MIAMI--(BUSINESS WIRE)--Parmenter Realty Partners today announced the sale of Nashville City Center, a 27-story, 482,407 SF, Class A building in downtown Nashville, Tennessee. Brokers were Will Yowell, Douglas Johnson and Jay O’Meara from CBRE. Parmenter Realty Partners bought the building in July 2008 as part of its Parmenter Realty Fund III portfolio.
“Parmenter had a successful investment in Nashville City Center despite the challenging times during which we owned, leased and managed the asset,” said John Davidson, Managing Principal at Parmenter Realty Partners. “During the economic downturn the property maintained occupancy well above the Class A average for the downtown market, and we were able to renew and expand First Tennessee Bank, the third largest tenant, and Waller Lansden, the largest tenant, for another 15 year term.”
Built in 1988, Parmenter Realty Partners renovated the main lobby and floor common areas. Currently an underground parking garage is being built with approximately 499 spaces which will increase the building's on-site parking ratio to 1.75 per thousand square feet. The additional parking will also help with the parking shortage in downtown Nashville particularly in the area around the State Capital and the Tennessee Performing Arts Center. The parking deck has been constructed in a manner to accommodate the future development of a 25-story office and/or apartment building.
Andrew Weiss, Managing Principal and COO of Parmenter Realty Partners, said: “Nashville City Center represents a significant asset sale for Parmenter Realty Fund III that continues to sell properties on behalf of its investors. In addition, this year we completed the disposition of the last asset in Parmenter Realty Fund II, as well as selling the first investment in Parmenter Realty Fund IV.”
Parmenter Realty Partners is a real estate investment, management and development company, headquartered in Miami, Florida, with regional offices in Dallas, Atlanta and Washington, D.C. Parmenter operates a series of institutional investment funds focused on the southern and mid-Atlantic regions of the U.S.
For more information on this topic please contact Parmenter Media Relations by calling (305) 379-7500 or via e-mail at MediaRelations@parmco.com.