Holliday Fenoglio Fowler LP or HFF said it was able to arrange financing on behalf of Parmenter Realty Partners for the acquisition of Tower at Cityplace. The loan, secured through GE Capital Real Estate, was valued at USD 100 million. Aside from using the proceeds to purchase the 1.3 million square foot Class A office tower located near downtown Dallas, the deal also had a future funding component which can be used for leasing and capital expenditures.
According to a Dallas News report, Parmenter Realty Partners bought the 42-story story office tower last week. Although the company did not state the price tag for the deal, the report said that the transaction was worth over USD 130 million. Parmenter Realty Partners is a Miami-based real estate investment, management and development firm. It also has regional offices in Atlanta, Dallas and Washington, DC.
The Tower at Cityplace stands at 2711 North Haskell Avenue and is 69% leased to tenants which include Lone Star/Hudson Advisors, Dean Foods, Headington Oil and AON Service Corporation. A 35,000- square foot Larry North Fitness Center is also found in the property. It also features 55,000 square feet of meeting room space and an amphitheater with 300 seats. It also houses restaurants and has a direct access to the KcKinney Avenue Trolley service as well as that of DART rail.
HFF Senior Managing Director John Brownlee and Associate Director Jim Curtin led the transaction for Parmenter Realty. HFF provides commercial real estate and capital markets services to the commercial real estate industry in the US through its 21 offices nationwide. Together with HFF Securities, HFF provides clients with a national capital markets platform that is fully integrated. Their services include investment sales, debt placement, advisory services, equity placement, commercial loan servicing and loan sales. HFF Inc owns both HFF and HFF Securities.
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