KW Commercial secures office space in centrally located Courthouse Square
ST. PETERSBURG, Fla. (July 22, 2013) – Colliers International Tampa Bay closed the sale of Courthouse Square, a 27,341-square-foot, three-story office building in downtown St. Petersburg, after six months of working with the owner to prepare the property for sale.
The property sold for $1.7 million. Kevin R. Yeager, Senior Associate Office Services of Colliers International Tampa Bay, represented the seller, Cheryl A. Guldenschuh. John Wittner of KW Commercial represented the buyer, Chadwick Family Trust.
Courthouse Square, located in the heart of downtown, has such tenants as the YMCA of Greater St. Petersburg, Florida Public Broadcasting Service and Life Advantages.
Working with the owner to make the building more attractive for sale, Colliers helped bring the occupancy rate of the building up from 50 to 65 percent. Also, Colliers worked to help bring a number of the building’s leases up to date.
The new owner is making plans to fill the remaining space, including putting a KW Commercial office into the building.
“We were pleased with how we were able to help the property’s salability,” said Yeager. “It’s an older building, built in 1966 and renovated in 1997, but it has a lot of potential, coupled with a prime location.”
The Class B property is located at 600 First Avenue N in St. Petersburg.
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