MIAMI--(BUSINESS WIRE)--Parmenter Realty Partners announced today the acquisition of two Class A office buildings on Rocky Point in the Westshore submarket of Tampa Bay. The Rocky Point acquisition consists of: Island Center, a 250,000-square-foot, 12-story office building completed in 1985, and Waterford Plaza, a 245,000-square-foot, 12-story office building completed in 1986.
“These assets will undergo a $1.7 million renovation which consists of cosmetic improvements of the building’s lobbies and multi-tenant corridors and restrooms, replacement of the roofs, and upgrades to the building’s mechanical systems. Both buildings have ample parking and on-site amenities that are well suited for large and small users”
Parmenter Realty Partners purchased the two buildings from a fund advised by Prudential Real Estate Investors, with financing provided by JP Morgan. “These assets will undergo a $1.7 million renovation which consists of cosmetic improvements of the building’s lobbies and multi-tenant corridors and restrooms, replacement of the roofs, and upgrades to the building’s mechanical systems. Both buildings have ample parking and on-site amenities that are well suited for large and small users,” said John Davidson, Managing Principal of Parmenter Realty Partners’ Southeast Region.
Westshore is the most prestigious and top performing office submarkets in the area. Demand in the area has resulted in extensive private business expansion by some of the world’s most recognized corporations including AT&T, JP Morgan Chase and Blue Cross Blue Shield.
“This acquisition will be Parmenter Realty Partners’ 7th purchase for Fund IV and its first in Florida,” said Andrew Weiss, Chief Operating Officer of Parmenter Realty Partners. “We have great confidence in the current economic conditions of Florida. Tampa specifically is benefiting from relocations and startups of the technology and biotech companies. In the last two years the Tampa Bay area has posted positive job growth, and the area’s office market demand has increased for both new and expansion space. We want to be in the market as it’s beginning the recovery portion of the cycle.”
Parmenter Realty Partners is a real estate investment, management and development company headquartered in Miami, Florida. With regional offices in Dallas, Atlanta and Washington D.C., Parmenter Realty Partners operates a series of institutional investment funds focused on the southern regions of the United States. Parmenter Realty Partners is actively involved in the expansion of its portfolio in major markets, identifying and acquiring underperforming properties and utilizing its vertically-integrated platform to increase value on behalf of its investors.
For more information on this topic or to schedule an interview with a Parmenter representative, please contact Parmenter Media Relations by calling (305) 960-2117 or via e-mail at MediaRelations@parmco.com.