FOR IMMEDIATE RELEASE
Contact: Media Relations
Telephone: (305) 379-7500
Parmenter Acquires 200 Ashford Center North In Atlanta, Georgia
MIAMI, Fla., February 17, 2015 – Parmenter today announced the acquisition of 200 Ashford Center North in Atlanta, Georgia; its eleventh investment in the company’s Fund IV. Parmenter purchased the 5-story, 158,384 square foot, office building from SDM Partners and Admiral Capital Real Estate Fund, a partnership between Admiral Capital Group and USAA Real Estate Company. Built in 1989, 200 Ashford Center North is located in the Central Perimeter, Atlanta’s largest office submarket, near the intersection of Ashford Dunwoody Road and Mt. Vernon Highway.
“We are pleased to add 200 Ashford Center North to our Parmenter Realty Fund IV portfolio,” said Darryl Parmenter, Chairman and CEO of Parmenter. “This high-quality building is located in Central Perimeter, an area that is more than just a great transit-oriented area, it is also becoming a thriving ‘live, work, play’ urban market enabling area employers to attract the millennial workforce.”
Parmenter plans to implement a capital improvement program to attract small and mid-size tenants through a move-in-ready suite program. 200 Ashford Center North offers superior on-site amenities as well as easy access to the main arteries of North Atlanta, yet remains removed from the most congested areas of the submarket. It is just minutes from upscale shopping at Perimeter Mall, casual as well as fine dining options throughout the area, and a variety of hotel options.
“Central Perimeter’s vacancy rate currently stands at 10.5 percent and is projected to be in the single digits later this year,” said John Davidson, Managing Principal Southeast Region at Parmenter. “We are excited to have a presence in this important submarket and look forward to our continued expansion in the Atlanta Metro area.”
The seller was represented by David Meline and Samir Idris of Cushman & Wakefield.
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with three regional offices in Dallas, Atlanta and Washington, D.C. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.
About SDM Partners
SDM Partners is a private commercial real estate investment firm focused on acquiring office, industrial, business park, and related land sites located in Atlanta and the Southeast. For more information, visit www.sdmpartners.com.
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral, in partnership with USAA Real Estate Company acquires value-add real estate opportunities through equity and debt investments in office, hotel, multi-family and retail properties valued between $20 million and $60 million. The Admiral founders have also pledged 10% of their profits to philanthropic causes in areas where the fund invests, building on Robinson’s lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.
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For more information on this topic please contact Parmenter Media Relations by calling (305) 379-7500 or via e-mail at MediaRelations@parmco.com.