posted on June 17, 2010 21:54
Miami-based Parmenter Realty Partners has acquired the 326,000-square-foot VHA Place office building in Las Colinas.
Parmenter bought the 13-floor building for less than $50 per square foot, according to a statement from the company. The building at 220 Las Colinas Blvd. is 82 percent leased.
“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.
The building will be part of Parmenter Realty Fund III, which has about $600 million in assets. VHA Place is next 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,” said Steve Bronner, the company's Southwest regional managing principal.
Financing for the acquisition was provided by American National Insurance Co.
June 15th, 2010 | Bill Hethcock | Dallas Business Journal