Bay Vista Office Building Trades for $10.2M

Ryan Companies sold the four-story asset to a New York-based real estate investment firm. Valley National bank provided the $7.1 million acquisition financing.
15950 Bay Vista Drive
15950 Bay Vista Drive

Marcus & Millichap brokered the sale of a 59,514-square-foot office building in Clearwater, Fla. The property serves as the corporate headquarters for Vology, Inc. Ryan Companies sold the asset in a $10.2 million transaction to MBGLEN Co., LLC, an entity affiliated with Lilly Claire Capital Group based in New York.

The Tampa Bay-area office building is located at 15950 Bay Vista Drive and it was completed in 1988. It underwent renovations in 2001 and it previously changed hands for $3.5 million in 2015, per Yardi Matrix data. According to public records, the property became subject to a $7.1 million financing measure at the time of the sale, originated by Valley National Bank.

Douglas Mandel, senior vice president of investments in Marcus & Millichap’s Fort Lauderdale office and Associate Nicholas Hanson, of the company’s Orlando office, worked on behalf of the seller. Mike James, senior managing director of investments and Ryan Sobel, associate, both in Marcus & Millichap’s Encino office, procured the 1031-exchange buyer. “With a new 10.5-year lease in place and more than $3.2 million in improvements completed, the property is well positioned to provide new ownership with a steady income stream over the foreseeable future,” said Douglas Mandel in prepared remarks.

Marcus & Millichap‘s recent Florida activity included obtaining the exclusive listing of a 20-story building in downtown Miami.

Image courtesy of Yardi Matrix