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Parmenter Realty Gets $33M Loan for Buy-Out Deal

FORT LAUDERDALE, FL-The real estate development, investment and management company bought out its partner in Corporate Center, a 342,959-sf, class A office building Downtown. The building is 80% occupied.

By Melissa Bogdany | Updated on August 13, 2004

FORT LAUDERDALE, FL-LJ Melody & Co. arranged $32.9 million in permanent financing for Corporate Center, a 342,959-sf, class A office building Downtown. The lender was Deutsche BankThe borrower, Parmenter Realty Partners, bought out its partner in the building, whose name was not disclosed, according to Christian R. Lee, senior vice president of CB Richard Ellis’ Institutional Group. The building is approximately 80% occupied by such major tenants as Certified Tours, Silverseas Cruises, Stratis, State Farm Insurance and Sprint Communications.Lee and Charles J. Foschini, senior director of the South Florida office of LJ Melody, CBRE’s real estate banking arm, arranged the financing for Parmenter Realty Partners.Parmenter Realty Partners purchased the building for $28.7 million in January 1998, and Parmenter Realty Partners’ website indicates a current market value of $44 million.

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