Economy

Vacant commercial real estate in Bradenton takes a hit in down economy

MANATEE — This is the tale of one office building in Lakewood Ranch and of its owners' quest to make it an income producer.

It's also an example of what some local commercial agents are terming a "crazy" market, where leasing rates have dropped, office vacancies have risen and investor interest in buying is weak.

The two-story, 32,622-square foot Taylor Woodrow Building located between Lakewood Ranch Boulevard and Town Center Parkway at 8430 Enterprise Circle has been on the market for four months and is currently listed at $5.7 million.

It carries the highest selling price among Lakewood Ranch office buildings, said listing agent Steven Ross of Hembree and Associates, Inc.

With its high visibility from nearby University Parkway, the reddish-brown structure might have been quickly gobbled up by a large insurance company, a high-tech business or for medical offices if this was 2005, Ross said.

But it is 2010 and the Taylor Woodrow Building, along with many other buildings, is missing something very crucial to its attractiveness to investors — tenants.

Read the complete story at bradenton.com

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