PINELLAS PARK, FL-St. Petersburg College is expanding with the purchase of a four-story, 50,138-square-foot office building in Pinellas Park. The college grabbed the former corporate office for the Juvenile Welfare Board of Pinellas County for $2.5 million.
Alan Feldshue, managing director of Office Services at Colliers International Tampa Bay, and Melanie Jackson, a senior associate at Colliers, represented the seller in the transaction. Located at 6698 68th Street North, the college plans to use the facility to expand its Caruth Health Education Center which is located a couple of blocks away.
“This deal would fall under the continuing trend of education,” Feldshue tells GlobeSt.com. “There have been many education deals in the marketplace. We’ve seen a lot of lease deals with some of the for-profit colleges, such as Kaiser College.”
Feldshue says it’s fitting that the St. Pete College’s future use of the facility is for higher education, since the Juvenile Welfare Board set a previous education standard focused on the training and development of children. “The building is good quality facility in an average location,” Feldshue says. “What made it ideal for the college was its close proximity to the education center. It’s typical real estate marketing 101 when you go to the neighbors.”
According to Cushman & Wakefield, 2010 saw the Tampa Bay area’s office market see decreased tenant demand for the third year in a row. But market fundamentals started to improve. The overall vacancy rate stabilized and leasing activity picked up.
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