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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.
100 S. Washington Blvd. • Sarasota, FL 34236 • 941.957.3730 • msccommercial.com
The first quarter of 2017 saw increases in the rate of positive absorption for both office and industrial space. This is complemented by a decreased vacancy
rate, and a growth in average rent stemming from the lack of new inventory— particularly in downtown Sarasota, on the barrier islands and Venice/Englewood. As 2017 progresses, a number of new hotels, retail stores and condominiums will be cropping up. Read on for more of the latest in the region’s commercial real estate market.
State of the MarketMATT DREWSDIRECTOR,COMMERCIALDIVISION
Manatee, Charlotte & Sarasota Counties
COMMUNITIES REPRESENTED AS OF APRIL 2O17
COMMUNITY PRICE NUMBER OF RESIDENCES CONSTRUCTION INFO
Ashton Oaks From the mid $500,000’s 20 Custom homes. Model open daily.
Edgewater at Hidden Bay From the high $400,000’s 52 Sales center open.
The Grande From the $2,000,000’s 72 Pre-construction. Sales gallery open.
The Mark From the $600,000’s 157 Pre-construction. Sales gallery open.
Palma Sola Bay Club From the low $300,000’s 207 Sales gallery open.
Sandhill Lake From the high $400,000’s Coming soon.
VUE Sarasota Bay From the high $900,000’s 141 Under construction. By appointment.
1st Quarter 2017
MS&C Commercial works closely with clients to secure the right location and land for exceptional new developments. MS&C New Homes & Condominiums takes over from there, putting to work dynamic strategies that bring these exciting communities to the market.
New York $24.8 billion
Texas $18.5 billion
California $14.3 billion
Louisiana $9.9 billion
Florida
Source: Business Observer, April 21, 2017
TOP FIVE STATES IN COMMERCIAL REAL ESTATE DEVELOPMENT & EMPLOYMENT
$7.6 BILLION
SIGNIFICANT SALES by MS&C Commercial • First Quarter 2017DATE LOCATION SQ FT OR ACREAGE PROPERTY TYPE1.3.17 1471 NORTHGATE BLVD., SARASOTA, FL 34234 10,000 SF INDUSTRIAL
1.5.17 SHANGRI LA ROAD, SARASOTA, FL, 34233 6.24 +/- ACRES (2 PARCELS) LAND
1.12.17 71 & 91 ALAFIA DRIVE, SARASOTA, FL 34240 1.98 +/- ACRES LAND
1.13.17 2125 47TH STREET, SARASOTA, FL 34234 6,000 SF INDUSTRIAL
1.23.17 2010 TETLOW PLACE, SARASOTA, FL 34239 6,450 SF MULTI-FAMILY
2.3.17 5715 15TH STREET EAST, BRADENTON, FL 34203 7.26 +/- ACRES LAND
2.3.17 3321 W. CORTEZ, ROAD, BRADENTON, FL 34207 1,500 SF RETAIL
2.7.17 558 S. OSPREY AVENUE, SARASOTA, FL 34236 1,476 SF OFFICE
2.8.17 1301 MAIN STREET UNIT #104, SARASOTA, FL 34236 700 SF RETAIL
3.9.17 7313 MERCHANT COURT, SARASOTA, FL 34240 3,804 SF OFFICE
COMMERCIAL TRENDS & REPORTS
Many store closures are on the horizon. With nine retail bankruptcies during the 1st quarter of 2017, we find ourselves with empty big box stores to f i l l . The question becomes, what
can we fill these big box stores with that can survive the competition from online shopping? The answer: Medical Offices. The increasing trend of free-standing emergency rooms, urgent care centers, outpatient surgery centers, and medical
villages is back on the rise. Backfilling big box stores for much needed space and greater visibility could strategically be the answer to the big box retail vacancies.
Per the University of Florida’s Bureau of Economic and Business Research, the four counties that make up Central Florida are
currently home to 2.4 million residents. This number is projected to grow to 2.6 million by 2020 and to 3.7 million by 2045. As baby boomers retire, the over 65 age
bracket will grow a p p r ox i m a t e l y by 36%, which t r a d i t i o n a l l y consumes three times the medical services of younger
people. The need for more medical office buildings will only grow, and now there is just the space to accommodate them.
n A new SpringHill Suites Hotel has broken ground on the downtown waterfront
n New City parking garage with 1st floor retail is in the design and bid selection process
n Plans to update Main Street with widened sidewalks and street-scaping
n South Florida Museum is prepping for a $12 million dollar total renovation
n Tampa restaurant chain “Caddys” has opened at Tarpon Pointen Mattison’s City Grille has opened on the Riverwalkn SUNZ Insurance building is currently undergoing a
multimillion dollar renovation
n Office vacancies continue to drop throughout the urban coren The Villages At Riverwalk — a 521 unit Apartment/Condo
project in the historic district is well into construction
Medical Office Update from Gail Bowden
“This is an exciting time to be investing in medical office buildings. With vacant big box retail stores, it only makes sense to convert those spaces into medical offices. They have excellent access, demographics, and ample parking.” — Gail Bowden
Rendering of the South Florida Museum expansion. Courtesy South Florida Museum.
Downtown Bradenton Update from Ben Bakker
COMMERCIAL TRENDS & REPORTS
Retail Update from Steven LarkinSarasota and Manatee counties are in high demand with an influx of regional and national tenants practically fighting for space. With a growth in year-round residents — who are younger and have disposal income — Sarasota is no longer viewed as the sleepy beach town it once was.
For quality retail real estate (quality + traffic + good adjacent tenants) rents continue to rise due to a shortage of space. Examples include: St Armands at $75 per SF, Fruitville by I-75 at $35 per SF, Downtown Venice at $30 per SF and North Port at $20 per SF. Good luck finding space in Lakewood Ranch!
There are new retail projects commencing construction within the next six months which should ease some of the supply and demand. MSC Commercial will provide updates on these projects after attending the annual national International Council of Shopping Centers convention in late May.
The Green at Lakewood Ranch, a 37-acre, mixed-use development by Tavistock, is expected to break ground in the first week of May. The Earth Fare organic supermarket will anchor the development and is expected to open in the first quarter of 2018. The Green will feature a complementary mix of restaurants, retail, office and residential space. Exciting news for the many families in Lakewood Ranch — Manatee County is planning new schools including the “north county” high school project. The north county high school
is the first planned new school for the district, which has grown to 49,000 students this year. Lakewood Ranch will be building 29 miles of new roads to accommodate the flourishing population and amazing growth of the area.
Lakewood Ranch Update from Susan Goldstein
New Team Member at MS&C CommercialA Sarasota native with a wealth of area knowledge, Molly O’Brien brings an impressive background in commercial real estate marketing and sales to the Michael Saunders & Company Commercial team. Prior to joining MS&C Commercial, Molly worked with Xceligent, Inc., a leading national provider of commercial real estate information— from property listings to market analytics. In her role as Director of Client Services and Sales, Molly earned the award for 2016 Top Sale Transaction Volume in the state of Florida.
Land Update from Howard Sadwin and Colin PemberLand demand for commercial and residential developments continues to escalate as do sale prices.n Construction on 205 single
family homes has begun again on the former 193-acre Foxfire Golf Course off of Proctor Road. A gated community called Waverly will feature 110 of the homes, built by Manatee Country based Medallion Homes. Adjacent to this community, Meritage Homes is building 95 single-family homes.
n Neal Communities purchased 533 acres off Ibis Road for $20 million. According to Sarasota County, Neal Communities is proposing to build up to approximately 1,100 homes with at least 15% of the total units meeting the Sarasota County Affordable Housing standards. Recently, in the 2017 Parade of Homes, Neal Communities placed second with 7 awards, and Neal Signature Homes won 6 awards.
Courtesy Observer Group
COMMERCIAL TEAM
Michael Saunders, CEO and Founder of Michael Saunders & Company
Matt Drews, Director
Benjamin Bakker
Gail Bowden
Dennis Dahm
Lee De Lieto, Sr., MBA
Lee De Lieto, Jr., P.A., Broker-Associate
Jessica Fleming
Michael Gallatin
Susan Goldstein, MBA, CCIM
Ben Graham
Daniella Kaskey
Roberta Kolton Cera
Steven Larkin
Will Martin
Eric Massey, Broker-Associate
Sarah Massey
Robert Moffatt
Molly O’Brien
Daniel J. Page, CCIM
Colin Pember
Erin Reid
Howard Sadwin
Larry Schaper, CCIM
Peggy Wellman
Carey Robards, Marketing Assistant
Ellen Spencer, Administrative Assistant
BRADENTON OFFICE4400 Manatee Avenue West • Bradenton, FL 34209Phone: 941.748.6300 • Fax: 941.749.5001
DOWNTOWN SARASOTA OFFICE100 S. Washington Blvd. • Sarasota, FL 34236Phone: 941.957.3730 • Fax: 941.552.5216
ENGLEWOOD OFFICE1200 S. McCall Road • Englewood, FL 34223Phone: 941.473.7750 • Fax: 941.473.7751
LAKEWOOD RANCH OFFICE8325 Lakewood Ranch Blvd. • Bradenton, FL 34202Phone: 941.907.9595 • Fax: 941.907.8802
ORLANDO121 S. Orange Ave., Suite 1500 • Orlando, FL 32801Phone: 407.377.6830
PALMER RANCH OFFICE8660 S. Tamiami Trail • Sarasota, FL 34238Phone: 941.966.8000 • Fax: 941.918.9392
PUNTA GORDA OFFICE101 Taylor Street • Punta Gorda, FL 33950Phone: 941.639.0000 • Fax: 941.639.0101
COMMERCIAL PROPERTY MANAGEMENT1801 Main Street • Sarasota, FL 34236Phone: 941.951.6660 • Fax: 941.951.6667
Bob Smith, Director of Commercial Property Management
Diane Conte, Administration Manager
Tony Fus, In-House Facility Technician
To accelerate success in a highly competitive market, our commercial experts draw upon their mastery of financial, market and investment analysis, active community involvement and the long-standing local dominance of Michael Saunders & Company to turn opportunities into results.
For all your commercial real estate needs — Think MS&C Commercial.
EXPECT THE EXCEPTIONALIN COMMERCIAL REAL ESTATE