MIAMI--(BUSINESS WIRE)--Parmenter Realty Partners announced today the acquisition of Woodland Park Plaza, a 225,727 square foot 68% leased office building located in the Westchase submarket of Houston, Texas. This is the firm’s first investment in Houston and the second for Parmenter Realty Fund IV, an institutional fund on target to reach its goal of $500 million.
With a submarket occupancy rate of 87%, this acquisition represents an exceptional value-add opportunity. “Parmenter will be embarking on a capital improvement program in excess of $3.5 million to correct the property’s present physical deficiencies as well as carry out cosmetic renovations to the common areas. Upon completion Woodland Park Plaza will be a true Class A asset,” said Steve Bronner, Managing Principal - Southwest Regional Partner of Parmenter Realty Partners.
According to the latest report published by the US Bureau of Labor Statistics, Houston added more non-farm jobs than any other metropolitan area in the country. “Having closely monitored the Houston market for some time, we are excited about the unprecedented buying opportunities we are now seeing. Those opportunities coupled with the region’s strong job growth forecast is certain to provide the returns our partners are seeking," said Andrew Weiss, Chief Operating Officer of Parmenter Realty Partners. “The focus of many investors today is undoubtedly shifting away from gateway and into secondary markets.” Parmenter Realty Fund IV is targeted to be $500 million and will focus on distressed assets in the Southern half of the United States.
About Parmenter Realty Partners
Parmenter Realty Partners operates a series of institutional funds as 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 this region. Parmenter identifies and acquires underperforming properties that have current or future occupancy issues, expansion potential or require repositioning, such as renovations, upgrading, or new development.