IP Capital Partners pays $49M for nine of Parkway Properties' buildings

BUYER: Sabal Venture LLC (manager: IPCP Sabal Management LLC), Boca Raton
SELLER: FLA Owner LLC
PROPERTY: 9720, 9950, 10002 and 10117 Princess Palm Ave., 3632 Queen Palm Drive and 3901, 3922, 3929 and 3923-3925 Coconut Palm Drive, Tampa
PRICE: $48.7 million
PREVIOUS PRICE: $46.78 million, July 2005
LAW FIRM ON DEED: Driver McAfee Peek & Hawthorne PL, Jacksonville

PLANS, DESCRIPTION:
Boca Raton-based real estate investment and asset management firm IP Capital Partners LLC purchased nine Tampa office buildings for $48.7 million.

The price equated to $93 per square foot. That figure is less than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.