Miami-based Parmenter Realty Partners finalized the sale of a three-building Dallas office portfolio it has owned since 2006, selling Park Central 7-8-9 to institutional investor PIMCO for an undisclosed amount.
Parmenter originally acquired the 845,919-square-foot, Class A complex through its Parmenter Realty III Fund for $83.7 million. Following the acquisition, the firm executed a capital improvement program to the tune of $7 million which was aimed at improving the buildings aesthetics, interior finishes and mechanical systems.
Built in 1982-1983, Park Central 7-8-9 delivered at 12750-12790 Merit Dr. near the southwest corner of the U.S. Route 75 and I-635 interchange in Dallas' East LBJ Freeway submarket. Trinity Universal Insurance Co., Interstate Batteries, and 1st Global serve as anchor tenants.
Each of the buildings are LEED Gold certified EBOM as of May 2011. The complex is also the recipient of the 2009-2010 International Toby Award in the Renovated Building category, is Energy Star certified and has BOMA 360 Performance Program designation.
Please see CoStar Comp #3081496 for more information on the transaction.