Parmenter Announces Sixth Purchase for Fund II

Miami, FL (January 21, 2005) Parmenter Realty Partners, as advisor to Parmenter Realty Fund II Investments, is pleased to announce the acquisition of Gwinnett Commerce Center, a 211,000 square foot office building located in Gwinnett County at 3700 Crestwood Parkway near the Marriott Gwinnett Place Hotel.

Parmenter is planning several significant capital improvement renovation programs which will reinforce the position of Gwinnett Commerce Center as the premier office building in fast-growing Gwinnett County.  Among the improvements planned are renovations to the main lobby, elevators, tenant common areas as well as the parking deck.  In addition, on-going up-grades to the building and its mechanical systems will take place.  The property boasts Gwinnett’s only covered parking, an in-building restaurant, and a conference center for tenant use.

Parmenter success is based on a disciplined, hands-on property management approach.  One of the most important changes to take place will be having a dedicated property management team member on-site to ensure that tenants’ needs and concerns are addressed at all times. 

Parmenter Realty Partners is a real estate investment, management and development company headquartered in South Florida with regional offices in Dallas and Atlanta.  It is actively involved in the expansion of its portfolio in the major markets in the southeastern United States.  The acquisition of Gwinnett Commerce Center marks the third property it has been involved with purchasing in Atlanta and the sixth overall in Fund II.  In all, Parmenter Realty Partners manages over 3 million square feet of office space.

For more information please contact Andrew Weiss 305-379-7500.