LAKE MARY, FLA. — Parmenter Realty Partners has received $84 million in financing to partially fund the company’s acquisition of Primera Towers I–V, a five-building office park in Lake Mary.
The 772,000-square-foot park is located at 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Blvd. just north of Orlando. Holliday Fenoglio Fowler (HFF) arranged the financing.
Primera Towers is 89 percent leased to tenants like Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB. The park features on-site fitness centers and a café with patio seating.
The suburban mid-rise buildings were developed between 1997 and 2000 immediately east of Interstate 4.
HFF’s Ed Coco and Matt Casey worked on behalf of Parmenter Realty Partners investment fund and an institutional equity partner to secure the funds through JPMorgan Chase Bank NA.
Parmenter acquired Primera Towers for $130 million. The seller was a joint venture between Banyan Street Capital, Oaktree Capital Management and Balandis AG. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the JV in the sales transaction.
This sale was the first time in the park’s history that ownership has ever been consolidated. Parmenter plans to expand the campus’ services and amenities.
“Our clients created tremendous value by consolidating the previously fractured ownership structure that existed within Primera,” Lerner said at the time of the sale. “This best-in-class portfolio was acquired from four different owners over the past 10 years and this sale represents the first time in the park’s history that all five buildings are controlled by one group.”
The sale was Orlando’s largest suburban office sale since Heathrow International Business Center was sold in 2002.
— Nellie Day