3511 NW 91st Ave, Suite 102 Doral, FL 33172 ☎ +1 (305) 379-7500
Parmenter Realty Partners, a developer of many high-profile real estate assets, has a well-earned reputation for quality and performance. Parmenter Realty Partners has acquired, renovated and developed premier office and commercial projects in major markets throughout the United States.
As an integrated real estate operator and investment manager, Parmenter Realty Partners’ asset managers are fully involved in the acquisition due diligence process, development and implementation of unique value enhancement strategies, cash flow management and disposition. Property managers report directly to the asset managers, instead of a director of property management as is customary, which results in the property load of the asset managers to be well below what is normally seen in the industry. The goal is to ensure that each property level decision improves the overall value of the asset within the context of the overall portfolio.
- Parmenter Realty Partners’ commercial office buildings are located in major urban areas, MSAs of one million people or more.
- In many cases, the buildings have been in some state of distress prior to acquisition.
- Parmenter Realty Partners adds value to the building through redevelopment and repositioning, while the asset managers work to stabilize and increase occupancy at market rents, as well as working with property management to professionally oversee the day-to-day operations of the building.
- Redevelopment projects are located in live, work, and play neighborhoods in major urban areas in order to capitalize on the growing demand for metropolitan living experiences.
Parmenter Realty Partners manages risk to a level that can significantly reduce investment, operational and management risk through a series of checks and balances. Within Asset Management there are a several points of focus:
- Cost basis relative to competing properties as well as new construction costs
- Asset specific financing
- Renovation costs
- Tenant risk – credit and rollover
- Lease-up risk – time frame and market dynamics
- Rental rates
- Exit pricing
- Parmenter Realty Partners has extensive experience in its target markets, and develops strategies that enhance property values by maximizing lease rates in addition to reducing operational costs.
- To determine realistic lease-up and rental rates projections, Parmenter Realty Partners uses internal research and local broker knowledge to track rents, supply dynamics, and tenant demand.
- The tenant retention ratio achieved by Parmenter Realty Partners has generally exceeded the industry average, a direct result of a high-level of customer service.
- Being an active participant in the capital markets, both as a buyer and a seller, Parmenter Realty Partners is well informed of market pricing levels. For this reason the firm does not rely solely on third party opinions of asset value, but instead take into account both our first-hand knowledge and available market data in making these decisions.