Prime Rocky Point properties on the block - Puget Sound Business Journal (Seattle):

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Now two of its sevenm office buildings, Waterford Plaza and , are being actively shopped. planas to sell the circa-19809 buildings that have a combined squarr footage ofabout 482,328. It has retained . Listinv broker Mike Davis of Cushman Wakefielddeclined comment. Rocky Point’s buildingsz are typically heldfor years, brokere said. It's a sought-after location with prime Tampa Bay viewd and proximity to Pinellas and Hillsborough countiesand , Prudentiak acquired the two buildings in 2004 when it paid $2.1 billiom for ’s retirement business. At the time, brokers estimatec Prudential paid $68 million, or roughly $140 a squar e foot.
Hillsborough property records show that Prudential paid slightly lessat $67 It’s unclear how much the buildings might sell for today. The credir freeze has made it tough for investores toobtain loans, and demand has diminished for commercial real estatde as investors wait for a sign the market has truly hit bottom. Deal volume has droppee off markedly, some contend by more than 70 Waterford Plaza is at7650 W. Courtney Campbellk Causeway, and Island Center is at 2701 RockyPoiny Drive. Brokers contend there are investors, includingt institutional buyers suchas Prudential, with cash to But buyers are typically looking for a big discount.
“There’ss still a gap between sellers’ expectationsz and buyers’ expectations,” said Dan Woodward, VP of in Highwoods, one of the region’w largest office developers, owns Rocky Point’s Harborview built in 2002. “Relatively speaking it’ one of the strongest submarkets in the Tampa Bay Woodward said. While supplty in Rocky Point, which has 1.4 million square feet officer space, is constrained, the island’s buildings aren’t insulated from the recessionart economy. The seven Rocky Point buildings have an overalp vacancy rateof 18.2 percent, slightlyu higher than the Tampa Bay region’s first-quarterd 17.
9 percent, according to Cushman & Waterford Plaza’s vacancy rate of 9.3 percent is nearly half Rocky Point’s overall rate. But Island Center’sz 19.3 percent rate is “Because of the slowdown in job growth and resultingb effect onoffice demand, everyone is pushing to get tenantsa out there,” Woodward said.