Franklin Street Management Services' Commercial division manages over 2 million square feet of office complexes, medical offices, retail shopping centers and industrial properties throughout the Southeast and Midwest. Our division works directly with clients in order to maximize the value of their assets by minimizing operating costs, maximizing efficiency, and protecting the value of each asset.
Franklin Street Management Services’ approach combines a depth of experience, confidence in the value of our employees, and the knowledge that each asset comes equipped with its own unique challenges that will require a customized strategic plan. Through a combination of industry expertise, deep market knowledge and a unique hands-on approach to property management, we are able to tailor strategies designed to fit your requirements at any time during the investment cycle. With these objectives in mind, our dedicated team is driven to ensure expected revenue goals are reached by meeting the unique needs of each client’s asset and providing optimal results.
Leasing and Marketing:
Franklin Street Management Services is committed to increasing marketing efforts for our properties in order to fill vacancies, secure quality, long-term tenants, and to create a well-balanced, complementary tenant mix. We take into consideration property characteristics and strengths, tenant mix, competing centers, local market trends, and recent leasing economics in order to establish achievable rental rates for each individual property. In doing so, Franklin Street Management Services works towards maximizing tenant retention in order to achieve the highest value for assets.
Market Research and Feasibility Studies:
Through extensive fieldwork, we identify opportunities to improve property operations while analyzing rents and occupancy rates in order to provide well-informed consultation.
For clients who are exploring a property acquisition, special emphasis is placed on ensuring that our clients make well-informed investment decisions.
Franklin Street Management Services conducts an in-depth analysis of property income and expenses, a lease file audit, a market comparable survey, and a physical condition assessment.
Construction Management Services for Renovation:
Whether a property requires an exterior facelift, interior remodel, tenant build out or re-development, Franklin Street Management Services has a qualified team in place to serve as Construction Manager. We maintain a solid network of trusted vendors to ensure the best value for our clients. During construction, we focus on tenant relations, including current tenants and potential new tenants as part of a property repositioning plan.
Real Estate Owned/Receivership Assets
Franklin Street Management Services is also experienced in handling the details of distressed assets. Our team manages Real Estate Owned (REO) or receivership assets as well as acts in the capacity of court-appointed receiver for lenders and special servicers. As a receiver and manager, Franklin Street Management Services will secure, protect, insure, and manage the affairs of the asset in order to maximize its value.
Our receivership objectives are balanced with the directives of the court and the goals of the lender. This includes disposing of the property, increasing occupancy rates, or completely repositioning the asset to reach a new demographic. Franklin Street Management Services works to give lenders the results they desire.
Common Area Maintenance (CAM) Reconciliations:
Franklin Street Management Services' Commercial division provides CAM reconciliations, performing bi-annual audits of the property's pass-through operating expenses to determine whether the CAM expenses are in budget. If necessary, we make adjustments in operations to bridge any budget gaps and either invoice or reimburse tenants.
In addition to providing leasing reports on a monthly basis, we offer flexible and in-depth accounting functionality and can prepare such documents as annual budgets, business plans and monthly owner reports.