Steelbridge Capital Trades Last of Park Place Office Park Assets

CLEARWATER, FL—Steelbridge Capital has traded a nearly 120,00-square-foot office building it acquired three years ago here.

Steelbridge Capital, which has offices in Coconut Grove, FL and Chicago, reports it has closed on the sale of 311 Park Place Blvd., a six-story, 119,015-square-foot office building within the Park Place Office Park that is nearly fully occupied. The deal marks the sale of the largest and the last asset of the four building office park to be traded by Steelbridge.

In 2015, Steelbridge and a joint venture partner acquired 311 Park Place for $22 million and since then has spent approximately $1 million on capital improvements at the property. In addition, the firm sold the Park Place portfolio’s three single-story promenade-style assets totaling 50,221 square feet located at 410, 420, and 430 Park Place Blvd. for $8 million. CBRE’s Dale Peterson, Zachary Eicholtz, Amy Julian and Courtney Snell represented Steelbridge in the 311 Park Place transaction. The capital improvement initiative at the property was overseen by property manager Jennifer Rebisz of JLL.

No financial terms of the transaction or the identity of the buyer were released in Steelbridge’s press announcement.

The leasing team led by Alan Feldshue, executive managing director of office service of Colliers sought out significant tenants in the market with upcoming lease expirations, highlighting the building’s ideal location, aesthetic updates, and lack of impact from the construction of “flyovers” on U.S. Highway 19 that impaired the access of many previously competitive office buildings, Steelbridge notes.

The leasing campaign, thanks in part to a lease with  Johnson & Johnson, has brought the building to 94% occupied at the time of the sale. The building offers stability with more than 20% of secure income credit tenants and the upside potential for the remainder of the tenancy to rollover below-market leases.

“The timing for the sale coincided with strong market conditions and a stabilized asset thanks to our excellent leasing and management teams,” states Mike Manno, managing principal of Steelbridge. “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.”

In the Tampa Bay area, Steelbridge acquired and sold Bushwood III for $8 million, Sunforest I and II for $20.5 million, and Urban Centre Tampa, which it purchased for $55 million between 1994 and 1996 and sold in 2005 for $105 million to TIAA, which recently sold the asset to an affiliate of Starwood Capital for $141 million.

Steelbridge currently has office assets under ownership and management in Miami, Fort Lauderdale, Naples, Fort Myers, Orlando, Texas, and Chicago.