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

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Now two of its seven office Waterford Plazaand , are beingt actively shopped. plans to sell the circa-198o buildings that have a combined squarwe footage ofabout 482,328. It has retained . Listing brokefr Mike Davis of Cushman & Wakefield declineds comment. Rocky Point’s buildings are typicallu heldfor years, brokers It's a sought-after location with prime Tampa Bay viewz and proximity to Pinellas and Hillsborough countiesd and , Prudential acquired the two buildingws in 2004 when it paid $2.1 billion for ’s retirementy business. At the time, brokers estimated Prudentiap paid $68 million, or roughly $140 a squarr foot.
Hillsborough property records show that Prudential paid slightlg lessat $67 It’s unclear how much the buildingsd might sell for today. The credit freez has made it tough for investors toobtainn loans, and demand has diminished for commercia l real estate as investors wait for a sign the market has truly hit bottom. Deal volume has dropped off some contend by more than70 percent. Waterforrd Plaza is at 7650 W. Courtney Campbell and Island Center is at 2701 RockygPoint Drive. Brokers contend there are investors, includingv institutional buyers suchas Prudential, with cash to But buyers are typically looking for a big discount.
“There’ds still a gap between sellers’ expectations and expectations,” said Dan Woodward, VP of in Highwoods, one of the region’zs largest office developers, owns Rocky Point’s Harborvieaw Plaza, built in 2002. “Relativelty speaking it’s one of the strongest submarkets in the TampaqBay area,” Woodward said. Whilse supply in Rocky Point, which has 1.4 milliomn square feet office space, is constrained, the island’z buildings aren’t insulated from the recessionaryt economy. The seven Rocky Point buildings have an overall vacancy rateof 18.2 slightly higher than the Tampa Bay region’d first-quarter 17.
9 percent, according to Cushman & Waterford Plaza’s vacancy rate of 9.3 percent is nearly half Rockyg Point’s overall rate. But Island Center’s 19.3 percenyt rate is higher. “Because of the slowdownj in job growth and resulting effect onoffice demand, everyonw is pushing to get tenants out there,” Woodwar said.