kearny Mesa at the “main and main” intersection of Balboa Ave and Ruffin Rd. The property comprises 121k sf 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.”

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