Substantial Value-Add Commercial Real Estate Deals Highlight Top-Performing Year for Harry E. Robbins Associates, Inc.
Robbins Real Estate matches savvy clients with the right properties in the hot SWFL real estate market.
News provided byHarry E. Robbins Associates, Inc.
Jan 24, 2023, 9:00 AM ET
SARASOTA, Fla., Jan. 24, 2023 (GLOBE NEWSWIRE) -- In 2022, commercial real estate firm Harry E. Robbins Associates, Inc. led the Sarasota-Manatee counties region with 586 transactions, including two high-profile deals that demonstrate the firm's unique capabilities and ability to create value for both local and national clients.
The first transaction is the sale of an industrial warehouse property at 1705 Cattlemen Road, near Interstate 75 on the east side of Sarasota. Troy Robbins, a commercial real estate broker and grandson of founder Harry E. Robbins, spotted the property a year earlier and contacted the longtime owner to inquire about selling to Robbins' client Frank Giuffre.
"I was doing research and saw that the owner had recently sold another property, but he said he would never sell this one property," Robbins recalled. "I convinced him to have a conversation, and we had a deal in 24 hours."
Robbins and Giuffre worked together to upgrade the 38,000-square-foot property, installing a new facade, new overhead doors, new lighting, replaced landscaping and added parking spaces.
In just 90 days, the improvements allowed Robbins to recruit or retain the 30 tenants at higher rents, nearly tripling the income that the warehouse generates. In turn, the greater income made the property more attractive to investors. Robbins next connected Giuffre with a California investor, who purchased the property in June of 2022 for $5.8 million - nearly double what Giuffre had paid for it just nine months earlier.
"Robbins Real Estate plays a crucial part in the success of my commercial real estate investing," Giuffre said. "Having access to a company that has 50 years of experience is key. Their ability to bring in off-market deals from long-term relationships can't be duplicated."
"That's one of my niches: finding buyers and sellers and putting transactions together, and nobody knows about them until they're done," Robbins said.
In the second transaction, Robbins assisted with the upgrade and sale of Bradenton Business Park, a 56,000-square-foot commercial office property with 77 tenants just north of Cortez Road in Bradenton.
Troy Robbins worked with the former owner, providing advice on how to improve the property. With that guidance, the property's value climbed 35% in about 18 months when Robbins negotiated its sale to investor Mike Fusek.
As with the Cattlemen property, Robbins worked with the new owner to add about $500,000 in improvements, which so far has increased the rent income by 65% - which is crucial for a strategic buy-and-hold investor like Fusek.
Since that transaction, Robbins and Fusek have used the same strategy to complete two more deals together: 4109 Bee Ridge Road in Sarasota, a high-visibility 5,100-square-foot office property with eight tenants, where they have more than doubled the rent income, and 6605 33rd Street East, a 12,000-square-foot building with 20 tenants, where rent income has nearly doubled.
"I've worked with Robbins on four projects that included finding the right property to buy, acquisition and long-term management," Fusek said. "Robbins has a team approach that best serves the client, and after I acquire a property, I can be hands-off and rely on their team to take care of everything without having to be involved. They're competent, honest, reliable and hard-working, and I trust them."
"With all of our years of experience, we have developed a lot of relationships in the Sarasota-Manatee community, and we have a reputation for selling real estate the right way," Troy Robbins said. "People trust the advice we give."
To learn more about the advantages of working with Harry E. Robbins Associates, Inc. for commercial real estate investment, visit https://www.robbinscommercial.com.
About Harry E. Robbins Associates, Inc.
Founded in 1971 by Harry Robbins, Harry E. Robbins Associates, Inc. is a privately held, family-owned real estate company built on integrity, hard work, and tradition that has retained the same ownership and Sarasota location for over 50 years. The Robbins family of Real Estate agents has formed a reputation of reliability and productivity for themselves within the Southwest Florida community.
This content was issued through the press release distribution service at Newswire.com.