Benderson Development Co. LLC buys Tampa Electric's TECO Plaza

BUYER: 7978 Associates II LLC (principals: David Baldauf), University Park
SELLER: Franklin Street Associates Ltd.
PROPERTY: 702 N. Franklin St., Tampa
PRICE: $22 million
PREVIOUS PRICE: $1 million, July 1979

PLANS, DESCRIPTION: Commercial real estate giant Benderson Development Co. LLC purchased the 277,454-square-foot TECO Plaza for $22 million.

The price equated to $79 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.