CLEARWATER, Fla. (Oct. 22, 2015) – Park Place Office & Promenade, one of the most well-known office parks in Pinellas County, Fla., has sold to an affiliate of Steelbridge Capital, a real estate investment company with headquarters in Chicago and Miami. The purchase price was not disclosed.
The properties, located at 311, 410, 420 and 430 Park Place Boulevard in Clearwater include a six-story, 118,447-square-foot office building and three, single-story, promenade-style buildings, totaling 50,221 square feet. The property was 96 percent occupied at the time of sale.
John Gerlach, CCIM, Vice President of Investment Services at Colliers International Tampa Bay, represented the undisclosed seller. The buyer is Steelbridge II, Park Place LLC.
Park Place has a well-landscaped, campus-style environment, and is the only Class A office park in Northern Pinellas County. Built in 1985, the four office buildings sit on 17.3 acres, and include generous surface parking for tenants.
It is centrally located between the key north-south arteries of U.S. Highway 19 and McMullen Booth Road, and fronts the key east-west artery of Gulf to Bay Boulevard. The office park is a ten minute drive to Tampa International Airport, the Westshore office market and downtown Clearwater.
“Park Place presented a unique opportunity for the buyer to acquire a stabilized property with a strong tenant mix at a price well below replacement cost in one of the most desirable locations in Pinellas County. The property is across from the Clearwater Mall with a unique four way signalized entrance and is the preeminent choice for tenants who draw from Northern Pinellas, Pasco County or South-Central Pinellas,” said Colliers’ Gerlach. “The property is also in excellent condition.”
“We are pleased to be back in Tampa buying office property” said Mike Manno, Principal at Steelbridge Real Estate Services. “After our successes in the last cycle with such properties as the Urban Center and Sunforest I and II in Westshore, and Bushwood II and III in North Tampa, we are focused on expanding our Tampa Bay regional footprint.”
Steelbridge will manage the property in concert with the Tampa office of JLL. Colliers International Tampa Bay’s office team of Alan Feldshue and Melanie Jackson will continue to lease the property, as they have since 2007.
Melissa Hazlewood, Regional Manager with JLL, stated, “We are very excited to partner with Steelbridge and continue our contribution to the asset’s investment goals as we did successfully for prior ownership.”
Additional amenities at Park Place Office & Promenade include a two-story, newly renovated marble lobby with landscaped interior, on-site management, an evening lobby attendant and 24-hour key card access.
About Colliers International
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn.
About Steelbridge Capital
Steelbridge Capital is a value focused real estate investor and real estate services provider, with special expertise in markets with high job growth and strong natural barriers to entry like Florida. It is dedicated to acquiring real estate–either through debt or equity or private or public markets–whose values have been temporarily discounted due to supply/demand imbalances in real estate capital, space or information markets and whose values can be significantly enhanced through redevelopment and repositioning. Please visit us at www.steelbridgecapital.com.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.