Admiral Capital Group and JV partner South Bay Development Co just sold 4500 Great America Pkwy in Santa Clara. (Admiral was co-founded by NBA Hall of Famer David Robinson, above, and the company name stems from a nickname he got from his US Navy days.) Developed in 1983, the 74k SF office is on 3.7 acres at the intersection of Great America Parkway and Patrick Henry Drive. It's a stone's throw from the new $1.2B Levi's Stadium. At the time of Admiral's acquisition and recap in June 2013, the property was set to become completely vacant and was in need of a redo to meet demands of tech tenants.
It got a complete reno, which included an exterior and interior upgrades, in addition to new amenities and landscaping. The sale represents the fifth exit for Admiral in its first value-add real estate fund. The new owner will likely use 4500 as an incubator for tech startups.
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