Parmenter Realty Partners has purchased the Woodland Park Plaza. The Houston-based office building is 68 percent leased. The property is situated in the Westchase submarket, with an occupancy rate of 87 percent.

The acquisition has been made for institutional fund Parmenter Realty Fund IV, which is on track to reach its target of $500 million. Parmenter will start a capital improvement program for more than $3.5 million to improve the property’s existing physical shortcomings and carry out cosmetic renovations to the common areas.

Click here for the release from Business Wire.