Clearwater-based real estate investment firm European Equities has purchased Corporate Square, a 68,936 sq ft, five-story office building at 28050 U.S. Highway 19 North in Clearwater, Florida, USA, for $5.3m (€4.9m), adding to a portfolio that already exceeds half a million square feet of office space in the Tampa Bay market.

Business Observer reported that the seller was the Clearwater Housing Authority, represented by Marcus & Millichap, which announced the deal closed within three months of the property being listed.

The building was 42.9% occupied at the time of sale. It was built in 1987, sits on 3.71 acres, and features a lobby with café space and 258 parking spaces.

Darpan Patel, senior managing director of investments at Marcus & Millichap, described the timeline as exceptionally fast for an office asset in any market environment. Marcus & Millichap's Jonathan Gerszberg, who procured the buyer, said European Equities has a clear vision for the asset with plans to invest in its future.

Darpan Patel, Samantha Kelley, and Dan Yozwiak of Marcus & Millichap represented the Clearwater Housing Authority in the transaction.

European Equities, led by CEO David McComas, owns more than 500,000 sq ft of office space across the Tampa Bay market, positioning the firm as one of the area's most active private office investors.

The transaction reflects continued appetite among private investors for value-add office assets in suburban Florida markets, particularly in well-located buildings with repositioning potential along established commercial corridors.

Read the full report on the Corporate Square sale and European Equities' investment strategy.