Parmenter Sells Rambler Park in Dallas, Texas
Parmenter revealed today the sale of Rambler Park to a joint venture in between New York based Ascent Real Estate Advisors and Dallas based EY Ventures for a concealed amount. Parmenter acquired the 310,771 square foot office building in June 2013 as part of its Parmenter Realty Fund IV portfolio. The 14-story building lies in the Central Expressway submarket of Dallas, Texas.
"Parmenter invested roughly $2.5 million in capital over the 33 month holding duration, bringing occupancy approximately 87 % from 58 % at the time of purchase," said Josh Hedderich, Senior Vice President Asset Management at Parmenter. "We performed the business plan which involved a brand-new roof overlay, ten floors of brand-new corridor and washroom finishes, a direct connection to the nearby DART rail line, a brand-new domestic water riser, spec suites consisting of a tenant lounge feature, and numerous landscaping and site enhancements.".
The structure was re-branded Rambler Park in 2014, and earned the very first LEED Platinum EBOM accreditation in North Texas in 2014. HFF's Dallas office marketed the property for sale on behalf of Parmenter.