Parmenter Realty Partners buys Nashville office complex

The deal was made through the Miami, Florida-based private real estate investment firm’s third real estate fund, Parmenter Realty Fund III.

Parmenter Realty Partners has purchased the Nashville City Center office complex in Nashville, Tennessee’s central business district. Financial terms of the deal were not disclosed.

The 480,224-square-foot Nashville City Center complex is already fully leased. The deal also includes the acquisition of adjacent land. The firm is planning to construct a 570-unit parking garage and could also consider a mixed-use component, according to Parmenter.

The deal is Miami, Florida-based Parmenter’s ninth investment through its Parmenter Realty Fund III, bringing the fund’s total portfolio to more than $550 million (€353 million).

Parmenter Realty Fund III, focused on US office investments, closed in 2006 with $246 million of commitments. The fund has invested in properties including the 845,419-square-foot Park Central office complex in Dallas, Texas; the 618,774-square-foot SunTrust Headquarters in Richmond, Virginia; and the 433,453-square-foot One Financial Plaza in St. Louis, Missouri.

Parmenter Realty Partners focuses on acquiring underperforming properties with current or future occupancy issues, with expansion or repositioning capacities.