BRIEF: Parmenter Realty buys VHA Place office tower in Las Colinas [The Dallas Morning News]
Jun. 16--Florida-based investor Parmenter Realty Partners has added to its Dallas-area holdings by purchasing the 13-story VHA Place office tower in Las Colinas.
The 326,000-square-foot office building, at 220 E. Las Colinas Blvd. near State Highway 114, is more than 80 percent leased. Parmenter said it paid less than $50 per square foot for the building, which is in Las Colinas' Urban Center.
The company said it bought the building from Parmenter Realty Fund III, which has about $600 million in assets.
"We are excited about this acquisition, as it represents our first of what we believe will be many acquisitions of this nature over the next several years," Andrew Weiss, chief operating officer of Parmenter Realty Partners, said in a prepared statement.
American National Insurance Co. financed the purchase.
In 2006, VHA Place was sold to San Diego-based Equastone Real Estate Investment Advisors for more than $25 million. The lenders who foreclosed on the building in March listed more than $24 million in debt. Parmenter paid less than $16.5 million for the property.
VHA Place is next to two other office towers Parmenter owns, and it owns three office towers in the Park Central business park in North Dallas.
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