July 16, 2020 By Steven Silverman Blog 0 Comments

Flood Risk When Purchasing Commercial Real Estate In Florida

Florida is surrounded by water. Intuitively everyone knows there is a risk from flooding but we have learned to live with it. Most people have become oblivious. The thinking is that “that is a small risk that may affect someone else. It won’t happen to me.” Why would anyone be thinking about melting iceberg when they are sitting under the hot sun in Florida? But, science tells us that the Icebergs are melting and sea levels have been rising at an accelerated pace. Science also tells us that wearing a mask will prevent the spread of the Coronavirus. There are plenty of Floridians who scoff at this scientific notion the net result is that Florida has experienced a surging pandemic.

Florida is in the path of Hurricanes. Rising sea levels increase the likelihood that storm surges or water driven by hurricanes will flood properties. Flooding places more real estate and more people at risk in Florida than it does in any other state, by a wide margin. As an example, 40% of St Petersburg is inside the Coastal High Hazard Area that reflects whether a storm surge from a Category 1 hurricane could cause flooding. Imagine what flooding we would see if there is a Category 4 hurricane, which has occurred several times in Florida over the past few years. General insurance policies that property owners and renters carry don’t cover flooding, A specific Flood Insurance Policy is required to insure flood water damage. No other place in the world has the insured exposure to hurricanes as Florida does.

FEMA uses the best available technical data to create flood hazard maps that outline a community’s flood risk areas. CLICK: FEMA LINK

There are two factors to be concerned with:
1) Annual Cost of Flood Insurance:

Banks require properties that they finance that are located in Flood zones to carry flood insurance. Flood insurance can be costly and if your property is in a flood zone, you will pay for it.

The National Flood Insurance Program is up for reauthorization this year. Fiscal conservatives have said they want to use that opportunity to reduce the program’s subsidies so that people are paying something closer to the full cost of their risk. A cut in federal subsidies would particularly hurt Florida, which despite its exposure, pays the lowest average flood-insurance premiums in the country, according to FEMA data.

It is important to understand that a wave will be punishing Florida, whether we have a hurricane or not. That wave is the cost of insurance. The reason for this is Reinsurance, the insurance designed to buffer insurers from large losses. Reinsurance prices have risen by 26%. That has caused major insurance companies on Florida to raise premiums by as much as 33%. Several insurance companies have dropped clients in areas considered to be at high risk of hurricane damage. Citizens, the state-owned insurer of last resort is left holding the bag. Not only will not be able to cope if an expensive storm hits, but taxpayers will also be left holding the bag. for Climate change threatens to make higher insurance (and reinsurance prices) the new normal.

2) Property Values:

The risk for Florida is that climate change could drag down the real estate markets – residential and commercial. Relative sea levels in South Florida are roughly four inches higher now than in 1992. The National Oceanic and Atmospheric Administration predicts sea levels will rise as much as three feet in Miami by 2060.

The chief economist at Freddie Mac, warned in a 2016 report that Flooding in coastal areas could cause a real estate crisis more severe than the Great Recession. It could spread through banks, insurers, and other industries. And, unlike past recessions, properties at risk from Flood water may not recover.

Additional risks to property owners could come from the lending end. If we experience a storm surge and property values start to fall, banks could stop writing long term mortgages for properties in Flood zones. These properties will be more difficult to sell which will decrease their value.

The odds of dying in a car crash are 1 in 103. Because of the risk, we all wear seatbelts. The odds of flooding occurring to a property that is located in the 100-year flood plain is 1 in 100. Yet, aside from taking out flood insurance, people in those properties don’t do anything.

Properties A and B are nearby one another and on the same main road. However, Property A is located inside of the100-year Flood Plain depicted on the FEMA map. Property B is outside of the Flood Plain. It may be worth paying more for Property A because Property A has a superior location or it is a better building and you will transact more business at that location. That is a business decision. But all things being equal, I would advise my client to select Property B. Property B has a lower risk and you won’t have to pay flood insurance

If you are purchasing a property don’t forget to check the flood zone in which the property resides. If you have the choice between two properties, select one that is not in a flood zone. Also, wear seat belts and read science articles.

Steven Silverman, Broker Tampa Commercial Real Estate www.TampaCommercialREalEstate.com

Office Building South Tampa For Sale Or For Lease

FOR DETAILED BROCHURE

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Summary/Description Address: 501 South Boulevard, Tampa FL

Located in South Tampa
Close to Downtown

Property Information
Office:	Free Standing Building
Lease Rate:	$22.50/sf MG
For Sale:	$1,100,000
SF:	3,163 sf approx
Space Plan:	Offices, Conf Rm, Break Rm
Location:	South Tampa
Parking:	17 spaces

April 4, 2020 By Steven Silverman Uncategorized Payment Protection Program • PPP • Update Tampa Commercial Real Estate 0 Comments

Payment Protection Program (PPP) – Certain Banks Are Using The Cares Act To Protect themselves, Not Their Customers

Up until a few weeks ago, I was a humble commercial real estate broker, end of story. How I long for that simpler life. Now I have morphed into a counselor spending time trying to help clients navigate the real estate related issues brought on by the COVID-19 shutdown.

Under the CARES Act, a small business employer (a business with fewer than 500 employees) can receive forgivable or low-interest loans of up to $10 million. The purpose is to provide cash-flow assistance to employers who maintain their payrolls during the COVID-19 crisis. This program is known as the Paycheck Protection Program (PPP). The government and lenders are promoting the PPP (Payroll Protection Program) as a wonderful solution for small businesses. The interest rate on the PPP loans is low and if the proceeds are used for qualified purposes such as payroll or utilities the loans will be forgiven.

The guidance given to small businesses is that it is a simple process and that they should submit the PPP application through the bank with whom they have a relationship. April 3rd was the opening date to submit applications

I went with a client to Bank of America on April 3rd so they could submit their PPP application. This client has been a loyal customer of Bank of America for 35 five years and they have always maintained strong deposits in the bank. There can be no question about the long-standing banking relationship. Bank of America refused to even look at the application, saying that the applicant did not meet the BOA criteria for the PPP loan because the applicant company did not owe Bank of America any money. The applicant business has been run in a fiscally responsible manner and at present does not have any loans or credit cards with Bank of America. For that reason, the applicant company did not qualify for relief through the PPP program at Bank Of America.

I was shocked and my client was outraged. They are a small business and were only applying for $20,000 in order to cover payroll expenses. All the propaganda about The Bank of America taking care of existing clients is nonsense.

The PPP loan program is designed to assist employers in maintaining eligible payroll costs within the “covered period.” The “covered period” runs from February 15 through June 30, 2020. The critical part is that the loans are made on a “first come, first served” basis, per guidelines issued by the Small Business Administration (SBA.)

The Banks are the gatekeepers and certain banks such as Bank Of America are only processing PPP loans for customers who owe Bank Of America money. Other clients are barred from crossing the threshold

My interpretation is that there is a simple reason for this code of conduct. The bank does not want defaults on its loan portfolio. In selecting only customers with a loan relationship, Bank Of America is protecting its interests. By processing only PFP loans for these selected customers, the bank is more secure that it will continue to receive loan payments from clients who have existing loans. I do not believe that this policy (i.e. requiring a loan relationship with the bank) is mandated by the SBA. I do believe that Bank of America has taken it upon themselves to select applications from certain clients in order to protect Bank Of America. By the time Bank of America has submitted all the self-serving PPP loan applications to the SBA, the funds allocated for the PPP loan program will have been depleted

Now I get it. Certain banks are using PPP process to protect the banks, not small businesses. The manner in which the program is being administered by certain lenders is neither honest nor fair. Countless small businesses will be shut out completely and they will not be able to keep their employees employed. Relationships are a two-way street. Bank of America and other banks who are operating in a similar fashion will pay a price down the road when their clients leave. This has a long tail.

How wide-spread is this? I suspect that this manner of processing the PPP applications is occurring at some larger banks. I am not sure if the smaller banks and community banks are operating in the same way. My gut feeling is that the smaller banks will take much better care of their customers. I can only speak factually about my experience with one bank. If I am wrong in my assessment, and it turns out that it is mandatory for all banks to service only their clients with loan relationships then I apologize for this entire article and I stand corrected. If I am correct, then the system is broken and is being abused. People should know about it. There may be other alternatives. I want to share whatever I can learn with my clients and my fellow brokers. I would love to hear from anybody who has been working with banks what their experience has been. Also, I would love to hear from lenders directly, as to how they are administering the PPP loan application process. .Kindly comment below

April 3, 2020 By Steven Silverman Blog Covid-19 and Property Value • Update Tampa Commercial Real Estate • Value of Commercial property 2 Comments

Commercial Real Estate Values Are At An All Time High

A few years ago, in the wake of the recession, the price of Gas fell one cent $2.00 per gal. I remember taking a photograph of the pylon sign because I did not believe that I would see this price again in my lifetime. It would be something to show my future grandchildren

Yesterday, I took another photograph. Gas had fallen to $1.79/gal. and prices are cheaper elsewhere

Price of Gas In Tampa

When the crown prince of Saudi Arabia gets a head cold the retail price instantaneously changes at my local gas station in Tampa, which is thousands of miles away. The price either goes up or goes down depending on how people interpret the situation and the mood of the prince. The price at the pump changes again after his doctor visits and gives the prince an aspirin. In the petroleum market and in the stock market the process is forward-looking and valuation changes are rapid. It is different for commercial real estate

The value of your commercial property has never been higher. That seems like an absurdity. We are overwhelmed by the Covid-19 Virus and the entire country has shut down. How can this be?

To understand why this can be true we have to look at the appraisal process and how we arrive at the value of a property? When trying to determine the market price of a piece of property, we cannot ask a Seller for his opinion because he will give a price that is too high. We cannot ask a Buyer because he will give you a price that is too low, because that is in his best interest. So. we ask an appraiser. Appraisers are arms-length and are highly trained to determine. It is true that there is always some art woven into the science of the appraisal process and different appraisers may arrive at a different value for the same property. However, the methodology is strictly regulated and has been tested by time. The system has been designed to use facts, not emotions to arrive at a property value. Buyers, Sellers, and Lenders rely on the appraisal process.

The procedures that the Appraisers follow to determine property value are rigid and uniform. Appraisers are compelled to look at comparable properties and, after accounting for differences such as property condition, location, size, etc , the appraiser will impute value to the property they are appraising. When analyzing comparable properties, the appraiser looks at sales price, lease rates and earnings of similar properties that recently transacted. The process that Appraisers have developed is based on historical information

Many Appraisers are still very busy today. There were a lot of deals in the pipeline before the COVID-19 pandemic and the lenders are, for the most part, honoring their loan commitments and Appraisers are providing strong valuations to the lenders. It does not matter that we are today in the midst of an epidemic. Appraisers have their hands tied. If they appraise a property in today’s market, they must use the established procedures of the Appraisal process to determine value. So when the Appraiser pulls up comparable properties today, he is reviewing properties that transacted recently, when we at the top of the real estate market. Appraisers are trapped by the system. They know that COVID-19 will have an effect on property values but the Appraisal process gives themy have no basis to discount property values at this point in time. It is an interesting situation, Buyers and Lenders who had initiated a deal before the COVID-19 crisis are moving forward.to closing. To some, it does not seem to make a huge difference but others privately express concern that they are moving towards closing, fearing that the market today is probably very different from the day that they committed to the deal. Many of them don’t have a choice. They can be sued for specific performance if they back out. The Sellers, on the other hand, are holding their breath and rejoicing.

Recognizing the absurdity, some Appraisers are now putting disclaimers into their reports. They may say that the value is valid at the date of Appraisal only. Or they add a clause saying that the value herein is subject to change based on market conditions

Real estate values are the story of supply and demand. You don’t have to be a rocket scientist to understand that Covid-19 will change the equilibrium, Uncertainty changes the demand. Intuitively, we know that prices have changed. I have already had buyers that had not inked the deal, back out. Some Buyers that had deals in progress are demanding a price concession, even if it means losing their deposit. At the same time, some sellers that I have spoken to are sticking to their sales prices saying that they have not seen values decline. They are right because history has not yet had time to reflect changes. Other Sellers, however, have taken their properties off the market. They will take a step back and wait for the market to recover. The crisis today is very different from 2008 which was basically a liquidity crisis. This time the government is promising that money will be available, so some market participants argue that the effect on property values will not be as dramatic. However, people die, people divorce, people move an some run out of money. Certain lenders may not restructure debt. Inevitably, some property owners will need to sell, even as demand decreases. Buyers are already assembling pools and building cash to take advantage of opportunities that may arise. As these transactions eventually get reflected in the historical Appraisal process, property values will start to decrease. Because the Appraisal process is historical and has a long tail, there will be a time lag in reflecting property values on the way down and again on the way up. No matter what an Appiraser or anybody else tells you, it is time for common sense.

By Steven Silverman

If you have any thoughts on this subject, please comment below

March 29, 2020 By Steven Silverman Blog • Update Tampa Bay Commercial Real Estate Coroanvirus • tampa commercial real estate 0 Comments

Covid-19 Reasons For Optimism For Commercial Real Estate Investors

Right now, watching the Covid-19 curve climb exponentially the outlook for commercial real estate seems bleak.

First and foremost it is a time to protect yourself and your family and there is so much information out there. We are all sick of it

The video below is a little long-winded but it is the most practical and well-articulated information I have heard on the Coronavirus. So make a cup of coffee and sit down and listen. Better yet, sit your family down and get them to listen with you. It is important and Netflix will still be there tomorrow

There are reasons to be optimistic that you will not contract Covid-19. Please take the time to listen to this. Click Link – Cornel University Overview

After protecting our families and ourselves we have to step back and ask ourselves what are the implications for all of us in the world of commercial real estate? These are the early days and we will learn as we go along. I have been speaking with appraisers to get their thoughts. Up until a few weeks ago, the real estate market was increasing at a rate we had not seen since before 2008. Most people in the appraisal business had predicted a downturn, or correction looming before we had ever heard of Covid-19. They are telling me now that they believe that this event will trigger this correction. One Appraiser emailed me that once the dust settles, he believes that we will see a correction in values of between 15-35% – as we recover from the lost revenues of this pandemic.

There was an excellent article in the New York Times on March 20th – for full article – Covid-19 and Commercial Real Estate

The gist of the article is that there’s downward pressure on every aspect of every asset class. Assets can’t be valued when tens of millions of people around the world are locked in their homes and commerce has largely come to a halt, with no idea how long the crisis will last. Lack of consensus about the current or future value of assets is also threatening property sales, closing an exit door for investors and landlords. Investment activity could fall by 45 percent this year in the US, Already, large deals are collapsing or getting postponed. The even bigger question is what will come when the crisis recedes. For every kind of property – not to mention a wide range of human activity – there will likely be long-lasting changes,

Investors in real estate make their money when they buy. There will likely be opportunities for acquisition as the Covid-19 situation gets worse before it gets better and before the world at large sees the light at the end of the tunnel. Listening to the Cornel video and understanding what to do has made me understand that there is a light at the end of the tunnel and it is not a time to be fearful. Investors in commercial real estate should be optimistic that investment opportunities may come their way and they should prepare themselves to take advantage of them

For commercial real estate investors that are already fully invested in the market. It is time to hold on and develop strategies with tenants that will enable you to survive until the crisis subsides. Please see my blog post: Lessons For Landlords and Tenants From The Corona Virus

Please stay safe and protect your families first

March 24, 2020 By Steven Silverman Blog • Update Tampa Bay Commercial Real Estate Coronavirus • Covid19 • https://tampacommercialrealestate.com • Update Tampa Commercial Real Estate 5 Comments

Creative Solutions For Landlords And Tenants. Lessons From The Corona Virus COVID-19

Coronavirus is affecting everything in its path. As commercial real estate brokers and property managers, we are receiving calls from tenants wanting to stop paying rent. At the same time, we are receiving calls from Landlords saying that tenants have the responsibility to keep paying.

All of us in commercial real estate have faced confrontations in the past between Landlord and existing Tenants. However, the onslaught of the Coronavirus has given us all pause for thought. Never before have we been hit with so many competing demands at the same time. How do we find the balance?

A tenant that is a fitness studio or a restaurant has been forced to close down during the crisis. The business owner feels a responsibility to pay their employees and they have to pay rent, loan interest, and other expenses. Yet they have no revenue coming in. They did nothing wrong that would have caused them to be in this predicament. Their employees look at it the same way. They did nothing wrong and feel that the business owner should still pay them even though they have been sent home from work. Of course, the rental equipment providers to the business have the same thoughts. The equipment that the business rents are still on the premises of the business and the business should pay the monthly rental fee. After all, the equipment rental company has done nothing wrong.

Lunch Time Photos in Downtown Tampa – Two of Tampa’s busiest streets – the streets are empty

**Corona’s impact on downtown Tampa 1 – Florida Av at lunchtime**

Corona’s impact on downtown Tampa 2 Tampa Rd at lunchtime

Some tenants have taken the view that the default course of action is to stop paying rent. Landlords, after all, are wealthy and if the Landlords want them to remain on as tenants the Landlords should help them. The problem is that Landlords are in business just like everyone else. They have expenses and they have mortgages. Landlords did not cause the crisis either

The only thing that everyone can agree upon is the opinion they each have that they themselves did not cause the crisis and therefore should not bear the burden

We can only address the situation if we take the position that landlords and tenants are both parts of the same food chain. Neither can survive without the other and everybody has to participate to keep one another alive. It will be painful for everyone. Tenants take the first hit. Workers may not get his full pay, the service providers will not get all their fees and the owners will cut their own salaries. Eventually, Landlords will have to accept some portion of the rent burden. However, it should not be that tenants just sit back and hold out their hands to their Landlord. Tenants should take immediate steps to avail themselves of State and Federal programs that provide relief. If a tenant does request assistance from their Landlord, it seems only fair that they demonstrate to the Landlord that they have taken concrete steps to help themselves. Some Landlords have already created forms that tenants must complete evidencing that the tenant has applied for help before coming to the Landlord. Many landlords will themselves be going to their lenders to ask for relief.

China has demonstrated that the only way to stop the crisis from snowballing is to be proactive and take bold action. Time is of the essence to find creative ways for tenants and landlords to work together. By being proactive and having discussions with Tenants, Landlords can mitigate some of the issues that will certainly arise.

Here are a few examples

1. Assuming this is a short term problem, allow the landlords to apply the tenant security deposit towards rent. Later, when the crisis has subsided the tenant can rebuild his security deposit by adding a few hundred dollars to each month rent check
2. The Base rent is reduced by 50% for ninety days. The tenant with a Net lease still pays CAM expenses. The unpaid 50% base rent is repaid to the landlord over the period of the remaining lease term ( I am not an attorney and you should always obtain legal advice when modifying a lease. However, if it helps you, here is one letter that I created that worked for both Landlord and Tenant Sample Letter)
3. Blend and extend. A variation of this is for there to be a reduction in rent paid for a period of time, with the lease to be extended commensurately
There is no “one situation fits all” solution. Tenants that are behind on the rent or habitual late payers may not have earned the forgiveness rights cited above. It could be argued that they were already traveling on the road to failure. Some Landlords that are heavily leveraged may not have the luxury to negotiate. Solutions will vary depending upon which state you are in. Much of the focus in the media has been on residential leases. California has already served notice that commercial landlords must give a 90 day grace period if requested, and commercial tenants cannot be evicted during that period. Florida is traditionally more conservative and I don’t expect Florida to take the same path. Many individual negotiations must take place to address specific situations, with parties applying creative band-aids to each circumstance

This is also an opportunity for Landlords to strengthen the lease quality of their tenants. It may be better for the Landlord to let the tenants that are of poor quality leave, rather than continue to be stuck in a lease with a poor quality tenant. Other tenants that want to negotiate rent concessions can be given new leases. Perhaps the rates will be better or other terms will be improved to the good of the Landlord. Another idea is to require tenants in the new lease take out some kind of insurance that will protect the tenant and the landlord from future business interruption

I remember in New York when there was a transportation crisis in the 1980s. This sparked a fundamental change in behavior. People started walking. Prior to the Transit strike, women would rather be caught dead than be seen without their high heeled shoes. During the strike, women began to wear sneakers with their skirts and dresses. they carried their high heeled shoes in their purse and put them on when they reached their destination. That continues to this day. In the midst of the Coronavirus, We are not shanking hands anymore. Instead, we pump fists. I would not be surprised if this becomes a permanent behavior change in society. We, in the real estate world, are always seeking situations that have upside potential. People have learned that shaking hands has a lot of downside.

The Corona Virus has given us many things to think about. A crisis can bring out the worst in people and it can bring out the best in people. Landlords and tenants are not necessarily polar opposites. Their interests are aligned in many ways. How they interact and support one another in navigating this crisis will impact the entire business and real estate community. Eventually, the Crisis will pass. Perhaps the Coronavirus crisis will spark creative solutions for Tenants and Landlords that will still be relevant long after business returns to normal.

Steven Silverman is the Broker at Tampa Commercial Real Estate. We have boots on the ground in the Tampa Bay, Florida and we are pleased to share some of our thoughts and observations. If you have thoughts or solutions that you can contribute to your real estate community, please comment on the blog page below. We are all in this together. Let’s learn from one another

March 19, 2020 By Steven Silverman Commercial Real Estate Bradenton • Market • Office building for lease Brandon Office For Lease • Commercial Real Estate • tampa commercial real estate 0 Comments

Medical Office For Lease Brandon 143 N Oakwood Av

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Summary/Description Address: 143 N Oakwood Ave, Brandon FL 33510

Medical Office build-out
Located in Brandon

Property Information
Office:	Medical Build-out
Lease Rate:	$18/sf MG
Condo:	Yes
SF:	2,500 sf approx
Space Plan:	5 Medical Offices
Location:	Access to Brandon Blvd
County:	Hillsborough

January 17, 2020 By Steven Silverman Market • Office building for sale • Temple Terrace Office Building for Sale Commercial Real Estate • Office Building For Sale Tampa Bay • Office for Sale 0 Comments

Medical Office For Sale Ponce De Leon, Clearwater FL

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Summary/Description

Address: 1180 Ponce De Leon Bv, Ste 401, Clearwater FL 33756

Former Davita
7 Examination Rooms

Property Information
Use:	Medical Office
Sale Price:	$475,000
Free Standing:	Yes
SF:	2,500 sf
Use:	Medical Office
Space:	7 Exam Rooms + Offices
County:	Pinellas

November 14, 2019 By Steven Silverman For Lease • Market Commercial Real Estate • Net Leased Investment • tampa commercial real estate 0 Comments

Net Leased Medical Sale-Leaseback Investment Property For Sale Tampa FL Azeele Adj

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Summary:

Address: 3218 W Azeele Av, Tampa FL 33609

For Sale at the Appraised value
Long Established Medical Practise
South Tampa location
Seller will Lease back at $20/sf
Adjacent Site For Sale

Property Information
Building:	4,217 SF heated
Price:	$1,410,000
Cap Rate:	6.1%
Tenancy:	Long Established Medical Office
Location:	South Tampa
Folio:	11674-0000
County:	Hillsborough

November 14, 2019 By Steven Silverman Commercial Property For Sale Commercial Real Estate • Net Leased Investment • tampa commercial real estate 0 Comments

Shared Net Leased Medical Sale-Leaseback Investment Property For Sale Tampa FL Azeele O

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Summary:

Address: 3218 W Azeele Av, Tampa FL 33609

For Sale at the Appraised value
Long Established Medical Practise
South Tampa location
Seller will Lease back partial at $20/sf
Receive Rental Income

Property Information
Building:	4,217 SF heated
Price:	$1,410,000
Cap Rate:	6.1%
Tenancy:	Long Established Medical Office
Location:	South Tampa
Folio:	11674-0000
County:	Hillsborough

October 4, 2019 By Steven Silverman Market Commercial Real Estate • Net Leased Investment • tampa commercial real estate 0 Comments

Net Leased Medical Investment Property For Sale Tampa FL Virginia Av

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Summary:

Address: 2506 W Virginia Ave, Tampa FL 33607

CONFIDENTIAL – Do not disturb tenants
Core Medical neighborhood – close to Hospital

Property Information
Building:	10,500 SF heated
Price:	$2,200,000
Cap Rate:	8.0%
Tenancy:	Fully leased with 3 tenants
Location:	Convenient to St Josephs Hospital
Folio:	109296-0000
County:	Hillsborough

September 11, 2019 By Steven Silverman For Lease • Market Commercial Real Estate • tampa commercial real estate • Warehouse For Lease 0 Comments

Office Investment Property For Sale Brandon FL

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Summary:

Address: 401 N Parsons Ave, Brandon. FL 33510

CONFIDENTIAL – Do not disturb tenants

Property Information
Building:	2,100 SF
Price:	$285,000
Cap Rate:	8.5%
Space Size:	Fully leased with two tenants
Location:	Convenient to Mall & I75
Folio:	06943.0114
County:	Hillsborough

September 8, 2019 By Steven Silverman Commercial Real Estate Tampa • Market Commercial Real Estate • tampa commercial real estate • Warehouse For Lease 0 Comments

E Tampa Warehouse Space For Lease 10702 N 46th St

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Summary:

Address: 10702 N 46th St. Tampa. FL 33617

Close to USF and Busch Gardens
Close to major highways N-S and E-W

Property Information
Building:	200,000 sf on 10 Acres. Multi-tenant. Warehouse/Manufacturing
Lease Rate:	$3.98/sf NNN + $1.40 CAM
Available:	61,703 sf. Can be subdivided
Space Size:	Various – 13,462 sf to 61,703 sf
Zoning:	IH Industrial Heavy
Ceiling:	16ft – 24 ft
County:	Hillsborough

August 22, 2019 By Steven Silverman Commercial Property For Sale • Market • Office building for sale • Temple Terrace Office Building for Sale Commercial Real Estate • Office Building For Sale Tampa Bay • Office for Sale 0 Comments

Temple Terrace Development Site – Office Building – 234 Bullard Pkwy

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Summary:

Address: 234 Bullard Pkwy, Temple Terrace. FL 33617

Close to USF
Surrounded by new Retail, Office & MF Development

Property Information
Condition:	Vacant Land with Office Bldg. Development Site.
Sale Price:	$1,200,000
Free Standing:	Yes
Acres:	1.45
Zoning:	Commercial Office. Can be Retail
Location:	Close to 56 St.
County:	Hillsborough

August 19, 2019 By Steven Silverman Blog • Commercial Real Estate Agent Tampa Deal Of The Year • Tampa Commercail Real Estate 0 Comments

Cutting Edge Mixed Use Urban Development Project Brokered By Tampa Commercial Real Estate – Meridian

April 2020. Tampa Commercial Real Estate was pleased to represent our client in the acquisition of a property for a forward-thinking mixed-use development. For its role in successfully completing this deal, the Florida Gulfcoast Commercial Association Realtors awarded the Overall Deal Of The Year to Steven Silverman.

This project raises the bar for mixed-use development and self-storage in the USA. It presents new possibilities for mixed-use urban environments. In many US cities, self-storage has suffered increasing push back from both City Councils and the public in urban environments where self-storage is viewed as unattractive and a detriment to the neighborhood. At the same time, it is precisely the dense urban environments that are dominated by multi-family development that most need self-storage.

In this development project, where self-storage is attractive and seamlessly blends into the surrounding mixed-use components, a self-storage element is achieved that is acceptable to communities, cities, and developers. This project enhances the concept of mixed-use and adds storage as an important community amenity that complements the traditional Retail, Office and Multi-family components of a Class A mixed-use development. The approved project will comprise, built to the same design standard:

· A 5 story 140,000 sf Self Storage Facility with Retail on the first Floor
· A 15 story, 305 unit apartment complex

This was a complex transaction requiring knowledge of Retail, Industrial, Multi-Family, Zoning Regulations, and Future Land Use. In this transaction, we successfully represented our client in a competitive & strategic battle for one of the most desirable properties in Tampa. The property is located in the heart of the new Water Street development.

It was an honor to be associated with this project. Cities across the USA will be looking to Tampa, as this project serves as a model of how to incorporate visually appealing self-storage into a mixed-use environment. It was an honor to be recognized by my peers and be awarded the Overall Deal Of The Year

Message from the Buyer:

Congratulations on your award!!!. You deserve everything you get because of all the hard work you put in and your dedication to helping your clients get deals done. This deal wouldn’t have gotten done without you and you definitely deserve getting recognized for your efforts making it happen. We feel our deal in Tampa is a game-changer for us and you getting this award makes us feel that much better about it. Everything you do makes you stand out from all the rest. Congratulations again !!! Bill

This was a complex deal that faced significant obstacles. For more details on the process we followed to make this deal happen see- Anatomy Of the Deal

July 26, 2019 By Steven Silverman Recently Sold Commercial Real Estate • Office Building For Sale Tampa Bay • Office for Sale 0 Comments

166 E Bloomingdale Ave Office For Lease Brandon

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Summary/Description Address: 166 E Bloomingdale Ave, Brandon. FL 335114

Property Information
Use:	Office
Sale Price:	$1,700 per month
Free Standing:	Yes
SF:	1,250 sf
Features:	Kitchen Area, Shower
Location:	Central Location
County:	Hillsborough

July 24, 2019 By Steven Silverman Commercial Property For Sale • Office building for sale • Temple Terrace Office Building for Sale Commercial Real Estate • Office Building For Sale Tampa Bay • Office for Sale 0 Comments

1032 E Brandon Bv – Church,Event,Office Space For Lease

FOR DETAILED BROCHURE & PHOTOS: CLICK HERE

Summary:

Address: 1032 E Brandon Blvd, Brandon FL 33511

Next to Restaurants, Walmart Home Depot. On bus route

Property Information
Condition:	Newly Built out
Lease Rate:	$6,300 per mo
Free Standing:	Yes
SF:	5,301 sf
Space Plan:	Currently set up as Church seating 220 people
Location:	Access to Brandon Blvd
County:	Hillsborough

July 17, 2019 By Steven Silverman Commercial Real Estate Brandon • Office building for lease Brandon Office For Lease • Commercial Real Estate • tampa commercial real estate 0 Comments

Office For Lease Brandon 109 N Oakwood

FOR DETAILED BROCHURE

CLICK HERE

(After Link opens, Click Brochure icon)

Summary/Description Address: 109 Oakwood Ave, Brandon FL 33510

Located in the heart Of Brandon

Property Information
Condition:	New Build-To-Suit
Lease Rate:	$12/sf + CAM $4.50
Free Standing:	Yes
SF:	2,500 sf
Space Plan:	Landlord will build interior to Tenant Requirement
Location:	Access to Brandon Blvd
County:	Hillsborough

June 27, 2019 By Steven Silverman Commercial Property For Sale • Office building for sale • Temple Terrace Office Building for Sale Commercial Real Estate • Office Building For Sale Tampa Bay • Office for Sale 0 Comments

Medical Office For Lease Clearwater FL

FOR DETAILED BROCHURE

CLICK HERE

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Summary/Description Address: 1180 Ponce De Leon Bv, Ste 401, Clearwater FL 33756

Former Davita
7 Examination Rooms

Property Information
Use:	Medical Office
Sale Price:	$15/sf + CAM $4.75
Free Standing:	Yes
SF:	2,500 sf
Use:	Medical Office
Space:	7 Exam Rooms + Offices
County:	Pinellas

June 25, 2019 By Steven Silverman Uncategorized Commercial Real Estate • Office Building For Sale Tampa Bay • Office for Sale 0 Comments

Commercial Foreclosure For Sale Tampa Bay

FOR DETAILED BROCHURE

CLICK HERE

When Link opens then Click icon of PDF Brochure

Summary/Description

Address: 4629 Land O’ Lakes Blvd, Land O’Lakes FL 34639

Foreclosure. Bank Owned
Previously used as a second-hand store and vehicle storage
Bank owned

Property Information
Zoning	C2 Commercial
Sale Price:	$2,444 sf heated
Free Standing:	Yes
SF:	$2,444 sf heated
Use:	Office
Lot Dimensions	Frontage: 75 Ft
County:	Pasco

October 5, 2018 By Steven Silverman Commercial Property For Sale • Office building for sale • Temple Terrace Office Building for Sale Commercial Real Estate • Office Building For Sale Tampa Bay • Office for Sale 0 Comments

FOR SALE STANDING OFFICE BUILDING IN TEMPLE TERRACE FL

FOR DETAILED BROCHURE, PHOTOS: CLICK HERE

Summary:

Address: 11308 N 53rd St, Temple Terrace FL 33617

Free Standing Office Building For Sale

Free-standing building, connected to City of Temple Terrace water and sewer. Located in Hillsborough’s medical/technology development district on N 53rd St in Temple Terrace 1000 feet from the intersection of N 56th ST and Fowler Ave. in the city limits of Temple Terrace; 1 mile from the University of South Florida (USF). Walking distance to large retailers including: Publix, Planet Fitness, Subway, Carrabba’s, Chick Fil A, Outback Steakhouse, Dunkin Donuts, and many more.

Address: 11308 N 53rd St, Temple Terrace FL 33617

Summary:

3,800 SF Free Standing Office Building

9 large perimeter private offices
Bullpen office area in the center; perfect for cubicles or build out
Large full kitchen
Mens and Womens Restrooms; full shower
16 marked parking spaces/20 additional public parking available cross street
No condo or Association Fees

Property Information
Zoning	CO/CO
Sale Price:	$675,00
Free Standing:	Yes
SF:	3,800 SF
Use:	Professional Office
Lot Dimensions	Frontage: 100 SF Depth: 305 SF
Location:	N 53rd St.

October 5, 2018 By Steven Silverman Commercial Real Estate Brandon Office For Lease • Office for Lease Temple Tarrace 0 Comments

FOR LEASE FREE STANDING OFFICE BUILDING IN TEMPLE TERRACE FL

Description

Free Standing Office Building For Lease

Free standing building, connected to City of Temple Terrace water and sewer. Located in Hillsborough’s medical/technology development district. Located on N 53rd St in Temple Terrace 1000 feet from the intersection of N 56th ST and Fowler Ave. in the city limits of Temple Terrace; 1 mile from the University of South Florida (USF). Walking distance to large retailers including: Publix, Planet Fitness, Subway, Carrabba’s, Chick Fil A, Outback Steakhouse, Dunkin Donuts, and many more.

Address: 11308 N 53rd St, Temple Terrace FL 33617

Summary:

3,800 SF Free Standing Office Building

9 large perimeter private offices
Bullpen office area in the center; perfect for cubicles or build out
Large full kitchen
Mens and Womens Restrooms; full shower
16 marked parking spaces/20 additional public parking available cross street
No condo or Association Fees

WANT MORE INFORMATION: FOR PROPERTY BROCHURE CLICK HERE

Property Information
Zoning	CO/CO
Lease Price:	$16/sf Modified Gross
Free Standing:	Yes
SF:	3,800
Use:	Professional Office
Lot Size:	0.70 AC
Location:	N 53rd St.

September 28, 2018 By Steven Silverman Blog • Commercial Real Estate Agent Tampa 0 Comments

Steven Silverman Receives Top Realtor Award

In 2018 The Florida Gulf Coast Assoc Of Realtors gave out awards in each category of commercial real estate to those members who had demonstrated the highest achievement in the brokerage of commercial real estate during the past year.

Steven Silverman received the award for the Deal Of The Year For Investment Property

Article Business Observer: Click Here

Past awards to Steven Silverman include:

2018 Deal Of The Year Investment Property
2015 Top Regional Producer Investment Property
2015 Regional Retail Deal Of The Year
2013 Awarded Member-To-Member Deal Of the Year – For an Industrial Property
2011 2nd Top Regional Producer Retail
2006 No 3 Top Regional Producer General Brokerage
2006 Presidents Award for Service to Florida Gulf Coast Commercial Assoc Of Realtors

In addition to the above Steven Silverman has received multiple Pinnacle Achievement Awards for multi-million dollar production

September 7, 2018 By Steven Silverman Commercial Property For Sale • Commercial Real Estate Bradenton • Fitness Center Bradenton • Rehab Center For Sale Building for Fitness Center • Building For Rehab Center • commercial real estate Bradenton • commercial real estate for lease • Commercial Real Estate For Sale 0 Comments

Building For Fitness Center For Lease or Sale in Bradenton

Description

Building For Fitness Center For Lease or Sale in Bradenton

An opportunity to lease or own one of the finest O.P. RehabMedical facilities in the entire state of FL. This former physical therapy Rehab Clinic and one time Fitness Club has a large indoor pool and is located on the North side of Cortez, across the street from Publix, Walmart, and Aldi. Many other big box stores are in close proximity.

Address: 4702 Cortez Rd, Bradenton FL 34210

Summary:

9,000 SF Free Standing Building
Great Visibility: 185 Feet of frontage on Cortez Rd

WANT MORE INFORMATION: FOR PROPERTY BROCHURE CLICK HERE

42 parking spaces, 4.7/1,000 with addi- onal cross access available
The property was completely renovated in 2012 and again in 2016

Property Information
Sale Price:	$1’975,00
Lease Price:	$15.50/sf NNN
Free Standing:	Yes
SF:	9,000
Use:	Rehab Center
Lot Size:	0.95 AC
Location:	Cortez Rd.

August 31, 2018 By Steven Silverman Commercial Real Estate Bradenton • Site for Development in Riverview Land for sale • Riverview Commercial Real Estate • Site for Development • Tampa Bay Commercial Real Estate 0 Comments

Site for Development Day Care in Riverview FL

Description

Site Development Ideal Location for Day Care in Riverview

An area of residential growth. Excellent demographics. Surrounded by SF and MF development. On the border of Brandon and Riverview. This is an outparcel at the entrance to the new 362 home Miriposa development. Close to major highways. Gornto Lake Rd is the new N-S connector linking Bloomingdal.

Address: Gornto lake Dr.and Cardera Dr. Riverview FL 33578

Summary:

Ideal location for a Daycare Center. No approvals or rezoning required for a Daycare building under 7,500 sf. For a larger building the PD must be modified which could take 6 mo. & cost $20,000.

WANT MORE INFORMATION: FOR PROPERTY BROCHURE CLICK HERE

Folio: 073834-1512 PIN: U-05-30-20-B2A-000000-C0001.

Property Information
Sale Price:	$650,000
Use:	Office, Retail, Restaurant
Lot Size:	1.45 AC —Zoned: PD—CN use
Location:	Riverview FL

August 31, 2018 By Steven Silverman Commercial Property For Sale • Commercial Real Estate Bradenton • Rehab Center For Sale Building For Rehab Center • commercial real estate Bradenton • commercial real estate for lease 0 Comments

Building For Rehab Center For Lease or Sale in Bradenton

Description

Building For Rehab Center For Lease or Sale in Bradenton

An opportunity to lease or own one of the finest O.P. RehabMedical facilities in the entire state of FL. This physical therapy clinic with a large indoor pool is located on the North side of Cortez, across the street from Publix, Walmart, and Aldi. Many other big box stores are in close proximity.

Address: 4702 Cortez Rd, Bradenton FL 34210

Summary:

9,000 SF Free Standing Building
Great Visibility: 185 Feet of frontage on Cortez Rd

WANT MORE INFORMATION: FOR PROPERTY BROCHURE CLICK HERE

42 parking spaces, 4.7/1,000 with addi- onal cross access available
The property was completely renovated in 2012 and again in 2016

Property Information
Sale Price:	$1’975,00
Lease Price:	$15.50/sf NNN
Free Standing:	Yes
SF:	9,000
Use:	Rehab Center
Lot Size:	0.95 AC
Location:	Cortez Rd.

June 15, 2018 By Steven Silverman Recently Sold Brandon Office • Office For Sale Tampa • tampa commercial real estate 0 Comments

Retail Building For Sale in Tampa

Description

Seminole Heights Retail Building For Sale

Functional building with many great possible uses including office, retail and restaurant. Current buildout is for office use: Reception area, waiting room, five private offices, two bathrooms, and break room. Excellent location and ample parking.

Site is within the City of Tampa’s East Tampa CRA grant program and may be eligible for the Facade Grant Program and possibly reimbursements of up to $50,000.00.

Address: 1302 E Hillsborough Ave., Tampa FL 33604