M&I Bank Plaza ownership changes

TAMPA -- SCIP 501 LLC, an investment partnership led by IP Capital Partners LLC purchased the 296,082-square-foot M&I Bank Plaza at 501 E. Kennedy Blvd., Tampa for $30.36 million.

The price equated to $103 per square foot. That figure is less than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

IP Capital Partners previously owned the building with different partners. IP Capital Partners was unavailable to comment on the sale as of deadline, but the Business Observer has learned that the change in ownership was part of a recapitalization of the property.