Parmenter Buying 200 Ashford Center?
Parmenter Realty could be making inroads into the Central Perimeter office market. Sources tell us the Miami-based investment firm is eyeing buying 200 Ashford Perimeter from SDM Partners for an undisclosed sum. We first reported in November that SDM was putting the 160k SF building for sale (co-owned by USAA Real Estate Co and Admiral Capital Real Estate Fund). We met up with Parmenter's John Davidson during JLL's breakfast forecast yesterday, but he declined to comment.
Certainly, buying office in Central Perimeter is a strategic gambit at this juncture: The submarket has been the best performing office market in all of metro Atlanta in recent months, thanks in large part to State Farm, which has—for the moment—eaten most of the big blocks of remaining space. Plus, momentum has been added with the coming Mercedes-Benz HQ in Sandy Springs, which only solidifies Central Perimeter as a corporate office market darling among the Fortune 500 crowd. It's a bet that Crocker Partners is taking, which has Lakeside Office Park under contract, as we recently reported.
