Institutional Property Advisors Closes Sale and Arranges Financing for Tampa Bay Area Office Campus
October 21, 2026
CLEARWATER, Fla., Oct. 21, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of Bayside Center, a two-building, 214,854-square-foot, Class A office campus with a five-story parking garage in Clearwater, Florida. The property sold for $18.7 million.
“Bayside Center’s prominent visibility, diversified tenancy, and attractive basis relative to replacement cost provides the buyer with a stabilized income stream and meaningful value-add potential in one of Florida’s most resilient and dynamic office markets,” said Douglas Mandel, IPA executive managing director investments. Mandel, James Defusto, director investments with Marcus & Millichap, and IPA’s Zach Levine and Cody Hershey represented the seller, IP Capital Partners, and procured the buyer, Melrose Solomon. Marko Kazanjian, senior managing director with IPA Capital Markets, arranged acquisition financing.
The property is located on over 24 acres along U.S. Route 19, Central and Northern Pinellas County’s main north-south thoroughfare and commercial corridor. Bayside Bridge, Clearwater, St. Petersburg, St. Pete-Clearwater International Airport and Tampa International Airport are nearby.
The Bayside Center was constructed in 1987 and is anchored by Insurance Administrative Solutions and Sports Facilities Companies. The tenant roster includes Certegy, Freedom Scientific, Maxim Insurance, Seasons Hospice, and O’Connell Financial.
“Bayside Center’s prominent visibility, diversified tenancy, and attractive basis relative to replacement cost provides the buyer with a stabilized income stream and meaningful value-add potential in one of Florida’s most resilient and dynamic office markets,” said Douglas Mandel, IPA executive managing director investments. Mandel, James Defusto, director investments with Marcus & Millichap, and IPA’s Zach Levine and Cody Hershey represented the seller, IP Capital Partners, and procured the buyer, Melrose Solomon. Marko Kazanjian, senior managing director with IPA Capital Markets, arranged acquisition financing.
The property is located on over 24 acres along U.S. Route 19, Central and Northern Pinellas County’s main north-south thoroughfare and commercial corridor. Bayside Bridge, Clearwater, St. Petersburg, St. Pete-Clearwater International Airport and Tampa International Airport are nearby.
The Bayside Center was constructed in 1987 and is anchored by Insurance Administrative Solutions and Sports Facilities Companies. The tenant roster includes Certegy, Freedom Scientific, Maxim Insurance, Seasons Hospice, and O’Connell Financial.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.