Recent deals highlight revitalization of downtown Bradenton

Signaling a revitalization of downtown Bradenton, Ian Black Real Estate brokered the sale of seven properties in the area last year, including four office buildings, a parking lot and a residential home. The properties sold for a total of $3,052,000 to three individual buyers are going through various stages of renvoations preparing the properties to lease.

Michele Fuller and Matt Kezar of Ian Black Real Estate represented the seller, Inalsingh & Ray Property Group LLC, and sold the following properties between June and November 2023:

• 401 Manatee Avenue E, along with 412 and 416 4th Avenue – a 10,670-square-foot office building and two 6,325-square-foot parking lots – sold for $2.3 million.
• 409 5th Avenue Drive E – a 10,688-square-foot land parcel sold for $60,000.
• 410 4th Avenue – a 2,108-square-foot office building sold for $340,000.
• 415 Manatee Avenue – a 832-square-foot office building sold for $200,000.
• 504 4th Avenue – a 1,272-square-foot residential home sold for $152,000.

The buyers were all local investors, including an entity owned by Magellan Realty Partners, LLC, which purchased 401 Manatee Avenue E, 412 and 416 4th Avenue, and 409 5th Avenue Drive E.

“We are seeing a great deal of revitalization in this area,” said Fuller, partner at Ian Black Real Estate. “Its in part because of the proximity to Manatee Memorial Hospital and downtown Bradenton. This pocket of downtown has become attractive to individual investors, physicians and attorneys. The properties were a great opportunity for the buyers to take advantage of what’s happening in the area.”

Of the properties sold, buyers have secured leases with a few new tenants, including Phys Med Center for Physical Medicine who will occupy 4,875 square feet on the 2nd floor at 401 Manatee Avenue E. The property was vacant at the time of listing and the buyer secured a tenant shortly after closing. The ground floor suite is still available.

The property at 415 Manatee Avenue has also been renovated and leased, while 410 4th Avenue has been renovated and is available for lease. The residental home was also renovated and is being offered for sale at $395,000.

“This an exceptional example of infill revitalization,” said Kezar, broker associate at Ian Black Real Estate. “The structures in place were in too good of shape to justify demolition. By assembling several properties in the area, the main buyer was also able to reach a critical mass that will allow them to invest more capital in the area.”

About Ian Black Real Estate

Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.