CLEARWATER, Fla., March 23, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Bay Vista Gardens, a two-property, five-building office/flex portfolio in Clearwater, Florida.
“Bay Vista Gardens is an emerging technology center with a strong tenant mix of high-tech businesses and engineering, legal and research firms,” said Douglas K. Mandel, IPA executive managing director. “Companies are drawn to the Tampa Bay Area by the region’s favorable tax and regulatory environment, growing labor pool and the low costs of living and doing business.” Mandel and Jaclyn Blair, senior associate in Marcus & Millichap’s Tampa office, represented the seller, a joint-venture partnership led by Ryan Companies, US Inc., and procured the buyer, GBA 135 LLC, a joint venture between Genet Property Group and Biscayne Atlantic.
The two properties, Gardens I and Gardens II, are located adjacent to each other within Bay Vista Office Park, a 1 million-square-foot professional office park two miles from the St. Pete-Clearwater International Airport. Roosevelt Boulevard, County Road 611, and Interstate 275 are nearby. Gardens I, which has three buildings, was built in 1988 and two-building Gardens II was constructed in 1997. The properties are 94% leased.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com