The Real Deal Miami

Clearwater office building sells for $10.15 million

Marcus & Millichap brokered the sale of the occupied building for $170 per square foot
April 23, 2017 04:00PM

5950 Bay Vista Drive, Clearwater

Commercial real estate brokerage Marcus & Millichap announced the sale of an office building in Clearwater for $10.15 million, or $170 per square foot.

The 59,514-square-foot building at 15950 Bay Vista Drive in Clearwater is the headquarters of Vology Inc., an international provider of information technology services at 20,000 customer locations.

“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,” Douglas Mandel, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office, said in a prepared statement.

Mandel and Nicholas Hanson, an associate in the  Orlando office of Marcus & Millichap, represented the seller, Ryan Companies.

Mike James, senior managing director investments, and Ryan Sobel, associate, procured the 1031-exchange buyer. James and Sobel are based in Marcus & Millichap’s office in the Encino, California.