The Real Deal Miami

Miami firm sells Clearwater office building three years after buying it

Steelbridge Capital invested $1 million in the six-story building and sold it with a 94% occupancy rate
April 22, 2018 01:00PM

311 Park Place Boulevard in Clearwater (Credit: Tampa Bay Business Journal)

Steelbridge Capital sold a six-story suburban office building in Clearwater that the firm had owned for three years.

Miami-based Steelbridge invested more than $1 million during its three-year ownership to upgrade the office building, which has 119,015 square feet of space.

The building at 311 Park Place Boulevard in Clearwater has a 94 percent occupancy rate. It is located near the 75-acre Clearwater Mall.

In 2015, Steelbridge and a joint-venture partner bought the six-story office building together with three single-story buildings at the Park Place Office Park for $22 million.

In 2016, the firm sold the single-story buildings, totaling 50,221 square feet, for $8 million.

The timing of the sale of the six-story office building “coincided with strong market conditions,” Mike Manno, managing principal of Steelbridge, said in a prepared statement.

A four-person team at CBRE represented Steelbridge in the transaction: Dale Peterson, Zachary Eicholtz, Amy Julian and Courtney Snell. – Mike Seemuth