News
SHOPPING ATL WITH MILLIONS TO SPEND
August 15, 2012
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| Parmenter Realty just closed another $253M investment fund and is out searching for properties. And this time, Parmenter has tapped a pool of off-shore and pension funds to fuel its buying spree (half the latest fund is institutional money and half endowments, university and family money), says Parmenter?s John Davidson. John joined us for lunch in Norcross to discuss the firm's recent activity. Atlanta is a target for its buying power: ?We think Atlanta got painted by a broad brush by the investment world and it was overlooked.? | |
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| This past year, Parmenter acquired 160 Clairemont and The Lenox Building (above). John says its fund is mainly seeking value-add properties within the CBD. The firm even pursued Concourse Corporate Center. As its older funds wind down, John says Parmenter will look to harvest some of those properties, including possibly Gwinnett Commerce Center, a 210k SF office building that's now more than 90% leased. And what next? ?We're looking at Fund V hopefully this time next year.? |
