IP Capital Partners changes partner, recapitalizes M&I Bank Plaza

BUYER: SCIP 501 LLC (principals: Jason Isaacson and Josh Procacci), Boca Raton
SELLER: 501 East Kennedy Associates LLC
PROPERTY: 501 E. Kennedy Blvd., Tampa
PRICE: $30.36 million
PREVIOUS PRICE: $45.8 million, June 2007
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: An investment partnership led by IP Capital Partners LLC purchased the 296,082-square-foot M&I Bank Plaza 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.