MIAMI--(BUSINESS WIRE)--Parmenter Realty Partners announced today the acquisition of 160 Clairemont, a 121,686 square foot Class A office building located in Atlanta, Georgia. The property is currently 72% leased and is located in the Decatur submarket of Atlanta. This acquisition is one of the first for Parmenter Realty Fund IV, which is on target to reach its goal of $500 million.
“Downtown Decatur has been one of the best performing submarkets in the Atlanta metro. The building was repositioned to a multi-tenanted building by the previous owner and leased up from almost totally vacant to 72% in the past two years, a tall order in these economic conditions and a testament to the quality of the building,” said John Davidson, Managing Principal – Southeast Regional Partner of Parmenter Realty Partners. “The building is already one of the best in the market, and with the additional renovations planned to the lobby and other areas it is certain to become the best building downtown.”
Parmenter Realty Fund IV has a target of $500 million and will focus on distressed assets in the Southern half of the United States. “We believe the acquisition of 160 Clairemont is indicative of the exceptional buying opportunities we will continue to see for some time,” said Andrew Weiss, Chief Operating Officer of Parmenter Realty Partners. “Without question, investor focus is shifting away from gateway cities and into secondary markets. Our deep knowledge and expertise in these markets will prove to be essential in achieving the returns our partners are seeking.”
Financing was provided by American National Insurance Company, represented by Gary Dunkman.
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.