North Beach Parking Plaza
Clearwater Beach, FL | Off-Market Acquisition | May 2022
North Beach Parking Plaza is an institutional grade, Class A property where visitors park to enjoy the #1 beach in the country. The asset was acquired in an off-market, direct-to-owner transaction, and sourced via our network here in the phenomenal Tampa MSA.
About the Project
Real Estate Investing is all about Location, Location, Location. This prime piece of property sits on the main shopping corridor of one of the best beaches in the world. Touting an exceptional location in a rapidly growing market, North Beach Parking Plaza was newly constructed as a public-private partnership in 2016 to help offset the massive demand for parking on Clearwater Beach. Developed with a minimum useful life of 40 years, this property should not need any major capital expenditures for years to come.
A disgruntled partnership amongst owners led the original developer down the path of selling. Immediately upon hearing the asset may come available, we reached out to the private owner and put the property under contract before it hit the open market. We then purchased the City of Clearwater’s portion of the garage to bring the entire parking facility private and unlock substantial value.
We intend to buy, improve, and hold for North Beach Parking Plaza for decades to come. It’s a generational asset on Clearwater Beach that will provide stable, recurring income for many years into the future. This visibility of income provides safe, predictable cash flow (and clarity) for our Fund 3 partners.
Purchased for less than $34mm, the property recently appraised for $48.7mm, meaning Sunrise immediately created over $14mm built-in sweat equity at acquisition on an institutional-grade, Class A property. This is truly a generational asset that will help hundreds of accredited investors earn passive income and build legacy wealth over time.