C&W Brokers St. Petersburg Office Sale

By Timea Papp

Gateway Point

Cushman & Wakefield has negotiated the sale of Gateway Point, a 50,931-square-foot office building in St. Petersburg, Fla. The seller, Tampa-based BDI Properties, sold the asset to Anderson Ventures Inc. in a $5.7 million deal. Gateway Point is fully occupied by a single tenant, JSA Healthcare Corp., a subsidiary of DaVita Medical Group, which occupied Gateway Point for seven years and uses the building as its corporate headquarters.

Located at 10051 Fifth St. North, the property sits on a 3.7-acre parcel in the city’s Gateway submarket. Gateway Point was built in 1978 and recently underwent a series of improvements, including a roof replacement. Additionally, the tenant upgraded the lobby, restrooms and reception area. 

Central location

The Cushman & Wakefield team of Senior Director Wendy Giffin, Executive Director Rick Brugge, Vice Chairman Mike Davis and Executive Director Michael Lerner worked on behalf of the seller in the transaction. Last year, Cushman & Wakefield assisted the seller in the disposition of Buschwood Park One and Two, a 171,166-square-foot office park in Tampa, Fla.

“Available sites for new office construction are extremely limited in St. Petersburg’s Gateway submarket,” said Giffin, in a prepared statement. “The lack of competition from new development paired with a desirable central location gives this property high potential for future rent growth.”

Gateway Point is centrally located within the Tampa–St. Petersburg–Clearwater metro area. The property provides frontage on Gandy Boulevard and offers access to Interstate 275.

Image courtesy of Cushman & Wakefield