Tag Archives: commercial real estate

Florida will need 669,000 more apartments by 2030, according to a new study. 

Read the full article:
https://goo.gl/1scHrj

SOLD – 54-unit apartment complex in Sarasota, FL

We are pleased to announce the closing of a 54-unit multifamily property located at 3400 Tyne Lane in Sarasota, FL. 

The sale had multiple offers from both local and out-of-town investors. The final price approached $95,000/unit. 

The sale is a testament to the continued strength of the Sarasota/Bradenton apartment market in spite of new construction in the area.

If you are considering buying or selling, don’t hestitate to contact us to discuss your options.

Sean Dreznin — Srqcre@gmail.com

George Kruse — gwkruse@gmail.com

Sarasota Ponders Future of Rosemary District near Downtown

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BY JACOB OGLES SRQ DAILY FRESHLY SQUEEZED CONTENT EVERY MORNING THURSDAY JUN 8, 2017

A special district designed to spur development in the Rosemary District has been so successful Sarasota officials expect to reach a goal on new residential units more than a year earlier than expected. Now, city commissioners have started to explore whether to allow construction at up to three times the normal density to occur on more properties in the area.

“The Rosemary District has the potential and, I firmly believe, could be the most exciting, diverse, inclusive neighborhood in Sarasota, and perhaps the state of Florida,” says Howard Davis, director of the Rosemary District Planning Initiative. Davis and other leaders in the Rosemary spoke to city commissioners Monday night about a hope to continue the redevelopment renaissance happening north of Fruitville Road.

But while city commissioners say the success of an overlay district in spurring development certainly proved successful, they also want to explore whether needs like the opening of parks and creation of affordable housing will be met in the future. “The idea was to increase density by allowing smaller units and units that were more affordable—not attainable levels that we have been talking about, just affordable,” said Commissioner Jennifer Ahearn-Koch. “In my mind that has not happened.”

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The city in 2014 approved an overlay district where some developments could build up to 75 residential units per acre, while the normal zoning allows just 25 units per acre. That resulted in construction of rental housing like that found at CitySide Apartments. Officials elected then not to include requirements for affordable housing, in hopes market forces would keep prices of smaller units low.

The district ended up working faster than anticipated. While there were 386 units in the district when the overlay got approved, the city now calculates that 1,525 units have been built or have building permits or site plan approvals issued. The original plan for the district capped the entire area at 1,775 units, and set an expiration date for the district in December 2018. With nearly 86 percent capacity achieved already, commissioners on Monday voted to have the district terminate whenever the cap is reached. 

Bruce Weiner, developer for CitySide, says he would like to see development continue in the Rosemary. Site plan approval for the apartment complex’s second phase triggered the city looking at the district’s future. While Weiner notes he owns no more property and might benefit from being one of the only developments in the neighborhood with so high a density, he says continued development will benefit everyone in the area. “It’s really turning into a viable downtown neighborhood,” he says.

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City Commissioner Hagen Brody says he would like to see activity continue in the district. “I love what’s happening in Rosemary,” he says. But other commissioners say they want to make sure other needs get met.

Mayor Shelli Freeland Eddie says she’d like to see an affordable housing requirement implemented. The Sarasota Housing Authority owns three acres in the district, and officials there would like the ability to develop at higher densities. Eddie wants that need considered. Ahearn-Koch says the city needs to consider roadways, greenspace and a number of other issues now as the district matures.

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Improve Your Commercial Property Cash Flow

 

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The Value of Cost Segregation and Reducing Your Taxes

The Situation

In any economic time, it is important to manage your cash flow wisely.  For property owners, it can mean the difference between protecting your investment and foreclosure.  One way to improve cash flow and reduce taxes on commercial property is through Cost Segregation.  Cost Segregation allows the owner to accelerate depreciation of certain components of the building from the standard thirty-nine or twenty-seven and a half year schedule to fifteen, seven or five years.  Increasing the rate of depreciation will offset earnings, which in turn reduces federal taxes and provides improved cash flow.

Who Should Consider Cost Segregation?

Cost Segregation can be beneficial in a number of commercial property scenarios including new construction, the purchase of an existing building, with renovation or tenant improvements, or on a property where a Cost Segregation Study has not previously been conducted.  The best candidate for the process is a building or improvements of a value greater than $500,000, and in some cases, lesser expenditures for build-outs can be beneficial.  In addition to the financial opportunity, one real advantage of a Cost Segregation Study is that it can be done on real estate put into service in prior years without needing to amend prior tax returns.  With the new investment income tax, Cost Segregation has become an even more valuable tax savings tool.

How Can We Help?

A Strong Construction Services Team can take you through the Cost Segregation process.  Our staff works directly with a qualified construction cost expert to conduct an analysis of your building, determine allowable depreciation benefits and ensure that all deductions are fully documented and verifiable.  The time needed to conduct a Cost Segregation study varies based on the specific attributes of the property and the owner’s tax situation.

Article via Shirley Fieber, CPA at Kerkering Barberio

Ms Fieber concentrates her practice in the areas of Construction Services which she leads for the firm, Individual and Business Tax Consulting and Real Estate Support Services. She has experience in Partnership and Limited Liability Company taxation. She also provides Cost Segregation Study services to businesses and investors.

Panel to Discuss Sarasota New Urbanism, Planning, Traffic Next Week

 

 

Panelists will discuss the New Urbanism planning philosophy, public approval for new developments, traffic and more during the next Sarasota Tiger Bay Club luncheon.

Panelists will discuss the new citizens’ group STOP!, the New Urbanism planning philosophy, public approval for new developments, traffic and more during the next Sarasota Tiger Bay Club luncheon. The panel will include STOP! member and Sarasota Planning Board member Eileen Normile, STOP! member Kate Lowman, architect and Planning Board member Chris Gallagher and traffic planner Damian Miller. The luncheon begins at 11:30 a.m. Thursday, July 6, with the panel beginning at noon. The event takes place at Michael’s on East, 1212 S. East Ave., Sarasota. Registration is $25 for Tiger Bay members and $30 for non-members.

Top Tech Tools Driving the CRE Industry

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MAY 9, 2017

Marketing Tools

Technology changed how real estate marketers present client properties. Thanks to virtual reality, a buyer no longer needs to see a space in person before initiating an offer. VR technology captures spaces with incredible detail. Buyers tour properties anytime from anywhere. Augmented reality is equally exciting because real estate marketers can impose a client’s branding into a space to show them the potential. A report on virtual reality by Goldman Sachs estimated the real estate market will represent $2.6 billion of VR/AR use by 2025. Top industry VR/AR providers include Matterport and VR Global.

Certain commercial spaces may be better represented through drone photography. This is especially true for spaces where marketing potential retail locations would benefit from an aerial sense of the property’s placement amongst the surrounding amenities. These video tours are marketable across numerous platforms, social and MLS.

The most essential tool agents and brokers rely on is an intelligent customer relationship management solution (CRM). Today’s CRM solutions either offer marketing options or integrate with other marketing software providers. Agents use CRMs to better market properties to the right potential buyers, set up drip email campaigns, chase leads, and much more. Top CRMs built specifically built for the commercial real estate industry include AptoClientlook, and REthink CRM.

 

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Real Estate Listing Tools

In a 2016 survey by theBrokerList and Buildout, 72% of respondents said they regularly used listing tools. Exposing a listing to as many potential buyers or leasing representatives increases chances of success. New service providers aid both ends of the spectrum: the agents that need to promote and the clients searching for the right location. Take Digsy. These experts help those searching for commercial real estate find the right space. RealMassive streamlines an agent’s marketing efforts and keeps them in charge of the listing information. Loopnet and Commercial Search are two other top providers of commercial real estate sale and leasing information with additional marketing opportunities.

Big Data for Real Estate

The power of big data unlocks actionable steps real estate professionals use to maximize their efficiency and success rate. Over 72% of commercial firms encourage the use of comparative market analysis software, according to a 2016 profile of real estate firmsVTS is a leading leasing and asset management platform for a reason. The real-time access to data and market intelligence generates easy-to-use reporting for better decision making. Compstak is another provider of real estate data. Using the power of crowdsourcing, Compstak helps researchers, lenders, investors, and other real state representatives find and trade the comparables they need. Other data and analytics service providers like REIS and Real Capital Analytics (RCA), apply market intelligence to vacancy rates, rent levels, new construction, and more to guide brokers and agents.

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Software to Improve Efficiency

Commercial real estate professionals no longer need to visit a central office every day to conduct business. Smartphone apps allow us to schedule appointments, sign and send contracts, search listings, and complete other work for our clients. The majority of marketing and CRM providers have mobile apps or online access. A few other mobile tools assist for real estate agents stay productive on the go. Lease Matrix provides lease analytics in minutes. 360 Panorama stitches together 360-degree photos of a space using a phone. Document signing apps like dotLoop and DocuSign make it easy to electronically signed documents from anywhere. Other non-industry specific tools like Evernote keep real estate professionals organized or allow for digital document storing and sharing like Dropbox.

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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.

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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.

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4 WAYS TO MAKE TELEPHONE PROSPECTING EASY


By Bo Barron via The Massimo Group
I once worked with a brokerage manager who said there were two types of people in the world – those that didn’t like to cold call and those that lie about liking cold calling. He might have overstated his point a bit, but he does have a point. The odds are you don’t like to prospect by telephone, but it’s equally likely that you would like to grow your commercial real estate brokerage practice.
There is no better way to expand your business than to talk to new prospects.

There is no better way to expand your business than to talk to new prospects. The easiest way to start a conversation with new people is to pick up the phone and call them, and it doesn’t have to be hard or unpleasant. Try to keep these principles in mind, and you’ll find that prospecting by telephone is easier than you expect. You might even have fun doing it!


1 ) CALL IN BLOCKS OF TIME

When you get a good rhythm going, calling gets easier. Set some time aside, close your email program, put your cell phone on vibrate, and make your calls. As you find your groove, you’ll find it gets easier.

2) CALL SIMILAR CLIENTS TOGETHER

Instead of just going through your CRM program’s database alphabetically, call thematically. For example, you could call only clients with mortgages that are rolling in the next six months, call everyone with between 20 and 30 percent vacancy, or only call people in a one or two block area. Calling similar clients lets you take what you hear on one call and use it with other prospects.

3) CALL ABOUT SOMETHING EXCITING OR VALUABLE

I believe there is always a reason to call. When you know that you have something valuable, your enthusiasm and confidence will come across and your prospects should respond. This is also a powerful brand building tool, since instead of being an annoyance like most cold calls; your telephone call will be valuable to your client.


4) MAINTAIN PERSPECTIVE

No matter what you do, some of the people you contact will not react positively. It’s their loss. Move on and find someone else that appreciates the considerable value you can add to them. Telephone prospecting is a numbers game, and occasional failed calls are part of the process.

One of the great things about prospecting by telephone is it can have an almost immediate impact on your business. If you talk to more people, you will meet with more people and get more opportunities to compete for sales or leasing engagements. Once you have the opportunity, all that you have to do is close for the business. If that isn’t a great reason to shut down your web browser right now and do some prospecting, I don’t know what is!

Sarasota Sky Bar & Club to open Friday

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The nightclub is slated to open in the Charles Ringling building on the east end of downtown this weekend.
by: Alex Mahadevan News Innovation Editor

Following some delays, downtown Sarasota’s newest nightclub will open this weekend in the historic Charles Ringling building.

Sarasota Sky Bar & Club will open at 4 p.m. Friday, Sept. 23, at 1927 Ringling Boulevard, which is adjacent to McCurdy’s Comedy Theatre. The club will feature 1960s-themed local band Robin and the Retros starting at 8 p.m., with a $5 cover to get in, said co-owner Tony Tannus.

Democracy, a reggae band, will play during the same hours Saturday.

“We have to mix it up,” said Tannus, who said he wants to focus on bringing in a mature crowd to the non-smoking building. “I’m not bringing in 20 year olds to bounce around.”

Tannus, who also co-owns the Meadows Village Pub & Grill, said the 7,000-square-foot size of the interior, and its history, attracted him to the property. Charles Ringling, John Ringling’s brother, constructed the two-story building in 1926.

“His office is still up there,” Tannus said.

 

Sean Dreznin & Jag Grewal from Ian Black Real Estate handled both sides of the transaction.