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TAMPA — Two prominent office properties on Rocky Point Island, Waterford Plaza and Island Center, have been sold for $85.5 million, according to the commercial real estate firm Cushman & Wakefield, which represented the seller, Prudential Real Estate Investors.
Parmenter Realty Partners purchased the office buildings, says Rick Brugge, associate director for capital markets in Cushman & Wakefield's Tampa office. He negotiated the deal along with Mike Davis, executive director of Cushman & Wakefield's Southeast Capital Markets Group, and Michael Lerner, senior director at the group. The sale was finalized Nov. 15.
The deal is a good sign for the commercial real estate market, says Brugge. “I think it shows there is momentum in the market. People believe in Tampa and want to invest here.”
The buyer, Parmenter Realty Partners, an institutional, privately held real estate investment, management, and development company, is based in Miami. According to its website, it also has offices in Atlanta and Dallas.
The two 12-story, Class-A properties are roughly 250,000 square feet, with Island Center slightly larger. Built in the mid-1980s, they were 85% leased at the time of the sale, according to Cushman & Wakefield. They are located in Tampa's prime Westshore Business District, along the Courtney Campbell Causeway, not far from Tampa International Airport.
The properties had been bundled for sale three years earlier, in a difficult market. “It was marketed in 2009 during the depths of the recession, and then pulled from the market,” says Brugge.
But this time, the market was ready. “I think both the seller and buyer were pleased with the transaction and happy with it overall,” says Brugge.