Category Archives: commercial real estate

Articles, News or comments about Commercial Real Estate

HOW TO LEAD A DOMINATING COMMERCIAL REAL ESTATE TEAM

tara bay CC sunset - by Richard Bottorff

Via Massimo-Group

By Rod Santomassimo

Teams built to dominate must have someone who elected to the lead. Someone has to get the ball rolling; someone has to raise their hand and decide “it’s my turn” or “I know that leveraging other talents will be better for my clients and better for me and my family”. Perhaps, this is someone who left one firm to start their own, or someone who suggested to a peer in the next cubicle that they should work together.

4 COMMON ELEMENTS TO LEADING A TEAM BUILT TO DOMINATE

Teams built to dominate have strong leadership.

Great teams don’t happen by accident. There must be a leader who creates the team and then makes sure there’s a reason for them to stay together. Think about the system in your car. There are lots of parts. There’s the engine, the brakes, the gas; however, for the car to start, you need the ignition. Teams built to dominate are led by leaders who ignite the actions of others.

Teams built to dominate have a leader or leaders who are willing to adapt.

Many times, team leaders have to let go of behaviors that used to work for them in order to lead a team effectively. Remember, just because you can do some particular task better or faster than someone else, it won’t make you wealthier.

Teams built to dominate have a leader who took a risk.

To lead and lead effectively, you need to give something up. Initially, it may be your personal time. However, leaders are almost always taking a significant financial risk. I have worked with team leaders to have walked away from 95% of their business, while others willingly provided their new partners with 50% of their business simply on the belief that things will work out. In their early 20’s, Bob Knakal and Paul Massey walked away from a successful practice at a national platform and decided to form their own team. Last year they sold their firm for a reported $100 million to Cushman & Wakefield. Yes, significant risks can have significant rewards.

Teams built to dominate may have more than one leader.

The leaders on teams built to dominate are committed to teaming. Notice I said “leaders.” There can be multiple leaders on a team, or, more specifically, champions for each role within a team. They believe that an effective team is the best way to succeed both today and tomorrow.  That means they look for ways for team members to work better as a team.

For complete article and others or conferences, books, etc, CLICK HERE<————–

A 26-unit apartment complex near the Ringling College of Art & Design in Sarasota, FL has been sold for $2.195 million.

 

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Developer Harvey Vengroff sold the Indian Beach Apartments, which includes a 16-unit, two-story apartment building, a three-bedroom house, a one-bed house with pool, four one-bed cottages and two two-bed duplexes.  Sean Dreznin handled the sale of the property.

Vengroff’s West 32nd LLC sold the complex to Ixora LLC, a Sarasota company headed by Malcolm Stevenson.

“As we expand throughout Florida, the time was right for us to sell this property,” said Vengroff, whose One Stop Housing provides affordable housing in Sarasota and Manatee counties. “This is a great property with upside potential, and we expect the complex to continue to be an important part of the community.”

The complex, on Indian Beach Drive just west of North Tamiami Trail, is 100 percent occupied with a consistent waiting list, according to a news release.

“The multifamily market is extremely dynamic in Sarasota right now, and as a result we saw a good amount of activity with this property,” said Sean Dreznin, a sales associate at Ian Black Real Estate who represented the seller. “We expect this trend to continue as multifamily properties continue to be a desired asset.”

Vengroff is seeking city approval to build a 368-unit affordable housing rental complex on Fruitville Road east of downtown.

George Kruse of Ian Black also represented Vengroff in the sale of the apartment complex.

Click here for complete article <——————

Contact us here for more properties like this or to discuss your property!

Take a virtual trip on the new University Parkway/I-75 Diverging Diamond

 

CLICK HERE <—————–

I-75/University Parkway Diverging Diamond Interchange Design – YouTube

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BET YOU DIDN’T KNOW THIS ABOUT THE FAMOUS ST. ARMANDS CIRCLE

Bet You Didn’t Know THIS About the Famous St. Armands Circle

Posted on BLVD’s website on June 6th

Set amidst a tropical paradise, St. Armands is an enchanting circle of fine shops and gourmet restaurants. Renowned as a market place with a continental flavor, it is a charming and graceful synthesis of past and present.

Lush tropical plantings, and contemporary architectural design skillfully contribute to an international atmosphere of friendly warmth and timeless style. Relax in the restaurants, explore the shops – from trinkets to treasures, gourmet snacks to candlelight feasts, you’ll find it all on St. Armand’s Circle.

However, becoming the thriving cultural destination it is today did not come without struggle. Here are a few little known facts about the history of St. Armand’s Circle:

In 1893, Charles St. Amand, A Frenchman and first resident of the island, purchased for $21.71 three tracts of land totaling 131.89 acres. In later land deeds, his name was misspelled “St. Armand” and this spelling has persisted to the present day.

Visionary circus magnate John Ringling purchased the St. Armands Key property in 1917 and planned a development which included residential lots and a shopping center laid out in a circle. As no bridge to the key had yet been built, Ringling engaged an old paddle-wheel steamboat, the “Success,” to service as a work boat. Circus elephants were used to haul the huge timbers from which the bridge and causeway were built.

One year later, amid much pomp and ceremony, both the John Ringling Causeway and Ringling Estates development opened to the public, with John Ringling himself leading a parade across the causeway and his Circus Band playing from a bandstand in the center of the Circle.

As the nationwide depression worsened, land sales in Florida and on St. Armands stopped completely. In 1928, the City of Sarasota accepted the causeway as a gift, which Ringling himself could no longer afford to maintain. Gradually, the wooden causeway began to rot, the Circle bandstand sagged, and the native vegetation covered the carefully planned streets and sidewalks.

During the 1940’s, several courageous investors opened restaurants and a service station on the Circle but not until 1953 did business once again resume on St. Armands. By 1955 a number of stores had opened.

Today, more than 130 stores on St. Armands Circle pamper customers from all areas of the United States and many foreign countries.

The St. Armands Circle experience is indeed a memorable one. Explore and enjoy a day of European style shopping with a gourmet lunch in a cozy cafe. Those who admire St. Armands sophisticated style and luxury will also notice that there is a new addition to that tradition of Sarasota excellence. Just a short drive from St. Armands Circle, in the heart of the Rosemary District, is BLVD Sarasota, downtown’s newest and most impressive address.

Here are a couple of businesses located on St. Armands Circle;

Tropical Shores Popcorn

Crazy Shirts

Settimi’s Gelato

 

DENNIS ZINK: 28 favorite nuggets of small-business wisdom


By Dennis Zink

Posted May 29, 2017 at 2:01 AM   

Here are some of my favorite nuggets of small-business wisdom. Many of them are original, some are borrowed, and I can’t remember which is which. But they are all worth absorbing because any small-business owner can benefit from them.
Cash is king; do not run out of cash — Cash is the lifeblood of every business. When you run out, your business is dead!

Don’t reinvent the wheel, just change the spokes — This is my best adaptation of any tip. Just a small change to a proven strategy may make all the difference in the world.
Prioritize by doing first things first and second things never — Always do the most important thing for your business first, and when that’s done, the second one will become the first.
Count everything that’s countable, then determine the most important metrics for your business — These are your key performance indicators, or KPI. Every business should develop its most important numbers. Measure them consistently and constantly.
Hire slow, fire fast — Admit the mistake, face up to it and terminate immediately — it will be better for all concerned. Most companies do the exact opposite — they hire fast and fire slowly.
Inspect what you expect from others — If you ask someone to do something, make sure they did what you wanted and that it was done properly.
About right” now is better than exactly wrong later — Act now! Don’t procrastinate because you’re waiting for more information.
Hire smart rather than manage tough — You can’t change people and shouldn’t try. Hire for attitude and train for skills.
For all of Mr. Zink’s suggestions, CLICK HERE <—–

Sarasota, FL Apartment Complex For Sale – 54-units – UNDER CONTRACT in less then 7 business days!!

CLICK HERE for detailed information and Offering Memorandum

Ian Black Real Estate is pleased to present a turnkey duplex villa complex in Sarasota, FL.

The Saulstars Court rental community is a 54-unit property; each unit a separate condo with its own deed.

The complex is designed to feel like a community for its tenants and almost all units (47 of 54) have an attached garage to further give the sense of a home-like setting. All units have washer/dryer hook-ups and most units also include screened lanais and other features to enhance the units for the tenants. Presently 34 of the 54 units (63%) are renovated, including 22 units with new floors, kitchens and appliances. The complex itself offers tenants an outdoor pool/deck, an indoor heated pool and a large multi-purpose community building that would allow a new owner numerous possibilities for expanded use.

This investment is being offered at an attractive price to the right buyer.

The property is priced at tax assessed value, which is below current offerings and minimizes risk of an increased tax basis for the new owner. At only $85,000 per large duplex unit, the per unit offering is at or below sales comparables in the greater Sarasota market.

Any investor focused on yield should be excited by the possibilities at Saulstar.

Even with excess management/labor costs, the property cash flows over $260,000 based on last year’s rents. Considering current rents and a modest adjustment to management, although still run at 20% of revenue (a number that could be substantially trimmed by the right owner), the yield on ask price increases to 6.5% with rental rates well below market at less than $1.00 psf. Basic proforma adjustments substantially increase the yield to an unlevered 7.7% on purchase. Any investor looking to push rents to even a reasonable $1.20 psf would enjoy outsized yields exceeding 9% on this well-located multifamily property.

CLICK HERE for detailed information and Offering Memorandum

CONTACT BROKER

Square Sean Dreznin

Commercial Real Estate Sales Associate

sean@ian-black.com

(C) 941.961.8199
(O) 941.961.8199
(F) 941.906.8228
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Square George Kruse

Commercial Investment Sales Advisor

george@ian-black.com

(C) 941.321.6393
(O) 941.321.6393
(F) 941.906.8228
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Ian Black Real Estate named exclusive property manager for Centauri Insurance headquarters in Lakewood Ranch

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Rendering via Fawley/Bryant

The 30,000-square-foot property is expected to be completed this summer

SARASOTA, Fla. (May 15, 2017) – Ian Black Real Estate has been named the exclusive property manager for the Centauri Insurance headquarters, currently under construction on the southwest corner of Lakewood Ranch Blvd. and Communications Parkway in the Lakewood Ranch Corporate Park. The 30,000-square-foot property will serve as the corporate headquarters for Centauri Insurance and will have an additional 11,000 square feet available for lease.

 

The three-story modern facility, which sits on a 5-acre parcel of land with sweeping lake views and outdoor plazas on each floor, is expected to be completed this summer and will welcome tenants in late July. Cheri O’Neil with Savills Studley will handle the leasing of the property.

 

“We are very excited to be joining forces with Ian Black Real Estate,” said J. Mark Jones, chief financial officer of Centauri Insurance. “We believe their longstanding presence in Sarasota County and Lakewood Ranch in particular, as well as their impressive resume of similar caliber properties best aligned with our vision for our new property and the level of service we envision for Centauri and its prospective tenants.”

 

Ian Black Real Estate currently manages over 800,000 square feet of commercial real estate space in the greater Sarasota area. The firm recently added the former Sarasota Herald-Tribune building in downtown Sarasota to its growing property management portfolio.

CLICK HERE <—- for complete article

CLICK HERE <—-for Management services

5-Unit Multifamily opportunity in Sarasota, FL

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CLICK HERE FOR Detailed Offering Memorandum

Price: $624,000
Number of Units: 5
Building Size: 4,025 SF
Property Type: Multi-Family
Lot Size: 25,543 SF
Year Built: 1983

 

  • Reasonable increases to market rent increases yield over 7%
  • Newly renovated units provide turn-key investment opportunity
  • SFR tenant pays all utilities; 4-plex tenants pay electric and cable
  • Property includes a 4-plex and a single family home
  • Close proximity to A-Rated Schools including Riverview High School and Phillippi Shores Elementary
  • Located near Publix, shopping, restaurants and most importantly, Siesta Key Beach!

Description

This is an opportunity to acquire five renovated apartments/rental units in the central submarket of Ridgewood Heights in Sarasota, FL. The property is an infill four-plex plus one adjacent single family home in a predominantly residential neighborhood.

The property’s proximity to top-rated schools, secondary schools, retail and employment bases make these units attractive rentals to a wide variety of potential future tenants. The current owner has handled most deferred maintenance including new roofs, painting, fencing and a new a/c for the SFR all within the past two years.

With rents near market, renovations performed and expenses stabilized, this is truly a turnkey opportunity and perfect for out-of-market investors and 1031 exchanges.

Location

Located just North of the intersection of Proctor and Swift, this property sits on the West side of Swift Road. The property’s tenants enjoy close proximity to numerous retail centers and A-rated schools. Its location affords ease of commute for employment via US 41 and I-75. The quiet, centrally-located neighborhood is ideal for both families and young professionals alike.

Contact

Sean Dreznin at sean@ian-black.com

or

George Kruse at george@ian-black.com

Multifamily community sells for $6.6M

May 11, 2017

TAMPA — Investors Alan Soroory and Bobby Soroory sold Montierra Apartment Homes in Tampa for $6.6 million or $68,750 per unit.

Montierra Apartment Homes is a 96-unit, garden-style apartment community near University of South Florida. The property was built in 1970 and sits on over five acres of land. It has over 81,000 rentable square feet.

According to a press release, they invested over $1 million since acquisition of the property for repositioning.

“We acquired the asset at the bottom of the cycle in 2009,” says Bobby Soroory in a statement. “At the time, the asset was more than 50% vacant and required significant capital expenditures throughout the property. Our repositioning program was able to bring the asset’s performance back to it’s full potential and subsequently create significant cash flows through our hands-on management approach.”

For information on Multi-family / Apartments and investing, click here <——

Really, really, really ridiculously good investment for sale in Sarasota, FL – Across from Southgate mall on the gateway to Siesta Key!

Under-Contract-Sign

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3 tenant retail center

Lease terms in place expire in 2019, 2022 & 2025

5% annual increases

All electrical updated

Plumbing & Drain lines were recently re-done

HVAC ages – One new in 2014 — Two new in 2015

Property NETS approx $55,000

Contact our office for a CA and detailed data

ian-black-logotype1

(941) 906-8688

srqcre@gmail.com

Really, really, really ridiculously good investment for sale in Sarasota, FL – Across from Southgate mall on the gateway to Siesta Key!

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