Topaz Capital Group plans to invest $2 million to upgrade the property and is in the process of rebranding it as Topaz Plaza JAX.

"In this case, we are going to convert a vacant site initially earmarked for industrial development into a residential community that will create much-needed apartment housing minutes away from some of South Florida's largest employers."

"The Lexington posed a very rare opportunity in the highly sought-after central Sarasota submarket, which has a historically high barrier to entry for value-add opportunities."

"We're familiar with the area and have other assets in the commercial retail corridor there."

With less demand for homeownership, home property appreciation is slowing, according to the latest national index produced quarterly by Florida Atlantic University and Florida International University faculty.

Brennan Investment Group will begin development of 1 million square feet of space at CenterState Logistics Park East within the month.

"We had a number of groups bidding and had a dozen offers."

Once complete, the mixed-use Tower 1 will hold 50 hotel rooms and 50 condos.