FOR IMMEDIATE RELEASE
Contact: Media Relations
Telephone: (305) 379-7500
Parmenter Sells Rambler Park in Dallas, Texas
MIAMI, Fla., March 31, 2016 – Parmenter announced today the sale of Rambler Park to a joint venture between New York based Ascent Real Estate Advisors and Dallas based EY Ventures for an undisclosed amount. Parmenter purchased the 310,771 square foot office building in June 2013 as part of its Parmenter Realty Fund IV portfolio. The 14-story building is located in in the Central Expressway submarket of Dallas, Texas.
”Parmenter invested approximately $2.5 million in capital over the 33 month holding period, bringing occupancy up to 87% from 58% at the time of purchase,” said Josh Hedderich, Senior Vice President Asset Management at Parmenter. “We executed the business plan which entailed a new roof overlay, ten floors of new corridor and restroom finishes, a direct connection to the adjacent DART rail line, a new domestic water riser, spec suites including a tenant lounge amenity, and various landscaping and site enhancements.”
The building was re-branded Rambler Park in 2014, and earned the first LEED™ Platinum EBOM certification in North Texas in 2014. HFF’s Dallas office marketed the property for sale on behalf of Parmenter.
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Dallas and Atlanta. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.
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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.