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CNL Buys Wachovia Plaza

ST. PETERSBURG, FL-The $26-million deal is its third statewide transaction this year.

By Carl Cronan | Updated on August 20, 2008

(Carl Cronan is editor of Real EstateFlorida.)

ST. PETERSBURG, FL-CNL Commercial Real Estate has purchased the 17-story Wachovia Plaza office building from Parkway Properties Inc. for $26.3 million, or roughly $140 per sf. This is CNL’s third commercial acquisition since the start of this year, having bought other office properties in the Orlando and Tampa markets.

Paul Ellis, president of Orlando-based CNL Commercial Real Estate, says it was able to buy the 185,674-sf landmark in Downtown St. Petersburg because of its ability to secure financing in a tighter credit market. He notes that the building fits well with its strategy of buying well-located assets at favorable prices.

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