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Commercial Real Estate
Business Observer Friday, Apr. 27, 2018 6 months ago

Steelbridge Capital parts with Clearwater office building

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Company had acquired Park Place properties in 2015
by: Kevin McQuaid Commercial Real Estate Editor

Miami-based Steelbridge Capital LLC has sold the last of a four-building office complex it owned in Clearwater for $19.8 million, according to Pinellas County property records.

The six-story 311 Park Place building, in the Park Place Office Park, was acquired by an affiliate of Hart Realty Advisors LLC of Simsbury, Conn., state records indicate.

Built in 1985, the 119,015-square-foot building adjacent to the Clearwater Mall was 94% occupied at the time of the sale to Hart to tenants including Johnson & Johnson, International Information Systems and Wells Fargo, among others.

“We continue to see this as a value-add opportunity,” says Mike Manno, a Steelbridge Capital managing partner. “And the market there is robust, so we’re looking for other buying opportunities there.”

CBRE Inc. Senior Vice President Dale Peterson, along with the commercial real estate brokerage firm’s Zachary Eicholtz, Amy Julian and Courtney Snell represented Steelbridge Capital in the 311 Park Place transaction.

Steelbridge Capital sold its six-story 311 Park Place office building, in Clearwater, for $19.8 million

Since Steelbridge Capital acquired the building — along with three other, single-story structures for $22 million in 2015 — it invested more than $1 million in upgrades.

Commercial real estate brokerage JLL managed the property for Steelbridge Capital, while brokerage firm Colliers International Florida was responsible for leasing it.

Steelbridge Capital sold the other three buildings, totaling 50,221 square feet, that it owned on the 17-acre property that is part of the Park Place park for $8 million in 2016.

With the sale, Steelbridge Capital’s portfolio now totals about two million square feet, throughout Florida and in Chicago, Manno says.

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