MIAMI, Fla., Dec 13, 2016 – Parmenter, a fully integrated real estate investment, management and development firm, has acquired the five-building Primera Towers office complex, located near Orlando in Lake Mary, Florida, with joint-venture partner State Street Global Advisors/GE. The $130 million acquisition is the largest suburban office deal in the Orlando metro area since 2002. This transaction marks the fifth acquisition in Parmenter Fund V representing $240 million of asset value.
The campus totals 771,826 square feet on 50 acres. It is conveniently located just east of I-4.
“Primera Towers are comprised of five office buildings in the thriving Lake Mary sub market of Orlando,” says John Davidson, Managing Principal. “Bringing the entire campus together under one ownership for the first time in its history gives us the unique ability to execute a unified business plan to upgrade the buildings, improve the overall tenant experience and increase cash flow.”
“We were very pleased to be able to purchase Primera Towers I-V,” says Michael Holmes, Principal and COO of the Southeast. “The Orlando market led the nation in job growth this year with an unemployment rate of 4.0% significantly lower than that of Florida and the nation. The market has tightened quickly, and is poised to benefit from rising rental rates as a result.”
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.