Colliers facilitates sale of Myrtle Executive Center in downtown Clearwater

Myrtle Executive Center, a 38,492-square-foot, three-building suburban office complex at 1225–1243 South Myrtle Avenue in Clearwater, has sold to Myrtle Center, LLC for an undisclosed price.

Colliers’ John Gerlach, CCIM, Jake Gerlach and Cyndi Cushman represented the seller, Myrtle Executive Center, LLC, in the transaction. The buyer, Myrtle Center, LLC, was not represented by a broker.

“With its premier location, recent upgrades and strong tenant mix, Myrtle Executive Center represented an outstanding investment opportunity for the buyer,” said John Gerlach, executive vice president at Colliers. “The property is a well-positioned office investment that will yield immediate returns for the buyer.”

Located in the heart of downtown Clearwater, Myrtle Executive Center offers office suites suited for both small and large businesses and features ample on-site parking. The sellers recently completed capital improvements to enhance the property.

“The sellers own several properties in the Tampa Bay market and have been successful because they have learned to adapt to current market conditions and the needs of prospective tenants within the market,” said John Gerlach. “This project is no different, and the buyers will benefit from this strong business acumen.”

The property was 97% occupied at the time of sale with a diverse tenant roster, including OptumCare as the anchor tenant.