Florida Investor Gets $24M Loan for Dallas Office Tower
- Jul 16, 2013
Investor interest in the Dallas-Fort Worth Metroplex is rising as the local economy shows signs of strength. Miami-based Parmenter Realty Partners expanded its portfolio there with the acquisition of 7557 Rambler Road, a 14-story, 310,771-square-foot office building in Dallas.
CBRE Group Inc.’s Debt & Equity Financing Group has secured a loan of $23.8 million for the acquisition of the mid-rise office tower. NXT Capital of Kennesaw, Ga., provided the three-year, floating-rate loan, which was made at a 70 percent loan-to-cost ratio.
Located off of Walnut Hill near Greenville Avenue in the Central Expressway submarket, the Class A office complex has direct access to the Walnut Hill DART station and is less than half a mile from Central Expressway. Major tenants include Crump Insurance, PSA-Deberry Inc., Ameriprise Holdings, Review Med L.P. and Vista Care.
“The Central Expressway submarket is positioned to experience near-term growth in absorption and rental rates due to the tightening of neighboring submarkets, including Uptown and Preston Center,” said Thom Ridnour, senior vice president at Parmenter Realty Partners, in a statement. “Occupancy in these submarkets stands at 89 percent and 94 percent respectively, where rising rental rates are directing tenants into the Central Expressway corridor.”
Currently, 7557 Rambler boasts a 94 Energy Star® rating, as well as several recent improvements. In addition, Parmenter plans to give the property an extensive makeover and seek LEED™ certification from the U.S. Green Building Council.
The building was the company’s eighth investment in Fund IV. With this acquisition, Parmenter Realty Partners now owns and operates more than 2 million square feet of office space in the Dallas market.
Photo: Business Wire