Parmenter Announces Distressed Acquisition in Fund III
June 15, 2010 - Parmenter Realty Partners is pleased to announce the acquisition of VHA Place in the Las Colinas submarket of Dallas. This acquisition represents the 10th investment acquired in Parmenter Realty Fund III, bringing the aggregate value of the Fund's portfolio to approximately $600 million.
VHA Place is a 326,000 square foot Class A mixed-use asset. 256,000 square feet of the property is prime office space, which is 82 percent leased. VHA Place was acquired from one of the nation's leading financial services companies for less than $50 per square foot.
“We are excited about this acquisition as it represents our first of what we believe will be many acquisitions of this nature over the next several years” said Andrew Weiss, chief operating officer of Parmenter Realty Partners.
VHA Place is adjacent to Las Colinas Towers I & II which Fund III also owns. “Our plan is to reposition the building and then capitalize on the synergy created with our existing investment in this dynamic submarket. This synergy coupled with good existing cash flow makes this a solid acquisition opportunity.” said Steve Bronner, Southwest regional managing principal of Parmenter Realty Partners.
Financing was provided by American National Insurance Company, which was represented by Gary Dunkum and Suzanne Saunders of Grandbridge Real Estate Capital Houston's office.
About Parmenter Realty Partners: Parmenter Realty Partners is a vertically integrated real estate operator headquartered in South Florida with regional offices in Dallas, Atlanta, and New York. It is actively involved in the expansion of its portfolio in the major markets in the Southeastern and Southwestern regions of the U.S. Parmenter identifies and acquires underperforming office properties in fundamentally sound in-fill markets that have current or future occupancy issues and require repositioning, and uses its hands on operational skills to create operational efficiencies.
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