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News & Notes

Investors pay $3 million for seven downtown Bradenton properties

In the week's top commercial real estate news, newcomers commit to longer leases in Tampa, and $400 million in sales triggers new tower along Estero Bay.

  • By Louis Llovio
  • | 5:00 a.m. March 10, 2024
  • | 2 Free Articles Remaining!
Ian Black Real Estate sold seven downtown Bradenton properties for $3 million.
Ian Black Real Estate sold seven downtown Bradenton properties for $3 million.
Image courtesy of Ian Black Real Estate
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Naples/Fort Myers/Charlotte

Tower record: Sales have opened for units in the second tower of The Ritz-Carlton Residences, Estero Bay after sales on the first tower, which broke ground in July, hit the $400 million mark. The north tower, which is the one that’s yet to start construction, will be 22 stories and have 112 units between 2,628 square feet and 3,885 square feet, according to a statement. Prices start at $3 million. The two-, three- and four-bedroom units will come with dens and dedicated elevators. The project is being developed by the Naples-based London Bay Development Group. When complete, the dual 22-story towers will have at total of 224 units. The sales office is at 5000 Coconut Road in Bonita Springs.

Three companies are moving into to Tri-County 75 and taking 193,000 square feet.
Courtesy image

Filling up: Three new tenants are coming to Tri-County 75, a recently finished 72-acre industrial park in Fort Myers. Glenstar Logistics, the park’s developer, says the tenants are taking a total of 193,000 square feet. The park is on Tri-County Commerce Way and is made up of four buildings totaling 816,866 square feet. Mechanical One, a home repair and maintenance company working with homebuilders, is taking 67,620 square feet in building three. Virginia-based NB Handy, a distributor of metals, HVAC, commercial roofing and machinery products, is taking 68,665 square feet in building two. Also moving into building two is what Glenstar calls “a Fortune 500 beverage company” leasing 56,705 square feet. 

Tampa/St. Petersburg/ Pasco/Polk

Blue Sky Communities and St. Petersburg Housing Authority are working on affordable multifamily development in the city.
Courtesy rendering

Housing help: Blue Sky Communities is working with the St. Petersburg Housing Authority to build an affordable multifamily development in the city with about 95 units. A rezoning of the 1.35-acre property on Hartford Street North and 32nd Avenue North, near the 34th Street corridor, was approved last month. That rezoning allows for higher-density housing to be built on the site. According to SPHA, the project will also include the renovation of the 34-unit, two story Saratoga Apartments at 3475 32nd Ave. North. St. Pete-based Blue Sky is a prominent affordable housing developer in the region with several projects in the works. A dollar amount for the project was not available.

Time is money: The out-of-towners are staying longer. According to a new report from Avison Young, companies relocating to Tampa last year signed leases averaging 63 months. That’s compared to existing companies which signed leases averaging 49 months — a drop of 14 months, or 22%. That the companies relocating chose to sign longer term leases underscores the “trend of many companies opting for short-term extensions as they assess their future office space needs,” the report found. The data comes from a report the commercial real estate firm just released titled “Stability vs. flexibility: What do Tampa’s office industries value in lease terms?” According to the report, new leases signed by government agencies were for the longest terms, with an average of 93 months. New engineering, architecture, construction and building materials companies committed to leases for far less time (though still higher than existing companies), averaging 56 months, says Avison Young.


Rising like a phoenix: The revitalization of downtown Bradenton is well underway. So says Ian Black Real Estate. The Sarasota commercial real estate firm helped sell seven properties within a few blocks over the past year. That includes four office buildings, two parking lots and a residence. The properties, which belonged to Inalsingh & Ray Property Group, sold for $3.05 million to three separate buyers, all local investors. According to the firm each is currently undergoing renovations. The properties include:

  • 401 Manatee Ave. E., along with 412 and 416 4th Ave. The 10,670-square-foot office building and two 6,325-square-foot parking lots sold for $2.3 million.
  • 409 Fifth Avenue Drive E. The 10,688-square-foot parcel sold for $60,000.
  • 410 Fourth Ave. The 2,108-square-foot office building sold for $340,000.
  • 415 Manatee Ave. The 832-square-foot office building sold for $200,000.
  • 504 Fourth Ave. The 1,272-square-foot home sold for $152,000.

Ian Black Real Estate's Michele Fuller and Matt Kezar represented Inalsingh & Ray Property Group in the transaction. 

If you have news, notes or tips you want to pass along, contact [email protected]. Or you can text or call 727-371-6944.



Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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