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Franklin Street Adds Valuation Business

Franklin Street has taken another major step toward their tactical growth plan of being a national, full-service commercial real estate firm. The company will now offer real estate valuation and advisory services to its growing client list through the acquisition of Tropical Realty Appraisal Services based in Tampa. Tropical Realty Appraisal Services has been in business since 1988 and provides real estate valuation services throughout the United States with offices in Tampa, Miami, Atlanta and Key West.

“This is an important, strategic move for our growing company,” said Andrew Wright, Franklin Street CEO and managing partner. “We are now able to seamlessly offer our clients timely and high-quality valuation services in-house, allowing us to be even more competitive in the marketplace.” Wright continued, “Tropical Realty Appraisal Services has an established brand and solid reputation, giving us instant credibility in that service line. Everyone at Franklin Street is excited for this next chapter in our firm’s history.”

The new division will be led by Tropical Realty Appraisal Services’ president, Marty Engelmann, MAI, MRICS who is bringing more than 15 employees to Franklin Street. Engelmann has more than three decades of experience in the appraisal business and has led Tropical Realty Appraisal Services since 1992.

“Integrating into the Franklin Street family makes a lot of sense for both companies,” said Engelmann. “We have similar goals, objectives, passion, culture and a legacy of excellence. We will be able to share information, ideas, experience, strategies, market data, development trends and activity, which will only add to Franklin Street’s already deep industry knowledge.” Engelmann noted that the integration of both companies will perpetuate the collaborative synergy already present among the current business lines.

Franklin Street Valuation Advisory Services will provide property valuation for federally-insured lenders and larger institutional real estate investors such as REITS, life insurance companies and pensions. It will also provide litigation support involving eminent domain, family law, lease disputes, arbitration, bankruptcy, deficiency and fraud.

Franklin Street is a dynamic company and we are thrilled to now be a part of their team and help reach their business objectives,” said Engelmann.

# # # #

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.

About Tropical Realty Appraisal Services: In 2014, Tropical Realty Appraisal Services completed 350 appraisals in the Southeastern U.S. and over 6,500 in more than 15 states during its 27 years in business. Tropical Realty Appraisal Services will integrate its Tampa, Miami and Atlanta offices in with Franklin Street’s offices in those cities, but maintain its office in Key West.

 

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Franklin Street Adds Valuation Business Through Acquisition of Tropical Realty Appraisal Services

Franklin Street has taken another major step toward their tactical growth plan of being a national, full-service commercial real estate firm. The company will now offer real estate valuation and advisory services to its growing client list through the acquisition of Tropical Realty Appraisal Services based in Tampa. Tropical Realty Appraisal Services has been in business since 1988 and provides real estate valuation services throughout the United States with offices in Tampa, Miami, Atlanta and Key West.

“This is an important, strategic move for our growing company,” said Andrew Wright, Franklin Street CEO and managing partner. “We are now able to seamlessly offer our clients timely and high-quality valuation services in-house, allowing us to be even more competitive in the marketplace.” Wright continued, “Tropical Realty Appraisal Services has an established brand and solid reputation, giving us instant credibility in that service line. Everyone at Franklin Street is excited for this next chapter in our firm’s history.”

The new division will be led by Tropical Realty Appraisal Services’ president, Marty Engelmann, MAI, MRICS who is bringing more than 15 employees to Franklin Street. Engelmann has more than three decades of experience in the appraisal business and has led Tropical Realty Appraisal Services since 1992.

“Integrating into the Franklin Street family makes a lot of sense for both companies,” said Engelmann.  “We have similar goals, objectives, passion, culture and a legacy of excellence. We will be able to share information, ideas, experience, strategies, market data, development trends and activity, which will only add to Franklin Street’s already deep industry knowledge.” Engelmann noted that the integration of both companies will perpetuate the collaborative synergy already present among the current business lines.

Franklin Street Valuation Advisory Services will provide property valuation for federally-insured lenders and larger institutional real estate investors such as REITS, life insurance companies and pensions. It will also provide litigation support involving eminent domain, family law, lease disputes, arbitration, bankruptcy, deficiency and fraud.

“Franklin Street is a dynamic company and we are thrilled to now be a part of their team and help reach their business objectives,” said Engelmann.

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.

About Tropical Realty Appraisal Services: In 2014, Tropical Realty Appraisal Services completed 350 appraisals in the Southeastern U.S. and over 6,500 in more than 15 states during its 27 years in business.  Tropical Realty Appraisal Services will integrate its Tampa, Miami and Atlanta offices in with Franklin Street’s offices in those cities, but maintain its office in Key West.

 

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The Most Dominant Office Market Trend

ORLANDO—Are any large tenants moving into the market that could put a dent in vacancy rates? If so, when are they arriving and where are they leasing? And, who is investing more in office buildings?

GlobeSt.com caught up with Clay Wommack, director for Franklin Street’s Office and Industrial Division, to get some answers to these and other questions in part two of this exclusive interview. You can still read part one: Sophisticated Landlords Are Doing This.

GlobeSt.com: Are any large tenants moving into the market that could put a dent in vacancy rates? If so, when are they arriving and where are they leasing? And, who is investing more in office buildings?

Wommack: Tampa has been very fortunate in seeing many new tenants once again entering the market. Johnson & Johnson has committed to a large block of space—over 100,000—in the Interstate 75 East Tampa market.

The most dominant trend, however, has been existing tenant expansions and existing tenants bringing other divisions within their corporate structure to the Tampa market. In terms of office building investments, we have seen a significant increase in institutional money.

GlobeSt.com: Most of the absorption seems to be taking place in the Tampa CBD. What are the next submarkets to show marked improvement? Do we anticipate more buildings changings hands in the latter part of this year?

Wommack: The CBD has done well in the past two years. However, it lacks a variety of large block spaces.

Many tenants now in the 25,000- to 30,000-square-foot range are having to look in submarkets outside of the CBD and Westshore area. Again, the Interstate 75 East End Market has been the most active due to product availability.

As for the buildings, there are currently two major assets under contract that are expected to close within the next two months. The investment activity in Tampa and Saint Petersburg has been fierce this past year and I think most of the sale activity is slowing.

GlobeSt.com: What incentives are landlords offering to retain tenants? Conversely, what incentives are landlords using to lure tenants from other properties?

Wommack: Concessions have dramatically decreased as the market has become more of a “landlord’s market.” This is due to positive absorption and a reduction in space alternatives for tenants. Good quality, sought out tenants can still expect to see a few months of free rent depending on the other deal terms.

 

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Franklin Street Gets Tropical

Tampa-based Franklin Street has acquired local company Tropical Realty Appraisal Services, marking a notable step in its bid to evolve into a national full-service commercial real estate firm.

The purchase of Tropical prompts the creation of Franklin Street Valuation Advisory Services, which will offer real estate valuation and advisory assistance, including property valuation for federally-insured lenders and larger institutional real estate investors, as well as  litigation support involving eminent domain, family law, lease disputes, arbitration, bankruptcy, deficiency and fraud.

Tropical’s president, Marty Engelmann, will head up the new division. He brings to the table a 30-year history in the appraisal business, 23 years of which he spent cultivating his expertise at Tropical.

“This is an important, strategic move for our growing company,” Andrew Wright, Franklin Street CEO & managing partner, said in a prepared statement. “We are now able to seamlessly offer our clients timely and high-quality valuation services in-house, allowing us to be even more competitive in the marketplace. Tropical Realty Appraisal Services has an established brand and solid reputation, giving us instant credibility in that service line.”

Formed in 1988, Tropical has built an enviable reputation, providing real estate valuation services across the U.S. via offices in Tampa, Miami, Atlanta and Key West. The transaction permits Franklin Street to establish a footprint in Key West, and expand its existing presence in Tampa, Atlanta and Miami, where it opened an office in 2014.

“In terms of growth, we are looking to expand our geographic reach and market share in markets where we already have a presence,” Wright told Commercial Property Executive. Franklin Street also has offices in Fort Lauderdale and Jacksonville.

 

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Franklin Street Acquires Tropical Realty Appraisal Services Inc

Tropical Realty Appraisal Services Inc

Franklin Street

Franklin Street acquired Tropical Realty Appraisal Services Inc, a Tampa-based provider of real estate appraisal services.

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Franklin Street Adds Valuation Business Through Acquisition of Tampa-Based Tropical Realty Appraisal Services

Franklin Street has taken another major step toward their tactical growth plan of being a national, full-service commercial real estate firm. The company will now offer real estate valuation and advisory services to its growing client list through the acquisition of Tropical Realty Appraisal Services based in Tampa. Tropical Realty Appraisal Services has been in business since 1988 and provides real estate valuation services throughout the United States with offices in Tampa, Miami, Atlanta and Key West.

“This is an important, strategic move for our growing company,” said Andrew Wright, Franklin Street CEO and managing partner. “We are now able to seamlessly offer our clients timely and high-quality valuation services in-house, allowing us to be even more competitive in the marketplace.” Wright continued, “Tropical Realty Appraisal Services has an established brand and solid reputation, giving us instant credibility in that service line. Everyone at Franklin Street is excited for this next chapter in our firm’s history.”

The new division will be led by Tropical Realty Appraisal Services’ president, Marty Engelmann, MAI, MRICS who is bringing more than 15 employees to Franklin Street. Engelmann has more than three decades of experience in the appraisal business and has led Tropical Realty Appraisal Services since 1992.

“Integrating into the Franklin Street family makes a lot of sense for both companies,” said Engelmann. “We have similar goals, objectives, passion, culture and a legacy of excellence. We will be able to share information, ideas, experience, strategies, market data, development trends and activity, which will only add to Franklin Street’s already deep industry knowledge.” Engelmann noted that the integration of both companies will perpetuate the collaborative synergy already present among the current business lines.
Franklin Street Valuation Advisory Services will provide property valuation for federally-insured lenders and larger institutional real estate investors such as REITS, life insurance companies and pensions. It will also provide litigation support involving eminent domain, family law, lease disputes, arbitration, bankruptcy, deficiency and fraud.

“Franklin Street is a dynamic company and we are thrilled to now be a part of their team and help reach their business objectives,” said Engelmann.

# # # #

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.

About Tropical Realty Appraisal Services: In 2014, Tropical Realty Appraisal Services completed 350 appraisals in the Southeastern U.S. and over 6,500 in more than 15 states during its 27 years in business. Tropical Realty Appraisal Services will integrate its Tampa, Miami and Atlanta offices in with Franklin Street’s offices in those cities, but maintain its office in Key West.

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Tower sale will sizzle as market heats up

The potential sale of the SunTrust Financial Centre in downtown Tampa could set a new high benchmark for office properties in the urban core.

Real estate source say that Highwoods Properties, which is based in Raleigh, North Carolina and has a large presence in Tampa, is in talks to buy the tower.

A Highwoods executive declined comment.

If and when a transaction closes, the deal will likely be a record-setter for Tampa, said Chris Butler, a managing director with Franklin Street.

“Whoever the buyer is, they probably are going to close on this thing at a record number and only way to recoup that is to raise rental rates,” he said.

The buzz in the market, Butler said, is that the tower has been highly coveted by investors.

“There’s been a ton of competition for this and other buildings,” he said. “Based on all our intel, this will go for a record.

It’s one of the best buildings, in Tampa and clearly downtown, and it’s been highly sought after. The office market right now is very hot.”

A Miami group recently paid $70 million for downtown’s Rivergate Tower.

The SunTrust Financial Centre is one of downtown Tampa’s most iconic structures. It is on the market as part of a 15-property portfolio that Atlanta-based Brookdale Group is selling. Raleigh-based Highwoods Properties is in talks to buy the tower, real estate sources say. Sources did not know if Highwoods is in pursuit of the portfolio or only the tower.

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Franklin Street hires Associate and Director of Risk Management and Claims

Ryan-McCurdy-103x155Ryan McCurdy

Date added: August 28, 2015
Submission Type: New Hire
Current employer: Franklin Street
Current title/position: Associate
Industry: Commercial Real Estate
Duties/responsibilities: McCurdy specializes in tenant services and site selection for local, regional, and national office and industrial clients throughout the United States.

Eric-Smith-103x155Eric Smith

Date added: August 28, 2015
Submission Type: New Hire
Current employer: Franklin Street
Current title/position: Director, Risk Management and Claims
Industry: Commercial Real Estate
Position level: Director
Duties/responsibilities: Smith oversees Franklin Street’s claim management division providing risk management and claims advocacy consulting services. In this role, he is able to assist clients with the most cost-effective strategies to mitigate total cost of risk.

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Valentina Mandarin promoted to Assistant Commercial Property Manager

Valentina Mandarin

Date added: August 27, 2015
Submission Type: Promotion
Current employer: Franklin Street
Current title/position: Assistant Commercial Property Manager
Industry: Commercial Real Estate
Previous position: Administrative Support Associate
Duties/responsibilities: Mandarin supports Franklin Street Management Services’ commercial division, servicing a diverse portfolio of commercial properties throughout the Tampa Bay area.

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Sophisticated Landlords Are Doing This

Beyond the data, what’s the state of Tampa’s office market? Unemployment rates are falling but there is no new office construction. Landlords have to deal with a shifting market once again.

GlobeSt.com caught up with Clay Wommack, director for Franklin Street’s Office and Industrial Division, to get some answers. Wommack specializes in tenant and landlord representation for property owners and institutional clients throughout the Tampa Bay region. With more than 25 years of experience and more than 15 million square feet-worth of leasing transactions.

GlobeSt.com: In the Tampa Bay office market, which areas are thriving and what trends are you seeing?

Wommack: In the past quarter, the most active market has been the Interstate 75 East Tampa region, primarily because it has the largest vacancies in terms of quality of product. As far as trends, absorption in all submarkets has been the highest we’ve seen since pre-recession time for Tampa and Saint Petersburg. That being said, rates have not increased dramatically across asset classes.

GlobeSt.com: The Tampa-Saint Petersburg unemployment rate fell to 5.3% in June from 6.2% one year earlier. Why hasn’t the improvement in the economy resulted in lower occupancy rates? Aren’t companies hiring more workers and taking more space as a result?

Wommack: The answer involves basic supply and demand fundamentals. As the absorption rate increases and supply decreases, rates will continue to grow, especially as the market becomes more of a “landlord market.”

GlobeSt.com: Why is there no new office construction and under what conditions might it begin?

Wommack: Although demand probably dictates new product, the rates the market is giving now just aren’t at the level or price range that warrant new construction. The price of land and construction continue to rise as well, in turn making new construction more challenging. Most experts agree that rates in Tampa will need to be $36 per rentable square foot/full service gross or higher for investment returns to work on new construction. Right now, the highest rates the market is seeing are about $31 to 32 rentable square foot/full service gross.

GlobeSt.com: How are landlords dealing with the fact that the vacancy rate remains a high 15% and is dropping only very slowly?

Wommack: Sophisticated landlords are very aware of market conditions, and price, or reprice, their product accordingly. Renewal rates will be very challenging for many tenants that are coming off of five- or seven-year lease terms. Landlords recognize that many tenants do not have the variety of choice any longer in the market to “shop” for space and that most landlords have curtailed many of their concessions, such as moving allowances that were so prevalent during the recession era.

 

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