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According to a new report released by Michael Saunders and Company's commercial real estate division, Sarasota, Manatee and Charlotte counties' commercial markets posted strong sales during the first half of 2019 for all property types. One of the largest commercial sales in the market involved downtown Sarasota's DeSota, a 10-story luxury apartment building built in 2017, for $80.3 million. The building consists of 180 residences plus 15,350 square feet of ground-floor commercial space, which was designed to appeal to downtown Sarasota’s discerning and affluent residents. Another notable transaction was the sale of Bradenton Financial Center in downtown Bradenton for $14.95 million. The 116,839-square-foot office building was 90 percent occupied at the time of sale, with a reported cap rate of 7.75 percent. As we move into the second half of 2019, Michael Saunders and Company predicts continued expansion in the tri-county area driven by the steady population growth, and an influx of new hotels, retail stores and condominiums. To view the full report, click here.

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