Nine Tampa office buildings sold for $49 million

TAMPA — 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.

The about 519,000-square-foot properties includes the five-story The Atrium, three-story Registry One, three-story Registry Two, Registry Square, three-story Sabal Corporate Center and Sabal Business Center I, II, III and V.

The properties, which were all previously owned by Parkway Properties, were 74% occupied at the time of the sale.

“We love the location and the turnaround story that's occurring in Tampa,” says Josh Procacci, chief investment officer. “It was also a little bit of a value-add play. We plan to turn them around and inject some new capital to bring them back to stabilization.”

The company has hired Taylor & Mathis to manage the buildings.

The buildings' former owner, Parkway Properties, has turned most its recent attention locally to the Corporate Center I, II, and III at International Plaza. In late September, it acquired a 22-office-building portfolio that included the three Corporate Center buildings for $475 million and has since sold off the other 19 office building for $237 million. Parkway Properties retained ownership of the 252,364-square-foot Sabal Business Center IV and also owns Buschwood Park I, II and III, Corporate Center Four at International Plaza, Cypress Center I, II, III and IV, The Pointe, West Shore 500 and Westshore Corporate Center.

IP Capital Partners already owns the M&I Bank Plaza in downtown Tampa.