Loading
SELLER: Prisa Rocky Point FL LLC
PROPERTY: 7650 W. Courtney Campbell Causeway and 2701 N. Rocky Point Drive, Tampa
PRICE: $85.5 million
PREVIOUS PRICE: $67 million, September 1995
PLANS, DESCRIPTION: Miami-based real estate investment management company Parmenter Realty Partners purchased the Island Center and Waterford Plaza Class A office buildings on Rocky Point Island for $85.5 million.
The price equated to $173 per square foot.
Both properties are 12 stories tall and combined they have 494,813 square feet of rentable space. The 249,797-square-foot Island Center features the Nature's Table Cafe and a fitness center. Its most prominent tenant is World Triathlon Corp., the company behind Ironman. Built in 1987, the 245,016-square-foot Waterford Plaza includes a gourmet deli and fitness center. It houses the offices of the large engineering and construction firm URS Corp.
Both of the buildings were 85% occupied at the time of the sale.
Mike Davis and Rick Brugge of Cushman & Wakefield of Florida Inc.'s Tampa office, and Michael Lerner of Cushman & Wakefield's Southeast Capital Markets Group represented the seller, Prudential Real Estate Investors. CLW Real Estate Services assisted Cushman & Wakefield in the transaction.
“This really shows that investment capital has a lot of confidence in the Tampa office market and the demographics in Florida in general,” Brugge says. “Tampa has good long-term fundamentals.”
The purchase marks Parmenter Realty Partners' first property in Tampa Bay. The company owns 21 buildings across the South, including Bank of America Tower in Jacksonville.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
