Clearwater office building sells for $5.3 million at 42.9% occupancy

Corporate Square, a 68,936-square-foot office building in Clearwater, sold for $5.3 million, with the partly vacant property changing hands in a deal that closed within three months of being listed.

The five-story building, at 28050 U.S. Highway 19 North, was 42.9% occupied at the time of sale.

Marcus & Millichap represented the seller in the transaction. Darpan Patel, senior managing director of investments at the firm, called the timeline “exceptionally fast for an office asset in any market environment.”

The buyer was European Equities, led by CEO David McComas, which owns more than 500,000 square feet of office space in the Tampa Bay market.

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Jonathan Gerszberg of Marcus & Millichap represented the buyer, while Patel, Samantha Kelley and Dan Yozwiak represented the seller. Gerszberg said the firm has “a clear vision for the asset, with plans to invest in its future.”

Built in 1987 on about 3.71 acres, Corporate Square includes elevator access, a lobby with café space and 258 parking spaces. Kelley said the property drew interest because investors remain focused on “well-located assets with value-add potential” in Tampa Bay.

The building sits along the U.S. 19 corridor with access to Clearwater, Tampa and St. Petersburg, giving the new owner room to lease remaining vacancy and reposition the property over time.