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3rd Quarter 2016

MATT DREWS DIRECTOR, COMMERCIAL DIVISION Matt Drews oversees the day-to-day activities of his dedicated team of agents, whose expertise in all classes of commercial properties spans the Gulf Coast region from Manatee to Charlotte Counties. Drews, a Sarasota native and former professional baseball player, brings a wealth of diversified business, entrepreneurial, real estate and customer service experience to his new role with the company. Since returning to his Sarasota roots, Matt has held several key management, operational and business development positions.

State of the Market

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Manatee, Charlotte & Sarasota Counties

s the fourth quarter gets underway, demand and development of commercial spaces on Florida’s Gulf Coast remains robust. From the renaissance of retail in the downtown Sarasota area, to the explosive growth in the Lakewood Ranch/ University Parkway corridor, the region is a flurry of commercial activity. As expected, the downtown Sarasota submarket experienced the strongest leasing activity during Q3 2016, led by The Herald-Tribune’s 27,909 SF relocation to the SunTrust Bank Building. Susan Goldstein of MS&C Commercial served as the leasing agent for this significant deal. Read on for more of the latest in the region’s commercial real estate market.

Susan Goldstein served as the leasing agent for Sarasota Herald-Tribune’s move to the SunTrust building on Main Street.

COMMUNITIES REPRESENTED AS OF NOVEMBER 2016 The MS&C Commercial Division works closely with clients to secure the right location and land for exceptional new developments. The MS&C New Homes & Condominiums Division takes over from there, putting to work dynamic strategies that bring these exciting communities to the market. COMMUNITY

PRICE

NUMBER OF RESIDENCES

CONSTRUCTION INFO

Ashton Oaks

From the low $500,000’s

20

Custom homes. Model open daily.

Coral Caye

From the low $300,000’s

95

Custom homes. Models open daily.

Edgewater at Hidden Bay

From the low $500,000’s

52

Sales center open.

Granada Park

From the high $800,000’s

15

Custom homes. Call for preview.

The Grande

From the $2,000,000’s

72

Pre-construction. Sales gallery open.

The Mark

From the $700,000’s

157

Pre-construction. Sales gallery open.

Palma Sola Bay Club

From the $300,000’s

207

Sales gallery open.

VUE Sarasota Bay

From the mid $1,000,000’s

141

Under construction. By appointment.

100 S. Washington Blvd. • Sarasota, FL 34236 • 941.957.3730 • msccommercial.com


COMMERCIAL TRENDS & REPORTS Land & Development n

On October 6, the Sarasota County Planning Commission unanimously recommended the Sarasota County Board of Commissioners approve rezone petition 15-31. The proposed development would be located on 1,725 acres at Bee Ridge Extension and Clark Road. The applicant proposed 3,450 dwelling units within 9 separate neighborhoods and up to 300,000 square feet of commercial, retail and office.

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Lakewood Ranch is currently the 5th fastest growing master planned community in the United States. With a goal of adding 1 job for every home sold, growth should be rapid.

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The 5000+ residential units Watersedge Project is expected to begin construction in early 2017. The Players Theater will be at the center of the commercial development.

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Lorraine Road will be completed between University Parkway and Fruitville Road in early 2017, easing the traffic situation in this rapidly growing area. Once this connection is complete, a Publix will begin construction at the northeast intersection of Lorraine Road and University.

Bee Ridge Extension & Clark Road

Lorraine Road between University Pkwy & Fruitville Road

The Watersedge Project

SIGNIFICANT SALES by MS&C Commercial • Third Quarter 2016 DATE

LOCATION

SQ FT OR ACREAGE PROPERTY TYPE

9.20.16 10.12.16 10.17.16 9.15.16 9.6.16 9.7.16 9.7.16 8.30.16

8121 25TH COURT EAST, SARASOTA 2937 BEE RIDGE ROAD, SARASOTA 1777 MAIN STREET, 4TH, 5TH AND 9TH FLOORS, SARASOTA 1962 MAIN STREET, SUITE #100, SARASOTA 7675 MATOAKA ROAD, SARASOTA 700 COMMERCE DRIVE, VENICE 2216 E. 72ND DRIVE, SARASOTA 5783 W. MANATEE AVENUE, BRADENTON

16,000 SF 8,347 SF 27,909 SF 1,200 SF 9,075 SF 5,800 SF 10,150 SF 3,752 SF

INDUSTRIAL OFFICE OFFICE RETAIL INDUSTRIAL OFFICE INDUSTRIAL RETAIL


South Tamiami Trail South Tamiami Trail is experiencing a continued renaissance, as new retail is added and older buildings updated. Projects including the renovation of Southgate Mall, the Berlin Patton law office and the new Square One Burger location all illustrate this sense of renewal. The expansion of Sarasota Memorial Hospital and the newly updated Pelican Plaza indicate the strength of development in this highly-trafficked area. With 55,000 cars traveling north and south every day on the trail, Tamiami will remain a coveted destination for commercial property investors.

Bradenton

Southgate Mall renovation

The Bradenton area commercial market continues to see positive gains as a result of increased land sales, while vacant office space is filling at a steady pace. 2017 is on track to be a record year of growth for the area, with several key developments taking place in and around its urban core. These include: n

A 9 story SpringHill Suites hotel slated for the downtown waterfront with restaurant and rooftop bar

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Villages at Riverwalk is currently under construction on the edge of downtown Bradenton, which will house lofts over retail, apartment spaces and waterfront condos

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“Connect Bradenton” — an innovative and exciting co-working and meeting space begins construction downtown in January 2017

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Village of the Arts continues to grow at a record pace with new bakeries, coffeehouses, galleries and more opening into next year.

Venice Commercial real estate in Venice continues to grow, in particular the fast food and casual dining sector. Six new restaurants have been announced along the I-75 and Jacaranda interchange. Along the Hwy 41 corridor, the former Kmart plaza location has been sold to its adjacent neighbor, Benderson Properties. The plan is to continue adding retail and restaurant development to the center. Across the street, the former Albertson’s location is under consideration with several regional grocery chains seeking to find a foothold in the market. Developers are also awaiting decisions from the Venice and Sarasota hospital systems to decide whom is staying, relocating and/or building new within the South County area.

Spotlight on St Armand’s Retail It’s been an extraordinary year for retail on St Armand’s Key. An exciting lineup of new shops includes a Martha’s Vineyard favorite, Black Dog General Store, and just around the corner a soon-to-be announced clothing store originally based in Quebec. There is still availability on St. Armands, including brand new boutique spaces to be delivered in December. On the inner circle, lease rates have sustained their level at $70 plus per square foot. While the outlying spokes are still paying $55 per SF and up.


MEET OUR TEAM

R E A DY T O E X C E E D Y O U R E X P E C TAT I O N S

DOWNTOWN SARASOTA OFFICE 100 S. Washington Blvd. • Sarasota, FL 34236 Phone: 941.957.3730 • Fax: 941.552.5216 Matt Drews, Director Ben Graham Colin Pember Daniela Kaskey Dennis Dahm Eric Massey Howard Sadwin Larry Schaper Lauren Acosta Lee DeLieto Jr Lee DeLieto Sr Roberta Kolton Cera Sarah Lancaster-Massey Steven Larkin Ellen Spencer, Executive Assistant Carey Robards, Marketing Assistant

LAKEWOOD RANCH OFFICE 8325 Lakewood Ranch Blvd. • Bradenton, FL 34202 Phone: 941.907.9595 • Fax: 941.907.8802 Susan Goldstein PALMER RANCH OFFICE 8660 S. Tamiami Trail • Sarasota, FL 34238 Phone: 941.966.8000 • Fax: 941.918.9392 Dan Page Linda Page Peggy Wellman Robert Moffat Joe Bell BRADENTON OFFICE 4400 Manatee Avenue West • Bradenton, FL 34209 Phone: 941.748.6300 • Fax: 941.749.5001 Benjamin Bakker

ENGLEWOOD OFFICE 1200 S. McCall Road • Englewood, FL 34223 Phone: 941.473.7750 • Fax: 941.473.7751 PUNTA GORDA OFFICE 101 Taylor Street • Punta Gorda, FL 38950 Phone: 941.639.0000 • Fax: 941.639.0101 PROPERTY MANAGEMENT 1801 Main Street • Sarasota, FL 34236 Phone: 941.951.6660 • Fax: 941.951.6667 Bob Smith, Director of Commercial Property Management Diane Conte, Administrative Manager Tony Fus, In-House Facility Technician


Commercial Quarterly