Rocky Point properties sell for $85.5M

SELLER: Prisa Rocky Point FL LLC

PROPERTY: 7650 W. Courtney Campbell Causeway and 2701 N. Rocky Point Drive, Tampa

PRICE: $85.5 million

PREVIOUS PRICE: $67 million, September 1995

PLANS, DESCRIPTION: Miami-based real estate investment management company Parmenter Realty Partners purchased the Island Center and Waterford Plaza Class A office buildings on Rocky Point Island for $85.5 million.

The price equated to $173 per square foot.

Both properties are 12 stories tall and combined they have 494,813 square feet of rentable space. The 249,797-square-foot Island Center features the Nature's Table Cafe and a fitness center. Its most prominent tenant is World Triathlon Corp., the company behind Ironman. Built in 1987, the 245,016-square-foot Waterford Plaza includes a gourmet deli and fitness center. It houses the offices of the large engineering and construction firm URS Corp.

Both of the buildings were 85% occupied at the time of the sale.

Mike Davis and Rick Brugge of Cushman & Wakefield of Florida Inc.'s Tampa office, and Michael Lerner of Cushman & Wakefield's Southeast Capital Markets Group represented the seller, Prudential Real Estate Investors. CLW Real Estate Services assisted Cushman & Wakefield in the transaction.

“This really shows that investment capital has a lot of confidence in the Tampa office market and the demographics in Florida in general,” Brugge says. “Tampa has good long-term fundamentals.”

The purchase marks Parmenter Realty Partners' first property in Tampa Bay. The company owns 21 buildings across the South, including Bank of America Tower in Jacksonville.