Categories
Uncategorized

Top Commercial Real Estate Brokerages: South Florida

Ranked by sum dollar volumes sales/leases
Locally researched by: Bilberto Medina, South Florida Business Journal

Number 24
Company: Franklin Street

6205 Blue Lagoon Drive, Suite 280
Miami, FL 33126
786-292-3188

Sum dollar volume sales/leases: $122.84 million

Dollar volume of square feet sold: $122.84 million

Sum square feet sold/leased: 25,420

Square feet sold: 25,420

View the full list here

Categories
Uncategorized

Dollar Tree Leases 9,180 SF in Jacksonville

Dollar Tree is now occupying the former Family Dollar location at 7310 New Kings Rd. in Jacksonville, FL. The retailer signed a 10-year lease for the 9,180 square foot retail building. 

The freestanding single-tenant property was built in 2010. 

Gary Montour and Jeremy Martin of Colliers International Northeast Florida represented the landlord, while Carrie Smith of Franklin Street Real Estate represented Dollar Tree. 

View PDF

Categories
Uncategorized

Canadian investor latest on multifamily bandwagon

BUYER: Cherishome Lakeland LLC
SELLER: ALV Apartments L.P.
PROPERTY: 1555 Village Center Drive, Lakeland
PRICE: $45,988,000 
PREVIOUS PRICE: $4,586,000, November 2007

Continuing a wave of multifamily deals throughout Florida this year, a Canadian apartment operator has spent nearly $46 million to purchase a 13-building rental community in Lakeland.

Cherishome Living, of Ontario, has renamed the Alexan at Lakeside Village apartments Town Center at Lakeside Village. Rents in the 312-unit community range from $925 per month to $1,500 per month.

“We like the area because it’s very close to the luxury shopping district in Lakeland, there’s considerable walkability and we’re familiar with it because of another holding,” said Chaya Starker, Cherishome’s vice president of operations for the United States. “It’s just an excellent location.”

The complex, on nearly 21 acres, was constructed by seller ALV Apartments L.P. in 2009, according to Polk County property records. ALV Apartments paid $4.58 million for the Lakeland land in October 2007.

Cherishome completed the transaction with a $34.11 million loan from M&T Realty Capital Corp., records indicate.

Starker said the company is installing new lighting, flooring and appliances to upgrade Town Center’s units.

The Alexan deal comes as investors and apartment operators are clamoring for well-located, high-quality rental communities throughout the state.

Earlier this month, Pollack Shores Real Estate Group spent $64.5 million to buy the 400-unit Lexington Park Apartments in the Westchase area of Tampa — the latest in a raft of apartment transactions in which buyers are often paying at, or near, replacement costs to secure high caliber assets.

Apartment sales have become prolific because occupancies have hit record highs amid climbing rents statewide, against a backdrop of waning home ownership rates and macro-economic demographic shifts.

Those forces — together with job growth, increased household formations and rising prices for single-family homes — have pushed apartment values and development, in turn, for the past four years.

“The multifamily sector continued to experience remarkably solid fundamentals,” real estate firm Franklin Street reported earlier this month. “With limited supply available, both core and value-add opportunities continue to be highly sought after by institutional buyers, large private groups, and individual investors.”

Franklin Street and Axiometrics, a Dallas-based firm, also note that occupancy rates nationwide have risen above 95%, a level the industry considers properties to be “full.” Franklin Street adds that Florida rents are now above 2007 levels, and Axiometrics reports that U.S. apartment rents climbed 5% for the first time in four years.

Development, meanwhile, of nearly 500,000 new units last year and in 2015 is expected to have little impact on the sector.

“With record new supply coming to market, the fact that the occupancy rate continues increasing demonstrates the strength of the market,” says Stephanie McCleskey, an Axiometrics vice president.

Still, McCleskey warns that the continued growth in the sector could have a downside eventually.

“At this point, affordability could become an issue in some markets, and the high rent-growth levels in other markets are unsustainable,” she says.

In addition to the 1555 Village Center Drive complex, Cherishome also owns rental communities elsewhere in Lakeland, Gainesville, Pinellas Park, Orlando, Sanford, and Winter Park, according to its website.

Its other Lakeland holding is the Willow Brooke Apartments, near Lakeside Village in the Oakbridge planned community.

Founded in 1981 by Richard McArthur, Cherishome, formerly McArthur Properties, today owns and manages 17 apartment properties in Canada and the U.S. — all in Florida — containing nearly 4,000 units in all.

View PDF

Categories
Uncategorized

Arbor Alley Apts Acquired for $5.6M

Reel Properties of Tampa Bay I sold the Arbor Alley Apartments at 6237 S. Manhattan Ave. in Tampa, FL to McKinley, Inc. for $5.6 million, or $70,000 per unit. 

The 80-unit, garden-style multifamily community totals 72,000 square feet across 12 two-story buildings. The property was constructed in 1983 on 3.6 acres in Hillsborough County. 

Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zach Ames of Franklin Street Real Estate Services represented the seller. 

Please see CoStar COMPS #3347930 for more information on this transaction.

View PDF

Categories
Uncategorized

Franklin Streets Arranges Sale of Cross Creek Village II for $1.2M

Franklin Street has arranged the $1.2 million sale of Cross Creek Village II, located in Lawrenceville, Georgia. This sales price represents $57.69 per square foot for the 20,800-square-foot shopping center. John Tennant of Franklin Street’s Atlanta office represented the seller, CRE 2011 REO GA-RETAIL, LLC, in the REO transaction. The buyer, Cross Creek Village Park II, LLC, was represented by John Kim.

“The purchaser will be able to quickly increase cash-on-cash returns through continued leasing of vacant units,” Tennant said. “There is an opportunity to pursue both retail and medical tenants based on the proximity of the property to the Gwinnett Medical Center. The center has excellent visibility and benefits greatly from the retail critical mass and traffic counts within the submarket.”

Cross Creek Village II is located at 798 Lawrenceville Suwanee Road. The property is positioned in the main retail corridor of Lawrenceville, surrounded by medical campuses, hospitals, and office parks, as well as national retailers including Publix, Kroger, The Home Depot, Target, Walgreens, Chipotle, CVS/pharmacy, and Starbucks.

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

– See more at: http://atlanta.citybizlist.com/article/286649/franklin-streets-arranges-sale-of-cross-creek-village-ii-for-12m#sthash.wUsVKIAl.dpuf

Categories
Uncategorized

Brookhaven, Georgia Apartments Sell for $3.3M Signaling Velocity in Infill Locations

Franklin Street announces the sale of North Cliff Valley Apartments in Brookhaven, Georgia, for $3,300,000 representing approximately $1,000,000 per acre.

Jake Reid and Ricky Jones of Franklin Street represented the seller in in the transaction. The apartments were the second property in a two-property sale, which included the previous sale of Lenox Townhomes.

“The continued acquisition of apartments for redevelopment to lower-density townhomes is creating additional rental demand in the Brookhaven market and raising the values of the other existing apartments,” Reid said. “The large push by both millennials and baby boomers to live in close proximity to work, shopping, and dining is equally pushing rental rates and housing values.”

North Cliff Valley Apartments are located at 1350 N. Cliff Valley Way N.E. within close proximity to Cross Keys High School and I-85.

About Franklin Street: 
Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

– See more at: http://atlanta.citybizlist.com/article/286935/brookhaven-georgia-apartments-sell-for-33m-signaling-velocity-in-infill-locations#sthash.3OwcvBCZ.dpuf

Categories
Uncategorized

Franklin Street Arranges $5.85M Sale of Mixed-Use Development in Woodstock

Franklin Street has arranged the $5.85 million sale of a mixed-use building containing 23 apartments and 8,624 square feet of retail space, located in downtown Woodstock, Georgia. The sale price of the $5.85 million building represents a price per square foot of just over $150. Jake Reid and Ricky Jones of Franklin Street represented the seller in the transaction.

“Demand is not limited to urban infill locations in Buckhead and Midtown,” Reid said. “Walkable communities like Downtown Roswell, Avalon in Alpharetta, and downtown Woodstock have seen big increases in rents and values. The large push by both millennials and baby boomers to live in close proximity to work, shopping, and dining is pushing both rental rates and housing values.”

The Class A building was built in 2014 as a mixed-used development. The property is located in downtown Woodstock within walking distance to the top restaurants and shopping in the area.

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

– See more at: http://atlanta.citybizlist.com/article/286936/franklin-street-arranges-585m-sale-of-mixed-use-development-in-woodstock-georgia#sthash.ZBKSkl8Q.dpuf

Categories
Uncategorized

Franklin Street Arranges Sale of Two Retail Centers in Georgia

Athens and Lawrenceville, Ga. — Franklin Street has arranged the sale of two retail properties located in Georgia, Cross Creek Village II and Athens Plaza.

Cross Creek Village II, a 20,800-square-foot shopping center located in Lawrenceville, sold for $1.2 million to Cross Creek Village II LLC, represented by John Kim.  Athens Plaza, a 119,633-square-foot Piggly Wiggly-anchored shopping center, is located minutes away from the University of Georgia in Athens, and was sold for an undisclosed amount to Cideco Development Co. Mac McCall, John Tennant and Bryan Belk of Franklin Street worked on behalf of the seller, MB REO-GA RETAIL LLC, in the Athens Plaza transaction, and John Tennant represented the seller, CRE 2011 REO GA-RETAIL LLC, in the Cross Creek Village II transaction. 

View PDF

Categories
Uncategorized

Franklin Street Brokers $3.3M Sale of Metro Atlanta Apartment Community

BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the $3.3 million sale of North Cliff Valley Apartments, a townhome apartment community located at 1350 N. Cliff Valley Way N.E. in Brookhaven, an affluent suburb of Atlanta. The apartment complex is located within close proximity to Cross Keys High School and I-85. Jake Reid and Ricky Jones of Franklin Street represented the seller in in the transaction. The apartments were the second property in a two-property sale, which included the previous sale of Lenox Townhomes.

View PDF

Categories
Uncategorized

Franklin Streets Arranges Sale of Athens Plaza in Athens, Georgia

Franklin Street has arranged the sale of Athens Plaza, a 119,633-square-foot shopping center located in Athens, Georgia. Mac McCall, John Tennant, and Bryan Belk of Franklin Street’s Atlanta office represented the seller, MB REO-GA RETAIL, LLC, in the transaction. Cideco Development Co, Inc. purchased the property.

“Athens Plaza provides the buyer an opportunity to redevelop a strategically located retail center minutes from the University of Georgia,” McCall said. “The current owner has allowed tenants to move to month-to-month leases, which gives a new owner more flexibility to reposition the asset.”

Athens Plaza, built in 1972 is located at 474 North Ave., and is anchored by Piggly Wiggly. Surrounding national retailers include CVS/pharmacy, Family Dollar, Advance Auto, and Autozone.

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

 

View PDF