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.