MIAMI, Fla., Dec 13, 2016 – Parmenter, a fully integrated real estate investment, management and development firm, has acquired two properties totaling more than 622,000 square feet with joint-venture partner Starwood Property Trust. These assets which have a gross asset value of $51 million will be held in Parmenter’s Fund V portfolio.
Capital Plaza, a multi-building office campus in Jacksonville, Florida, offers an aggregate 416,937 square feet of leasable space. The campus is located in the desirable Deerwood submarket, Jacksonville’s best-performing submarket.
900 Ashwood, an eight story office building, is located in the heart of Atlanta’s Central Perimeter and consists of 205,391 square feet of rentable space. The Central Perimeter is Atlanta’s largest, tightest, and most dynamic submarket.
“We are very excited to add these two properties to our existing Fund V portfolio,” says John Davidson, Managing Principal. “Both properties are well located, attractive and offer a full range of amenities. 900 Ashwood, while being well occupied, stands to benefit from capital investments in the common areas and amenities and has an opportunity to significantly move rental rates. Capital Plaza has the largest block of Class A space in the thriving Deerwood suburban market of Jacksonville. It is attracting significant attention with large users, and poised to fill up quickly through our aggressive marketing efforts.”
“We were able to purchase Capital Plaza at an opportunistically low cost basis,” says Michael Holmes, Principal and COO Southeast. “Despite its prime location and historically high occupancy levels, the Capital Plaza is only 57% leased. This vacancy provides us with tremendous upside opportunity. 900 Ashford at 86% occupancy still stands to benefit from the strength of the Central Perimeter submarket with strong downside protection provided by six years of remaining lease term for the building’s anchor tenant. Both of these assets have underperformed their respective markets over the past several years and as such represent prime value-add opportunities.”
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Dallas and Atlanta. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.