DALLAS-Miami-based Parmenter Realty Partners has acquired the 14-story, 310,771 square foot office tower at 7557 Rambler Rd. in Dallas. The building is the 8th investment in the company's Fund IV.
“The Central Expressway submarket is positioned to experience near term growth in absorption and rental rates due to the tightening of neighboring submarkets including Uptown and Preston Center,” said Thom Ridnour, SVP at Parmenter Realty Partners. “Occupancy in these submarkets stands at 89% and 94% respectively, where rising rental rates are directing tenants into the Central Expressway corridor.”
The building is located off of Walnut Hill near Greenville Avenue, and has direct access to the Walnut Hill DART station, and is located less than a half-mile from Central Expressway. The tower attracts tenants seeking a quality occupancy as well as convenient access to the Park Cities, Preston Hollow, and Lake Highlands neighborhoods. The high quality asset features a number of recent and planned upgrades, providing an opportunity for efficient, top quality space at competitive economics. Currently the building has a 94 Energy Star rating, and Parmenter Realty Partners intends to pursue LEED certification.
“We continue to expand our portfolio in Texas and the Dallas/Ft. Worth Metro since they remain national leaders in population and employment growth,” said Steve Bronner, managing principal southwest region. “The local economy is one of the most diverse in the country with major players in key long-term growth industries thereby mitigating the market risk against a downturn in any particular industry.”
With this acquisition, Parmenter Realty Partners now owns and operates over two million square feet of office space in the Dallas market.
Parmenter Realty Partners is a real estate investment, management and development company, headquartered in Miami, FL, with regional offices in Dallas, Atlanta and Washington, D.C. Parmenter operates a series of institutional investment funds focused on the southern and mid-Atlantic regions of the U.S.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
