TAMPA -- A Miami-based real estate investment trust acquired its third office structure in Tampa's Rocky Point business district, buying Rocky Point Centre for $35.1 million.
The trust, Parmenter Realty Partners, closed the deal on the eight-story, 181,000-square-foot office building June 30 for $193 per square foot. With its acquisitions of both Island Center and Waterford Plaza nearby in 2012, Parmenter has now increased its Rocky Point inventory to 680,000 square feet, the company says. The firm paid $85.5 million, or $173 per square foot, for its first two Rocky Point buildings, which previously sold in 1995 for $67 million.
Built in 1985, the latest building Parmenter bought was owned by Atlanta-based Invesco Ltd., which purchased it through a subsidiary in May 2000 for $27.7 million. The company completed a renovation of the main lobby and atrium area in 2014, according to a release, and Parmenter has plans for another $2.65 million in capital improvements.
Since 1999 Parmenter has created four different REIT funds that raised a combined $717.1 million. The firm opened a fifth fund in January, although it did not disclose how much it's looking to raise.
Rocky Point Centre was purchased using a $25.3 million mortgage from Bank of America.