South Florida company pays $10.3M for Clearwater office park
By Breanne Williams
Tampa Bay Business Journal
Published: Feb 15, 2024

A Coral Springs-based commercial real estate company has acquired a garden-style office park in Clearwater for $10.3 million.

TMT Properties purchased the Belcher Commons Office Park, located at 51 S Main Ave., on Feb. 12, according to a deed filed in Pinellas County. The seller was Tampa-based Arcis Investments. TMT Properties secured a $7.2 million mortgage from Ocean Bank, according to public documents.

The office complex sits between Belcher Road, Main Avenue and Cleveland Street and is two blocks north of Gulf to Bay Boulevard.

Joseph Maas, general manager of TMT Properties, told the Tampa Bay Business Journal they have had their eye on Tampa Bay for some time. This is TMT Properties’ first acquisition in the region.

While primarily based in South Florida, TMT Properties has been monitoring the market and growth from Tampa to Clearwater and was looking for an asset that was “well-managed and well-priced.”

Maas said they will continue to look for other local opportunities.

“We really like the location, and when we buy in an area, we try to have more than one asset in the area. It just makes sense from a management perspective,” Maas said. “We would definitely love to buy more in that area.”

The office complex was built in 1973 and totals 112,241 square feet. There are more than 40 active tenants at Belcher Commons Office Park, including Home Love Construction, Pinellas County Veterans Services, Pinellas County Health Human Services, the Tampa Bay Inventors Council and Florida Dental Centers Corporate.

Maas said people are right-sizing and beginning to head back to the office, but many no longer want the large, Class A office space with expansive common areas and shared spaces.

TMT Properties’ portfolio includes a mix of retail, office, warehouse and self-storage space, outdoor storage and parking. The company owns the Citizens Bank and Trust Building in Lakeland, the Spring Lake Business Center in Jacksonville and multiple office properties in Delray Beach, Fort Lauderdale, Coral Springs, Fort Myers and Naples.