Tag Archives: sarasota

Plans submitted for shopping center revitalization in Sarasota, FL

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Picture via Gator Investments website
Town and Country Plaza at Beneva and Fruitville roads in Sarasota.

SARASOTA — Benderson Development Co. filed redevelopment plans with Sarasota city officials on April 28 for the Town and Country Plaza shopping center at the northwest Corner of Beneva and Fruitville roads.

Sarasota, FL Apartment Complex For Sale – 54-units – This won’t last!

 

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
Linkedin small
Square George Kruse

Commercial Investment Sales Advisor
george@ian-black.com

(C) 941.321.6393
(O) 941.321.6393
(F) 941.906.8228
Linkedin small

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

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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Ad agency with nearly $15M in sales finds buyer

April 13, 2017

LAKEWOOD RANCH —One of the largest advertising, marketing and public relations firms in the Sarasota-Bradenton region, Grapevine Communications, has a new owner.

The founders, husband-wife team Angela Massaro-Fain and John Fain, had been working on an exit strategy for close to five years, says Massaro-Fain. They rejected at least two suitors. Then they found the right fit close by in Allison Imre Perkowski — a former sales rep and event promoter for iHeartMedia and iHeartRadio in Sarasota.

Imre Perkowski, 39, assisted Lakewood Ranch-based Grapevine at the radio station for ad placements, and she and Massaro-Fain have known each other for a decade. Massaro-Fain will remain with the company, on the board and as creative director. John Fain will remain with the firm on a short-term adviser contract. Financial terms of the deal, which took a year to come together, weren’t disclosed.

“It was really important that we sold it to someone I trust,” says Massaro-Fain, “and someone with a vision to grow Grapevine.”

Grapevine had $14.33 million in revenues in 2016, up 3.6% from $13.81 million in 2015. Founded in 2002, it has 15 employees. The firm’s clients vary widely, and include law offices, nonprofits, real estate firms and senior living developers. Grapevine also has a large portfolio of area “Best of” awards from local publications.

Often with a firm of that size and stature, a bigger out-of-town company will buy it to gain entry into a new a market. And Massaro-Fain says the two potential buyers she and John Fain rejected fit that mold. “We didn’t want to grow geographically and we didn’t want someone who didn’t know our brand,” Massaro-Fain tells the Business Observer in an interview.

For complete article and others, CLICK HERE <——–

Multi-Family Complex Sold for $445,000

A Chicago couple recently purchased the four-unit multi-family complex located at 2027 Fiesta Drive, Sarasota, for $445,000.

By 941 CEO Staff 2/23/2017 at 2:32pm

A Chicago couple recently purchased the four-unit multi-family complex located at 2027 Fiesta Drive, Sarasota, for $445,000.

The property includes two single-story duplexes totaling 3,012 square feet on a .3-acre parcel.

Sean Dreznin, a sales agent with the commercial real estate firm Ian Black Real Estate, represented both the buyers, Eric and Shelley Swanson, and the seller, Beverly Meadows, in the transaction.

Dreznin focuses his real estate practice on the sale of investment and multi-family properties between St. Petersburg and Naples.

The Journey… Back to becoming an Ironman

Week 1 – So on truth, I’ve been diligent about the foods I’ve been eating for a solid week and I’ve been working out 3-4 times a week. (During the week at 6am and weekends closer to 7:30am).


Having said that, removing one or two dense calorie items (Lenny & Larry’s protein cookies) from the daily diet (approx 400 calories per serving) has helped me feel better.

I will actually record my weight this week but my starting baseline 2 weeks ago was 285 lbs.

I haven’t taken measurements yet or done my BMI.  Here is a safe assumption at this point.  I’m overweight.  The heaviest I’ve been in approximately 10 years.  My son is going to be 2 years old in April and I want to be a healthy role model and be able to comfortably play with him.

So one of my goals for 2017 is to lose 40 lbs on the low end and 80 lbs on the high end.  

It sounds big, but removing something as simple as one protein cookie a day equates to 400 calories and over 7 days that equals 2,800 calories.  3,500 calories equals a pound.  So one more subtle change in the eating regimen and we’re easily at 1 pound per week of weight loss plus the workouts which I had pretty much given up previously.

Another goal of mine, will be to work on getting a couple of sponsors or advertisers on this blog to motivate me with their products but also so I can show the results herein.

Thanks for joining me in this journey and I hope it inspires you as well.

We’re gonna do great things in 2017!


Me & my amazing super athlete and supportive wife Jonell!

Stay Serious When Seeking Greater Good

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The Way I See It

BY IAN BLACK * SRQ DAILY * SATURDAY PERSPECTIVES EDITION * SATURDAY DEC 17, 2016

While enjoying a sabbatical last May in the “Ould Sod,” my ire was elevated when I learned that the County Commission folded to the “fierce backlash” not of the business community, as referred to in Zach Murdoch’s recent column in the Sarasota Herald-Tribune, but to the demands of one or two roofing contractors backed by the Gulf Coast Builders Exchange to shut the door to efforts to bring the corporate headquarters of the North American Roofing Company to our community. My ire was further elevated upon reading Mary Dougherty-Slapp’s recent column in SRQ Daily, which stated: “Let’s make Sarasota a place that businesses want to come to grow and hire workers with good paying and quality jobs.” So, are we now to believe that the GCBE, after advocating the very opposite in opposing Project Mulligan, now want us to believe that the board have had an epiphany? Hopefully so. The GCBE has always been a proponent of economic growth and vitality even though on this occasion they appeared to be in cahoots with those who would not be in favor of efforts to attract meaningful jobs to our community.

Diversification of our economy is a serious topic and I am heartened that the County Commission, encouraged by our newly elected Commissioners, have prioritized this subject for the BCC over the next year. As a community, we are asking for trouble if we do not take advantage of the incentives that are available for economic diversity. We need to balance the three-legged stool. It is not sufficient that we rest on our superior “quality of life” reputation to attract qualified targeted industries and corporate headquarters. These targeted industries are well documented by the State and are revised every three years. These industries have been identified as those that can help diversify local economies to make them more robust and resilient during an economic downturn or an economic recession. 

I am all for working together to create a strong future as suggested by Mary’s column. The tools necessary to do this are readily available for use in the right circumstances. However, we as a community need to seriously get behind these efforts and not simply put the interests of a few before the greater good when an opportunity such as Project Mulligan comes before us in the future.

There is a time honored maxim in my industry: “Dear God please give me one more real estate boom and I promise I won’t fritter it away.”

Ian Black is founder of Ian Black Real Estate.

For complete article and others, CLICK HERE <—–

 

Real estate finance expert joins Ian Black Real Estate team

via Tampa Bay Newswire

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George Kruse brings with him more than 20 years of real estate finance experience

SARASOTA, Fla. (Dec. 21, 2016) – Real estate finance executive George Kruse has joined the Ian Black Real Estate (IBRE) team as a Sales Associate in the firm’s Sarasota office. Kruse brings with him more than 20 years of experience on both the debt and equity sides of commercial investments. In addition to his role as a commercial broker, he will provide the IBRE team with guidance in value creation, financing opportunities and an understanding of the present debt and equity environments.

Kruse is also a Senior Managing Director at Osprey Capital, a Tampa-based commercial real estate finance company, specializing in the financing of value-add investment opportunities.

“We’re thrilled to welcome George to the team,” said Ian Black, partner at Ian Black Real Estate. “His experience on the financing side of the industry is a valuable add-on to our existing skill set and will go a long way in providing our clients with the highest level of service available.”

Leveraging Kruse’s expertise in the finance industry will allow the IBRE team to better assess opportunities for clients and maximize their investment potential.

Previously, Kruse spent more than seven years as the sole managing director of Vesta Equity, LLC, a private real estate investment fund based in Sarasota. Under his leadership, Vesta made over $200 million in small balance senior and equity investments nationwide. He also oversaw both the lending and investment divisions and structured the fund’s capital deployment strategies.

Prior to that, he served as an Investment Officer at CapitalSource Finance in both the New York and Orlando offices. At CapitalSource, Kruse was directly involved in over $600 million in commercial loan and hypothecation line transactions.

Kruse earned his bachelor’s degree in finance and management from the University of Florida and his Master of Business Administration from Columbia Business School. He recently obtained his Florida Real Estate license.

“It’s an honor to join the Ian Black team and put my experience in real estate finance to use in this side of the industry,” said Kruse. “I’m looking forward to starting my career as a commercial sales associate and working alongside such a strong team of brokers in the Sarasota market.”

Kruse is currently on the Advisory Board for the University of Florida’s Masters of Science in Real Estate (MSRE) program, as well as the Board of the Columbia University Club of Sarasota. He is a member of the International Council of Shopping Centers (ICSC) and the Sarasota Commercial Investment Division (CID), and is regularly asked to moderate and sit on panels about private commercial financing.

About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

Click here for original press release