Pittsburgh-based NAI Burns Scalo and Montreal’s Brasswater are making significant investments in Florida’s real estate markets, focusing on the Tampa and South Florida corridors. This expansion signals a strategic diversification for NAI Burns Scalo and a growing confidence in the Sunshine State’s economic trajectory for both firms.
Key Takeaways
- NAI Burns Scalo has acquired a Southwest Florida commercial real estate firm to expand its platform across the state.
- Brasswater, a Montreal-based company, is increasing its U.S. portfolio with a focus on Florida.
- Both companies see significant growth potential in Florida’s Tampa and South Florida regions.
NAI Burns Scalo’s Strategic Expansion
NAI Burns Scalo, a 70-year-old Pittsburgh-based commercial real estate company, has significantly expanded its presence in Florida with the acquisition of Fort Myers-based Commercial Property Southwest Florida. This move establishes a second major office on Florida’s Gulf Coast and bolsters an expansion strategy that began in 2025 with the opening of a Tampa office.
The company aims to build a platform capable of investing approximately $250 million annually in its operating markets. This strategic shift is driven by a desire for diversification, moving away from a heavy concentration in office properties and western Pennsylvania. NAI Burns Scalo is now targeting industrial, multifamily, mixed-use, and condominium projects, aiming to reduce its office asset concentration to about 40%.
Brian Walker, president of NAI Burns Scalo, emphasized the importance of local leadership and decision-making in Florida. "We must be a local real estate firm, not a Pittsburgh company that wanted to do business in Florida," he stated. The company secured NAI Global territory rights covering a 13-county region from Hernando County through Tampa Bay and south to Fort Myers.
Brasswater’s Growing U.S. Footprint
Montreal-based Brasswater is also demonstrating strong confidence in the Florida real estate market, actively growing its U.S. portfolio. Despite potential hesitations from competitors due to tariff tensions and a weakened Canadian dollar, Brasswater is bullish on Florida’s investment opportunities. The company has been noted as one of the most active buyers in its home market and is now extending its reach into the United States, with Florida being a key focus area.
Florida’s Dynamic Real Estate Corridors
Both NAI Burns Scalo and Brasswater view Florida’s growth corridors, particularly the I-75 stretch from Tampa Bay through Southwest Florida, as highly dynamic markets. Gary Tasman, founder of Commercial Property Southwest Florida, highlighted that Southwest Florida consistently ranks among the top markets for job and population growth in the country. He noted that local governments have focused on preserving land while concentrating development in employment centers to support future growth.
Tim Rivers, who leads NAI Burns Scalo’s statewide operations, compares the current opportunity in Southwest Florida to the I-4 corridor between Tampa and Orlando two decades ago, seeing "tremendous amount of runway left." The firms are evaluating opportunities across office, industrial, multifamily, and mixed-use sectors. Notably, the office sector in Southwest Florida is attracting attention due to low vacancy rates and significant rent growth, even as many investors nationally have shied away from this asset class.
Sources
- Pittsburgh developer makes big bet on Tampa-Fort Myers corridor, Tampa Bay Business & Wealth.
- Montreal’s Brasswater looks to Florida for investment
opportunities, CoStar.