Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Bay Vista Gardens I & II, a single-story flex five-building office portfolio in Clearwater, Florida. The final sale price was $18 million, equating to $133 per square foot (psf).
Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon, and Dominic Montazemi, with support from Alex Sulte and Zach Eicholtz, represented the seller in the transaction. The portfolio was sold by GBA 135 LLC, a joint venture between Genet Property Group and Biscayne Atlantic, who purchased the property in March 2021 for $14.6 million. Ally Capital Group acquired the portfolio.
“Bay Vista Gardens is a high-quality garden office complex well located in the Gateway area of Pinellas County. Since the pandemic began, single-story office product has outperformed the market as tenants seek to control their own air quality and common areas,” said Brugge, Vice Chairman at Cushman & Wakefield.
Bay Vista Gardens I & II totals 135,221 sf and includes five buildings at 5500-5520, 5540-5564, 5576-5596, 5655-5729, and 5731-5799 Rio Vista Dr. The office portfolio was more than 94% leased at the time of sale by tenants in the technology, legal, engineering, and research industries.
Amenities include an above-market parking ratio of 5.1 per 1,000 sf, LED lighting, and excellent connectivity to major transportation points within Pinellas County, including the St. Petersburg and Tampa airports, U.S. Route 19, and the Gateway Express. Bay Vista Gardens I & II is also located within the thriving Bay Vista Business Park, which has over 20 buildings that have attracted many large corporate users.