Commercial real estate

Another 'B' in its bonnet?
In the wake of its nearly $33 million acquisition of the Sheraton Riverwalk Tampa last month, don't be surprised if buyer InSite Group rebrands the 277-room hotel under the B Hotels & Resorts flag.

It has happened before, with hotels InSite bought in Miami and Fort Lauderdale, where both companies share an office suite on 17th Street, according to state records. An InSite hospitality property in Savannah, Ga., also carries the “B” light-blue symbol.

In Fort Lauderdale, InSite's December 2014 purchase also involved a Sheraton. The 487-room Yankee Clipper Sheraton Fort Lauderdale Beach Hotel is undergoing a major renovation to guest rooms and common areas that will be completed next year.

Additionally, InSite is adding a spa and new food and beverage operations to the hotel, which opened in 1956.

InSite officials did not return telephone calls for comment.

The Tampa Sheraton debuted at 200 N. Ashley Drive in 1968, records show. Since 2012 it has been owned by a subsidiary of New York investment firm Goldman Sachs & Co., which took control from Crescent Hotels & Resorts through a deed in lieu of foreclosure.

Ian Black goes corporate
Ian Black Real Estate, a Sarasota-based commercial real estate brokerage and property management firm, is going corporate. At least in regards to its services.

Jag Grewal, an Ian Black partner since 2009, says the company is expanding into corporate services to broaden its offerings.

Ian Black will provide real estate portfolio administration; acquisition and disposition counsel; site selection assistance; and asset management for larger Southwest Florida, especially those with multiple locations.

“The market is shifting, particularly in office space,” Grewal says. “Rental rates are changing, and many companies don't have the expertise as we do. This is part of a move by us to create a one-stop commercial real estate shop. All we're asking for in return is loyalty.”

In addition to being one of the area's leading brokerage firms — with clients such as Brown & Brown Insurance; Enzymedica; Northern Trust Corp.; Tervis; Verizon; Walgreens; and xG Technology — Ian Black also manages about 600,000 square feet of commercial space on behalf of clients.

“There's a huge need for this, and no one else in this market is doing this,” Grewal adds.