Tampa office portfolio sold for $48.7 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 13, 2014

Parkway Properties Inc. has sold a portfolio of Tampa office buildings for $48.7 million, according to a Hillsborough County deed filed Friday.

The portfolio includes the buildings that comprise the Sabal Business Center as well as Atrium, Registry One, Registry Two and Registry Square, all of which are off of the Martin Luther King Jr. Boulevard exit of Interstate 75 in East Tampa.

The buyer is IP Capital Partners of Boca Raton, a real estate investment firm that targets value-add real estate - older buildings that can be bought for less than replacement cost and renovated to allow for a rent increase - in Tampa, Jacksonville, Orlando and South Florida. Parkway is in the process of buying a $475 million portfolio of 22 office buildings in six states in order to acquire Corporate Center I, II and III at International Plaza. It's struck a deal to sell the other 19 buildings in that portfolio for $237 million.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.