Denholtz paid New York-based JP Morgan Investment Management Inc. $66.63 per sf for the 95%-occupied complex near Interstate 275. The acquisition is the company's fourth in Tampa over the last eight months, bringing its local portfolio to 550,000 sf. Statewide, Denholtz owns 1.5 million sf.

Among Pinellas Business Center tenants are SunTrust Bank, Verizon, Progressive Insurance, Jabil Circuit and Kodak. The newest acquisition follows a risk management strategy Denholtz has been using for some time.

"The transaction reflects our acquisition program of purchasing high-quality properties significantly below replacement cost that feature numerous tenants with diverse uses," Stewart Denholtz, the company's managing director, says in a prepared statement. "The (existing) below-market rents will provide substantial value-added potential" to the purchase.