commercial real estate – Randy Benderson

Benderson Development Celebrates 75 Years

This year, Benderson Development is celebrating 75 years as a leading real estate developer. Founded in 1949 by Nathan Benderson, the company’s journey began with the purchase and redevelopment of a brewery in Buffalo, New York. That early venture was the start of things to come.

In honor of this milestone, Randy Benderson, the company’s managing director, shared, “I’m incredibly proud of the legacy my father, Nathan Benderson, built. He had a rare talent for seeing potential where others saw challenges, transforming overlooked opportunities into remarkable successes. His passion for excellence, integrity and long-term planning has laid the foundation for everything we’ve accomplished over the last 75 years.”

Now in its third generation of family leadership, with Randy at the helm alongside his sons Shaun and Evan, Benderson Development has grown into a national powerhouse, with over 1,065 properties spanning 55 million square feet in 40 states. The company’s diverse portfolio includes market-leading retail centers, grocery-anchored spaces, warehouse properties, office buildings, and award-winning hotels.

Randy emphasizes that the company’s strength lies in its ability to revitalize underperforming commercial spaces and vacant land, turning them into highly successful assets. “We specialize in transforming ordinary spaces into extraordinary destinations.”

In 2004, the company relocated its headquarters from Buffalo to Sarasota, FL, though it maintains an office in Buffalo and additional regional offices in Rochester, NY, and Raleigh, NC. Benderson is now the largest commercial real estate developer in the Tampa Bay area, with more than 200 properties in Florida, including nearly 1 million square feet of development in 2023, according to the 2024 Tampa Bay Business Journal.

With the company based in Sarasota, Benderson has since become a major advocate and key partner for local economic and community development. One standout project is Nathan Benderson Park, a public-private collaboration that transformed a former shell excavation site into the region’s premier multi-sports venue and a world-renowned rowing venue.

“The most rewarding part of these 75 years has been witnessing the positive impact we’ve had on the communities we serve,” said Randy Benderson. “Whether it’s creating jobs, supporting local businesses, or contributing to projects like the rowing park, it’s the communities we help build that matter most.”

Looking to the future, Randy sees continued opportunity for Benderson Development’s growth. With recent ventures in mixed-use developments across Florida and as far as Anchorage, Alaska, the company is poised to thrive for another 75 years. “What we do is about more than just real estate. It’s about bringing people together and supporting our neighbors. We remain committed to the values my father instilled in us—focused investments, strategic growth, and a deep dedication to our people.”

What Are The Different Classifications Of Commercial Real Estate Properties?

Commercial real estate is classified under several forms of aesthetics. Generally, commercial properties are divided into three classes: Class A, Class B, and Class C.

commercial-building — Image source: blacktiderea.com

Class A commercial real estate developments are considered the best buildings in terms of aesthetics, age, quality, and built-in infrastructure, as well as location. This can be your five-star hotel, a mall, or an office building that’s regarded as the best in its category. These properties are also highly expensive in terms of sale or rental.

Class B commercial real estate buildings are not as competitive price-wise compared to Class A establishments. These are older buildings that investors may want to renovate or restore. These could be previously Class A commercial real estate properties that have lost some of their value over time due to aging infrastructure, design, and amenities. Their location is also not as exquisite as Class A but still remain reputable.

Class C commercial real estate properties are usually the oldest, with some older than 20 years. These properties are also not in prime locations and are in need of major renovations or constant maintenance. Others dub Class C commercial real estate as everything else that is not Class A or B.

Apart from these classifications, commercial real estate can also be divided by their use. In this category, we have office properties, industrial properties, retail, multifamily, hotel, and land-based properties.

New-York-Skyline-New-York-City-New-York-Skyline-2940111-Connect-Media-820x510.jpg — Image source: connect.media

Randy Benderson is the president of Benderson Development, a venture his father, Nathan Benderson, established in New York over 60 years ago. Randy is passionate about pursuing all the opportunities before him. For more insights on commercial real estate, follow this Twitter account.

More Economic Trends Making An Impact On Commercial Real Estate In 2018

The advent of new technologies coupled with economic developments like new tax laws are greatly affecting the commercial real estate industry in the U.S. this year. As in previous ones, rapid introduction of disruptive tech like the internet of things (IoT) and augmented reality are changing how new malls, stores, and the like are being built or renovated, aimed at drawing in customers and reshaping shopping convenience and quality-of-life.

An important trend is the increased housing demand, mainly due to a better economy and dip in unemployment. With housing having been underproduced in Q4 of 2017, U.S. Census statistics show that the adjusted annual rate has gone up by 9.7 percent in January 2018 alone. More and more millennials are buying single-family homes, while boomers are trading in theirs for apartments in urban hubs. In fact, U.S. homeownership, in general, has risen from 62.9 to 64.2 percent just two months into the year.

Improved and more favorable GDP growth predictions are also driving commercial real estate. The U.S. has increased allocations to the area to $1 trillion, and the GDP is expected to grow by 2.6 percent in 2018, a big jump from the previous estimate of 1.6 percent. Again, the stymied growth of late last year was due mainly to the housing shortage, which has thankfully now rebounded.

Lastly, interest rates are going up. This is enticing many Americans to buy homes now. The rate of 30-year, fixed-rate mortgage has risen to 4.38 percent in late February, and there’s fear that it would go up even higher as the year progresses. Higher interest is leading to more expensive loans for both developing or refinancing new properties.

Based in Sarasota, Florida,Randy Benderson is the president of Benderson Development, a commercial real estate company with over 500 properties in 38 states. The business is a venture his father Nathan Benderson established in New York over 60 years ago. For similar reads, click here.

Is 2018 Going Be a Great Year For Commercial Real Estate?

Industry experts expect the new year to be one of slow and steady growth for commercial real estate, and the main advice is to start diversifying your real estate portfolio. Below are more specific developments in various sectors to keep in mind in 2018.

Due largely to the strengthening global economy and likely tax cuts from Washington, the U.S. economy is gaining a new lease on life. Expansion in the property sector has been going on for over 100 months, and by mid-2018, it will be the second longest in U.S. history.

As far as the multifamily sector is concerned, the market will see more construction of apartments that might put downward pressure on occupancy rates and rents. Colliers International Chief Economist Andrew Nelson Colliers reports that economists embracing the new tax law will lead to more demand in the multifamily market: this is because the new system reduced some of the benefits of homeownership, making it less attractive and renting more likely.

Meanwhile, though slightly down from its 2015 peak, job growth for office markets remains robust. Employers added 175,000 jobs on average per month in 2017, compared to 2015’s 250,000. Still, the sector will try to find a fine balance as new supply levels converge with occupancy rates and asking rents.

Lastly, industrial real estate should retain its upward momentum this year with the sector’s record-breaking occupancy and rents. Construction is booming as operators continue to push toward online delivery and get products to consumers more quickly as modern multilevel distribution hubs open in densely populated markets.

Randy Benderson is the president of Benderson Development, a venture his father Nathan Benderson established in New York over 60 years ago. Now carrying the torch of his late father’s legacy, Randy continues to oversee over 8,000 employees and committed to an excellent work ethic and passion for growth. More on the company here.