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190,000-SF Office Asset Sale Nears $38M

MEMPHIS-A Parkway Properties fund takes title to the Renaissance Center. The eight-story property is nearly 97% leased.

By Melissa Kress | Updated on December 22, 2006

MEMPHIS-Parkway Properties Office Fund, LP has acquired the eight-story Renaissance Center for $37.6 million. Located at 1715 Aaron Brenner Dr., the 190,000-sf asset is 96.6% occupied.

Renaissance Center, built in 2000, is situated on seven acres in the East Memphis submarket. The property also features 448 parking spaces in a three-level parking garage and 213 surface parking spaces. In addition to the sale’s price, the fund expects to spend $1.4 million for closing costs, building improvements, leasing costs and tenant improvements over the next two years, according to Jackson, MS-based Parkway Properties officials.

Parkway Properties officials did not name the seller; however, according to published reports DBSI Group purchased the property from the developer Weston Cos. in 2005 for $27.1 million.

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