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Bay Vista Gardens I & II 5 Office Properties in Clearwater, FL
Investment Highlights
- Thriving Tampa Bay growth corridor with exceptional surrounding amenities and affluent demographics.
- Strong leasing momentum supported by impressive submarket performance.
- Exceptional regional connectivity throughout the Tampa Bay MSA.
- Significant NOI growth potential with multiple business plan opportunities.
- Rare, high-quality multi-use business park featuring extensive tenant buildouts.
- Offered at a significant discount to replacement cost.
Executive Summary
Jones Lang LaSalle (“JLL”) is pleased to present the exclusive opportunity to acquire Bay Vista Gardens I & II (the “Portfolio” or the “Properties”), a premier 135,221 square foot multi-use business park situated on 13.65 acres and comprising five buildings across two properties strategically positioned in Tampa’s thriving Gateway submarket. Currently 82% occupied with a 3.8-year Weighted Average Lease Term (“WALT”) and 5.0-year Weighted Average Tenant Tenure (“WATT”), the Portfolio combines immediate cash flow stability with substantial value creation potential. Built in 1988 and 1997 with a 5.1 / 1,000 SF parking ratio, the Portfolio has maintained 91% average occupancy since 2020, closely tracking the Gateway/Bayside submarket’s strong 92% occupancy rate and demonstrating sustained tenant demand in one of Florida’s fastest-growing metropolitan areas. The tenant roster is anchored by D&H Distributing, a leading technology distributor backed by the Schwab family that generated approximately $7 billion in revenue in 2025. The Portfolio has demonstrated strong leasing momentum with nearly 53,000 square feet of leasing activity since 2025, representing 39% of the portfolio and reinforcing market demand for quality multi-use space in this location.
Bay Vista Gardens I & II presents an exceptional value-add opportunity, with projected NOI growth of 65% over the next five years through strategic lease renewals and lease-up of 24,515 square feet of available space. The business plan also provides flexibility for partial repositioning into high-demand flex/industrial space, while existing tenant buildouts reduce future capital requirements and support tenant retention in a market with limited supply of quality multi-use business park product.
Positioned within the heart of Tampa Bay’s growth corridor, the Properties benefit from exceptional regional connectivity with convenient access to downtown St. Petersburg, downtown Clearwater, and downtown Tampa, as well as Tampa International Airport and St. Pete-Clearwater International Airport. Surrounded by abundant amenities and affluent demographics, Bay Vista Gardens I & II represents a rare opportunity to acquire a quality multi-use business park at a significant discount to replacement cost, offering investors an attractive cost basis combined with multiple avenues for value creation in one of Florida’s most dynamic markets.
Bay Vista Gardens I & II presents an exceptional value-add opportunity, with projected NOI growth of 65% over the next five years through strategic lease renewals and lease-up of 24,515 square feet of available space. The business plan also provides flexibility for partial repositioning into high-demand flex/industrial space, while existing tenant buildouts reduce future capital requirements and support tenant retention in a market with limited supply of quality multi-use business park product.
Positioned within the heart of Tampa Bay’s growth corridor, the Properties benefit from exceptional regional connectivity with convenient access to downtown St. Petersburg, downtown Clearwater, and downtown Tampa, as well as Tampa International Airport and St. Pete-Clearwater International Airport. Surrounded by abundant amenities and affluent demographics, Bay Vista Gardens I & II represents a rare opportunity to acquire a quality multi-use business park at a significant discount to replacement cost, offering investors an attractive cost basis combined with multiple avenues for value creation in one of Florida’s most dynamic markets.
Property Facts
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 135,221 SF |
| Number of Properties | 5 | Total Land Area | 23.57 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 5 |
| Individually For Sale | 0 |
| Total Building Size | 135,221 SF |
| Total Land Area | 23.57 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Bay Vista Gardens II - Building B
5655-5729 Rio Vista Dr, Clearwater, FL 33760 |
Office | 44,658 SF | 1997 | - |
|
Bay Vista Gardens II - Building A
5731-5799 Rio Vista Dr, Clearwater, FL 33760 |
Office | 38,089 SF | 1997 | - |
|
Bay Vista Gardens I - 5500 Building
5500-5520 Rio Vista Dr, Clearwater, FL 33760 |
Office | 22,514 SF | 1988 | - |
|
Bay Vista Gardens I - 5540 Building
5540-5564 Rio Vista Dr, Clearwater, FL 33760 |
Office | 19,108 SF | 1988 | - |
|
Bay Vista Gardens I
5576-5596 Rio Vista Dr, Clearwater, FL 33760 |
Office | 10,852 SF | 1988 | - |
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Bay Vista Gardens I & II
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