Parmenter buys Rocky Point Centre for $35 million

BUYER: 3030 North Rocky Point Drive LLC (Parmenter REIT Fund V LLC), Miami
SELLER: Mid-West Portfolio Corp.
PROPERTY: 3030 N. Rocky Point Drive, Tampa
PRICE: $35.1 million
PREVIOUS PRICE: $27.7 million, May 2000
LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION:
An affiliate of Miami's Parmenter Realty Partners purchased the eight-story Rocky Point Centre in Tampa for $35.1 million.

The price equated to $194 per square foot.

The 181,014-square-foot building was constructed in 1985. It was 93% occupied at the time of the sale.

Atlanta-based Invesco Ltd. has owned the building for the past 15 years.

Parmenter already owns Island Center and Waterford Plaza, and with this purchase, now controls 680,000 square feet of space in that area.

Parmenter plans to spend $2.65 million on capital improvements to Rocky Point Centre.

Parmenter mortgaged the property to Bank of America NA for $25.3 million.