Tampa, FL

the property

Clover acquired this highly visible, three-story boutique office building from a national bank, prominently located along one of Tampa’s most well-traveled corridors in the Westshore district—Florida’s largest professional office submarket. The transaction included a long-term leaseback of the top floor by the seller, while the ground-floor bank branch was slated for vacancy shortly after closing. With its central location and upscale appeal, the property presented an ideal opportunity for small- and mid-sized professional tenants seeking premium office space.

the results

Immediately following the acquisition, Clover initiated a comprehensive modernization program, upgrading common areas, restrooms, and the building’s exterior to elevate overall appeal. A targeted leasing strategy accompanied these improvements, repositioning the asset into a vibrant, mixed-use destination. A standout transformation was the conversion of the ground-floor bank branch into a Dunkin’ Donuts with drive-thru—boosting visibility, foot traffic, and tenant synergy.

Within just 18 months, the property achieved full occupancy, culminating with a lease to BayCare, Tampa Bay’s largest health system. Since stabilization, the building has remained 100% leased. Clover also secured favorable permanent financing from a local bank, reinforcing strong project economics and enabling sustained cash-on-cash returns for investors in excess of 20% annually.