{"id":1004045571,"date":"2012-08-13T08:07:53","date_gmt":"2012-08-13T16:07:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004044327"},"modified":"2022-12-07T20:18:21","modified_gmt":"2022-12-08T04:18:21","slug":"parmenter-closes-office-fund-with-1b-in-buying-power","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parmenter-closes-office-fund-with-1b-in-buying-power\/","title":{"rendered":"Parmenter Closes Office Fund with $1B in Buying Power"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/office\/parmenter-closes-office-fund-with-1b-in-buying-power\/1004044327.html\/attachment\/parmenter-fifth-third-center\" rel=\"attachment wp-att-1004044328\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004044328\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hollywood_rendering_300x160-150x150\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/06\/Hollywood_Rendering_300x160-150x150.jpg\" data-orig-size=\"150,150\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Hollywood_Rendering_300x160-150&#215;150\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/06\/Hollywood_Rendering_300x160-150x150.jpg?w=150\" class=\"alignleft  wp-image-1004044328\" title=\"Parmenter - Fifth Third Center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/08\/Parmenter-Fifth-Third-Center1.jpg\" alt=\"\" width=\"270\" height=\"404\" \/><\/a><\/p>\n<p>By Barbra Murray, Contributing Editor<\/p>\n<p>It\u2019s not exactly chump change. Parmenter Realty Partners just closed Parmenter Realty Partners Fund IV L.P., its fourth investment fund, with $253 million in commitments, in addition to $51 million in co-investment capital. When leveraged, the fund&#8217;s total $304 million capitalization will allow for a $1 billion office property shopping spree.<\/p>\n<p>Fund IV&#8217;s closing comes two years after its launch. The investment vehicle targets quality office assets with value-add opportunities. Among its recent purchases is Fifth Third Center, a 654,500-square-foot office tower in the central business district of Charlotte, NC. The fund picked up the property from Bank of America in June, relying on a $120 million financing deal orchestrated by CBRE Capital Markets. The Class-A office tower is presently 98 percent occupied; however, with Wells Fargo planning to leave behind approximately 100,000 square feet at the 15-year-old property in early 2013, the upside could materialize with the leasing of the space at higher rents.<\/p>\n<p>Apparently, Parmenter is doing something right with Fund IV. It attracted more money and a more diverse set of investors than Fund III, which closed in fall 2006 with commitments totaling $245.5 million that provided the capacity to acquire $800 million of office properties. &#8220;Fund IV broadened our investor base to include more corporate and public pensions fund and offshore investors in addition to our traditional endowment, foundation, and family office investors,&#8221; said Andrew Weiss, COO of Parmenter. &#8220;The fund is performing well with a solid cash flow to our investors.&#8221;<\/p>\n<p>Presently, Fund IV is distributing a 6 percent yield on invested capital.<\/p>\n<p>Despite the economy&#8217;s slow crawl to recovery, real estate funds are attracting the big bucks. In July, Federal Capital Partners closed on FCP Realty Fund II L.P. with $529.2 million in hand. With buying power of $1.5 billion, the fund is well positioned to compete for the Mid-Atlantic office, multi-family, retail and industrial assets on its target list.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parmenter Realty Partners has closed its fourth investment fund with more than $300 million capitalization, which will allow the company a $1 billion office property spree.<\/p>\n","protected":false},"author":952,"featured_media":1004045570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21783,21742,21747],"tags":[],"class_list":["post-1004045571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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