DALLAS–Encore Enterprises has purchased Two Forest Plaza from Parmenter Realty Partners. The 200,000-square-foot office building sold for an undisclosed sum.
The sale comes on the heels of a renovation project that Parmenter performed on the property.
“During our ownership of Two Forest Plaza, we made cosmetic improvements in the entrance, lobby and corridors, and we also made significant improvements on the building’s sustainability, getting ENERGY STAR certification and the BOMA 360 Performance Designation,” says Steve Bonner, vice chairman of Parmenter. “Encore Enterprises is exactly the type of buyer we were hoping would purchase Two Forest Plaza and maintain its presence in the market.”
Located at 12202 Merit Dr. in Dallas’s Park Central submarket, the property is 70% occupied. Tenants include La Madeleine and New York Life.
“Encore Enterprises recognized that Two Forest Plaza is strategically located in area that is in direct proximity to some of the city’s most affluent executive housing areas and plentiful retail, hotels, and restaurants,” says Jack Minter, executive vice president at Colliers International, who arranged the sale on behalf of the seller along with colleague Creighton Stark. “It has all the features that are needed to attract high-caliber tenants into the building.”
Dallas-based Encore Enterprises was founded in 1999 and focuses on developing and purchasing mixed-use, full-service hotels, multifamily, retail shopping centers and office properties. With a focus on the Southern, Eastern and Midwestern states, Encore has completed more than $1 billion in acquisitions and development.