Steelbridge Sells Last Asset in FL Office Park
- Apr 17, 2018
Steelbridge Capital has closed the sale of 311 Park Place, an office building within Park Place Office Park in Clearwater, Fla., marking the sale of the last asset in the campus. The firm acquired all four properties with a joint venture partner in 2015 as part of a portfolio purchase for $22 million. In 2016, Steelbridge sold the other three single-story buildings totaling 50,221 square feet, for $8 million.
Since purchased, 311 Park Place has undergone $1 million in capital investments to the tenant spaces, common area upgrades and new signage. Currently 94 percent occupied, Johnson & Johnson relocated to the building and is the second Fortune 100 company to join the tenant roster. Colliers International is handling leasing for the asset. According to Yardi Matrix, the building comprises 118,447 square feet across six stories. Constructed in 1985, the property features 403 parking spaces, 21,000-square-foot floor plates and two passenger elevators.
“The timing for the sale coincided with strong market conditions and a stabilized asset thanks to our excellent leasing and management teams,” said Mike Manno, managing principal of Steelbridge, in a prepared statement. “We felt that we were at the peak of our investment performance at 311 Park Place, the best located and highest quality office property in Northern and Central Pinellas County, and it showed in the quality of the tenancy and investment offerings we attracted.”
CBRE’s Senior Vice President Dale Peterson, along with Senior Financial Analyst Zachary Eicholtz, Vice President Amy Julian and Transaction Manager Courtney Snell, represented Steelbridge in the transaction. The firm currently has office assets in Orlando, Miami, Ft. Lauderdale, Naples, Ft. Myers, Texas and Chicago.
Image courtesy of Steelbridge Capital