Tuesday, November 27, 2012

Prudential Sells Island Center, Waterford Plaza for $85.5M

National Commercial Real Estate News From CoStar Group

Prudential Sells Island Center, Waterford Plaza for $85.5M

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...

Live From REITWorld: Pace of Mergers and IPOs Likely to Accelerate in 2013

For all the election season bickering over the pace of the economic recovery during the last four years, this year’s gathering of REIT executives was a decidedly happier and more agreeable place than in 2008 when the REIT industry trade show last met in San Diego.

Back then, attendees were agonizing over whether real estate investment trusts could even survive, let alone thrive, amid the frozen credit flows, plunging stock prices and near collapse...

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