A nearly fully leased office building along one of Clearwater’s busiest commercial corridors has changed hands, signaling continued investor interest in stabilized suburban office assets across the Tampa Bay Area.
Northside Square, a three-story office building totaling 49,944 square feet, sold for $5.8 million, according to Marcus & Millichap.
The property sits on a 3.13-acre site at 29399 U.S. Highway 19 North and was 96% occupied at the time of sale.
The transaction reflects a growing preference among investors for well-located office properties with durable tenancy and operational flexibility as the broader Florida real estate market continues to recalibrate.
A stabilized asset with control and visibility
Northside Square is positioned directly along U.S. 19, one of Clearwater’s primary commercial arteries.
The building offers high visibility, direct access and a modern glass exterior, features that continue to matter for professional services tenants and owner-users.
The property includes 158 covered parking spaces and flexible floor plans designed to accommodate a range of office uses.
Its high occupancy level provided immediate cash flow while preserving the buyer’s long-term control.
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“This is a strategic asset right on U.S. 19 with great in-place tenancy providing a solid return,” said Alex Zylberglait, executive managing director of investments at Marcus & Millichap. “It provides an owner-user or investor the ability to control a well-designed and maintained asset in a growth Florida market.”
Zylberglait and Michael Crocchiola, investment specialists in the firm’s Miami office, represented the seller, a private investor.
Clearwater’s role in the Tampa Bay office market
Clearwater continues to attract private capital seeking stability rather than speculation.
Its position between Tampa and St. Petersburg, combined with strong demand for professional services, has supported office occupancy even as some urban markets face prolonged softness.
Office buildings along major corridors such as U.S. 19 benefit from consistent traffic patterns and proximity to residential growth across Pinellas County.
READ: TAMPA BAY REAL ESTATE NEWS
For investors, those fundamentals support a long-term investment philosophy focused on durability, visibility and tenant retention.
Deals like Northside Square suggest that suburban office properties with strong fundamentals are still clearing the market, particularly when pricing aligns with occupancy and operational performance.
A signal of disciplined investment activity
Marcus & Millichap facilitated the transaction as part of its broader investment sales activity across Florida and the Southeast.
While office properties remain a selective investment, transactions continue to occur when assets show stable tenancy and predictable income.
Northside Square’s sale underscores how capital is behaving in today’s environment.
Investors are prioritizing control, location and tenancy over scale, a pattern increasingly visible across the Tampa Bay commercial real estate market.
As Clearwater continues to evolve as a professional services hub, stabilized office assets along core corridors are likely to remain in demand among buyers seeking measured growth rather than aggressive repositioning.
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