$76M Trade Illustrates Capital Market Turmoil
By all commercial real estate metrics, the property was a good trade for Parmenter; the complex is currently 80% occupied with SunTrust occupying 54% of the space. In-place rents are well below current market rates, giving Parmenter leasing upside opportunities when the leases roll over. Still, though, CBRE Capital Markets, which arranged the $50 million in acquisition financing, found it difficult to place the loan.
