TAMPA—Parmenter Realty Partners just snapped uptwo class A office buildings on Rocky Point in Tampa Bay'sWestshore submarket. Parmenter paid $85 millionfor the office assets.

Parmenter purchased the two buildings from a fund advised byPrudential Real Estate Investors. JPMorgan provided financing. The Rocky Point acquisitionincludes Island Center, a 250,000-square-foot, 12-story officebuilding completed in 1985, and Waterford Plaza, a245,000-square-foot, 12-story office building completed in1986.

“These assets will undergo a $1.7 million renovation whichconsists of cosmetic improvements of the building's lobbies andmulti-tenant corridors and restrooms, replacement of the roofs, andupgrades to the building's mechanical systems,” commentedJohn Davidson, managing principal of ParmenterRealty Partners' Southeast Region. “Both buildings have ampleparking and on-site amenities that are well suited for large andsmall users.”