Investor J.S. Karlton Co. buys Clearwater's Bayview Pavilion

BUYER: Capital Growth of Clearwater LLC (principal: John Karlton), Greenwich, Conn.

SELLER: Lightwave Drive LLC

PROPERTY: 15550 Lightwave Drive, Clearwater

PRICE: $9.91 million

LAW FIRM ON DEED: Calfee Halter & Griswold LLP, Cleveland

PLANS, DESCRIPTION: Greenwich, Conn.-based J.S. Karlton Co. Inc. purchased the 92,225-square-foot Bayview Pavilion for $9.91 million.

The price equated to $107 per square foot.

The office building features a three-story entry atrium, high ceilings and an attached parking structure. It was 92% occupied at the time of the sale, and tenants include Inuvo, Universal American Mortgage Co. and Matrix Medical.

“We think it has a real future, and that we can get it filled,” says Steve Lipkins, manager of the purchasing entity. “We just felt it was an attractive investment opportunity.”

Pointe Group Management LLC has been retained to manage the three-story office building.

Alan Feldshue, John Gerlach and Melanie Jackson of Colliers International Tampa Bay represented the seller, Lightwave Drive LLC.

J.S. Karlton is a privately owned real estate investment and management company.