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Prudential Sells Island Center, Waterford Plaza for $85.5M

Parmenter Acquires Pair of 12 Story Office Bldgs on Rocky Point Island
November 27, 2012
Prudential Real Estate Investors have sold the Island Center and Waterford Plaza office buildings on prestigious Rocky Point Island in Tampa, FL to Parmenter Realty Partners for $85.5 million, or about $169 per square foot.

Totaling 494,813 square feet, the 12-story, class A office buildings were 85 percent leased at the time of sale to tenants including URS Corp., Cigna Healthcare, GXS Inc., and TCM Bank. Island Center totals 249,797 square feet on 2.9 acres at 2701 N. Rocky Point Dr. and was built in 1985. Waterford Plaza is 245,016 square feet and was built in 1986 on 3.1 acres at 7650 W. Courtney Campbell Cswy.

Mike Davis, executive director, Rick Brugge, CCIM, associate director, and Michael Lerner, senior director with Cushman & Wakefield's Southeast Capital Markets Group in Florida represented the sellers. CLW Real Estate Services assisted in the sale. The buyers were represented in-house.

Speaking on the core investment market as it relates to the sale of these iconic properties, Davis said, "The Capital markets again view Tampa positively from a long-term investment perspective. Accordingly, well-positioned core assets are in high demand."

Please see CoStar COMPS #2606021 for additional information on this transaction.

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