Horn: Overall, the west coast of Florida is experiencing a great deal of growth. In Sarasota this is due, in large part, to the steady stream of northern investors who are selling off properties up north and reinvesting in this area. These are Baby Boomers who are moving to Sarasota for the weather and the lifestyle, and they want their real estate investments closer to home.

Black: In turn, population growth, significant well-funded developments and an increase of wealth are attracting a number of national chains and retailers. This combination of factors has created the perfect storm for growth in our market. It's unlike anything I've seen in my 34 years practicing commercial real estate in the area.

GlobeSt.com: How does this compare to what's happening in Tampa and Orlando?

DeVito: The growth in Tampa and Orlando is due in large part to population growth and corporate relocation. In comparison, the growth in Sarasota seems to be more of a sophisticated or learned growth. People are interested in relocating to Sarasota because of the arts and the beauty, and they are bringing with them a lot of wealth. In fact, Sarasota is second in the nation in terms of wealth transfer, second only to Naples. We see it as a different kind of growth to what's happening in Tampa and Orlando, but equally impressive.

Fuller: Despite Tampa and Orlando being much larger than Sarasota, we are experiencing a change in the interest level of national retailers and national investors. Companies like Whole Foods, Lucky's Market and Sprouts Farmers Market are interested in our area as much as they are in Tampa, attesting to the growth of our market.

MIAMI—Sarasota may have a reputation for being a sleepy town, better known for its beaches than business. But with a number of national investors and organizations moving to the area, this tertiary market is growing up.

Most notably, a national investor purchased the BMO Harris Bank Building, a prominent class A building in downtown Sarasota. The 11-story, 128,389-square-foot property located at 240 South Pineapple Avenue was sold for $23 million.

GlobeSt.com caught up with the partners of Ian Black Real Estate in Sarasota, to discuss what's driving the growth in this area and whether it will continue long term in part one of this exclusive interview. Steve Horn, Michele Fuller, and Nick Devito offer keen insights for investors looking beyond Miami.

GlobeSt.com: What's driving the growth in the Sarasota real estate market?

Horn: Overall, the west coast of Florida is experiencing a great deal of growth. In Sarasota this is due, in large part, to the steady stream of northern investors who are selling off properties up north and reinvesting in this area. These are Baby Boomers who are moving to Sarasota for the weather and the lifestyle, and they want their real estate investments closer to home.

Black: In turn, population growth, significant well-funded developments and an increase of wealth are attracting a number of national chains and retailers. This combination of factors has created the perfect storm for growth in our market. It's unlike anything I've seen in my 34 years practicing commercial real estate in the area.

GlobeSt.com: How does this compare to what's happening in Tampa and Orlando?

DeVito: The growth in Tampa and Orlando is due in large part to population growth and corporate relocation. In comparison, the growth in Sarasota seems to be more of a sophisticated or learned growth. People are interested in relocating to Sarasota because of the arts and the beauty, and they are bringing with them a lot of wealth. In fact, Sarasota is second in the nation in terms of wealth transfer, second only to Naples. We see it as a different kind of growth to what's happening in Tampa and Orlando, but equally impressive.

Fuller: Despite Tampa and Orlando being much larger than Sarasota, we are experiencing a change in the interest level of national retailers and national investors. Companies like Whole Foods, Lucky's Market and Sprouts Farmers Market are interested in our area as much as they are in Tampa, attesting to the growth of our market.