Prime Rocky Point properties on the block - Tampa Bay Business Journal:

http://acuraplanet.ru/glavnaya/index.html
Now two of its sevem office buildings, Waterford Plaz a and , are being actively plans to sellthe circa-1980 buildings that have a combined square footage of about It has retained . Listing broketr Mike Davis of Cushman & Wakefield declinedd comment. Rocky Point’s building s are typically heldfor years, brokera said. It's a sought-after location with prime Tampa Bay viewx and proximity to Pinellas and Hillsboroug countiesand , Prudential acquired the two buildingsx in 2004 when it paid $2.1 billion for ’e retirement business. At the time, brokers estimatec Prudential paid $68 million, or roughly $140 a square foot.
Hillsborough propertyu records show that Prudential paid slightlu lessat $67 million. It’s unclead how much the buildings might sellfor today. The credit freeze has made it tougn for investors toobtain loans, and demand has diminishedd for commercial real estate as investors wait for a sign the markety has truly hit bottom. Deal volume has dropped off some contend by more than70 percent. Waterford Plaza is at 7650 W. Courtneyu Campbell Causeway, and Island Center is at 2701 RockyPoint Drive. Brokers contend there are investors, includingv institutional buyers suchas Prudential, with cash to spend.
But buyersx are typically looking for abig “There’s still a gap betwee n sellers’ expectations and buyers’ expectations,” said Dan VP of in Tampa. one of the region’s largest offics developers, owns Rocky Point’s Harborview built in 2002. “Relatively speakinf it’s one of the stronges submarkets in the TampaBay area,” Woodwarsd said. While supply in Rocky which has 1.4 million square feet office is constrained, the island’sw buildings aren’t insulated from the recessionary The seven Rocky Poinyt buildings have an overall vacancy rateof 18.2 slightly higher than the Tampa Bay region’ s first-quarter 17.
9 percent, according to Cushmaj & Wakefield. Waterford Plaza’e vacancy rate of 9.3 percent is nearly half Rocky Point’s overal l rate. But Island Center’s 19.3 percent rate is higher. “Becaus e of the slowdown in job growth and resulting effect onofficw demand, everyone is pushing to get tenants out Woodward said.