Value Add Office

311 Park Place Blvd
Clearwater, Florida

311 Park Place

Aug 31, 2018

311 Park Place is an 119,015 square foot, Class B+ office building, in Clearwater, Florida.  The property was built in 1985, renovated in 2015, and competes at the top tier in its submarket, Bayside, located about 20 miles west of Downtown Tampa.  The Bayside submarket offers the opportunity for executives to live in a quality location proximate to the office and numerous amenities, while paying a more moderate rent compared to downtown locations.  The submarket has had strong demand without any new construction keeping vacancy rates relatively tight and rents firm to growing.

This investment provides an opportunity to acquire a well-leased, infill, suburban office building in a supply-constrained market with credit tenancy and significant rent growth potential at well below replacement cost.