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Franklin Street Sells 26,258 SF Waterfront Retail Site in North Palm Beach for $2.5M

Franklin Street, a full-service commercial real estate firm, recently sold a two-story, 26,258-square-foot retail building in North Palm Beach that will soon be home to Palm Beach County’s first Nautical Ventures superstore. The site, which includes the building and nearly an acre of land, was purchased for $2.5 million or nearly $100 per square foot.   

Franklin Street’s Greg Matus, regional managing partner-South Florida, and Pete Crane, retail investment associate, represented the seller, a private company based in Tampa. Matus and Crane  secured the buyer, Nautical Ventures Marine LLC, within two months of listing the site, and closed on the sale two months after that. Jason Block, a principal of J.D. Block Services, Inc. represented the buyer. 

A marina previously occupied the site, which is located near U.S. 1 and Northlake Boulevard and fronts the Earman River that feeds into the Intracoastal Waterway.  Nautical Ventures received 66 dry boat racks and 10 wet slips as part of their purchase, many of which are leased out.    

“This is a very special location that has great visibility from both the land and water,” said Crane, who handles retail property transactions for Franklin Street in Palm Beach County. “It’s a high-quality asset in a diversified marketplace that includes both residential and office in the immediate vicinity. I anticipate the new owner will do very well here.”

Dania Beach-based Nautical Ventures sells sailboats, kayaks, stand-up paddle boards, pedal boats, water skis and other water sports equipment and marine supplies. The retailer has the largest selection of new and used watersports equipment from the world’s top brands.  

The company is doing a major renovation of the showroom, which should be open to the public next month. 

The site is located at 139 Shore Court, North Palm Beach, FL 33408.

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, Management and Valuation—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

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Braves in talks with retailers, eateries for SunTrust Park

The Atlanta Braves are in talks to bring national chains such as L.L. Bean and Athleta and hip local restaurants including Antico Pizza Napoletana and Chef Ford Fry’s Superica to the walkable mixed-use project outside the new SunTrust Park.

The stores and eateries could create in the Cumberland-Galleria area the shopping and dining district the Braves longed for, but never achieved, at downtown’s Turner Field. And it marks a new opportunity for the Braves to pour revenues from the mixed-use project back into operations, money that could go toward an expanded payroll and a more competitive team.

The Braves expect to announce the first round of shops and restaurants for SunTrust Park in the next 30 to 60 days. The team also plans to unveil a name for the mixed-use development to brand it as a unique destination in the Southeast. The ballpark is set to open in 2017.

The Braves are in early talks with several trendy Atlanta concepts, including Octane Coffee, Fado Irish Pub, Fry’s Superica, Fifth Group Restaurants, Soluper Jenny and Antico Pizza, according to market sources. The Braves could not confirm they were in lease negotiations, but spoke broadly about the mix of potential tenants. 

“They are authentic,” said Derek Schiller, the Braves’ executive vice president of sales and marketing. “They represent the area in which the development is taking place and the interests of the particular region.”

The Braves also have existing relationships with top local chefs Kevin Rathbun and Linton Hopkins, so the team could look to bring new locations of their coveted concepts. 

Other restaurants being eyed for the project may include Dallas-based CRU Food & Wine Bar, Memphis-based Gus’s Fried Chicken, New York City-based Shake Shack Inc., and Asheville, N.C.-based Indian food restaurant Chai PAni.

As for shops, the Braves are said to be in talks with popular national retailers L.L. Bean and Athleta. Field & Stream, an outdoor retailer owned by Dick’s Sporting Goods Inc., may also be a target.

Retro bowling and dining venue Kings Bowl, among other competitors, is considering its first metro Atlanta location at the project It could sit near the reborn The Roxy Theatre, a 53,000-square-foot entertainment venue that will be operated by Live Nation and will feature 40 music or comedy shows a year.

The Braves declined comment about those tenants. There could be more retailers int he works.

Atlanta’s Fuqua Development LLC is developing the retail portion of the project, which will include 350,000 square feet and 15 to 20 restaurants. An organic grocery store is also planned.

The hope is to create a development that draws people every day, not only during home games.

The Braves drew inspiration from projects that blend shopping and entertainment such as Clarendon Center in Arlington, Va., and L.A. Live and The Grove in Los Angeles, Calif.

Already announced for hte mixed-use project at SunTrust Park is a new hotel from Omnio Hotels & Resorts, a nine-story office tower anchored by Comcast Corp. and a new Chop House led by Coors Light.

The Braves seem to hit perfect timing with their leasing efforts as national retailers are once again expanding and Atlanta’s culinary scene is erupting with new openings. Many popular Atlanta chefs are now eyeing affluent suburbs as intown neighborhoods have become crowded with local talent.

“The recent activity is intense,” said Jeff Fuqua, who leads Fuqua Development with Heather Correa. He declined to comment on specific tenants coming to the mixed-use project at SunTrust Park.

“We feel very fortunate about how the economy is going now,” Schiller added. “There has been certainly an advantage in the restaurant culture in Atlanta that has made things very aggressive for what we want to do. We could probably fill the entire square footage with restaurants alone.”

Some retail experts see the blend of national and local retailers as right on target. “I think it’s fantastic they’ve focused on bringing local brands to help build consumer recognition,” said Emil Gullia, senior director at Franklin Street of Atlanta. “It’s a brilliant move.”

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3rd area Newk’s Eatery to open in Mandarin

Newk’s Eatery plans to open in Mandarin, making it the chain’s third Jacksonville restaurant in addition to its Avenues and North Jacksonville locations.

The menu features salads, sandwiches, soups and pizza.

Newk’s posted at newks.com that 11112 San Jose Blvd. is an upcoming location.

It already operates at 14964 Max Leggett Parkway in the Parkway Shops at River City Marketplace in North Jacksonville at 9047-1 Southside Blvd. near The Avenues mall.

A building-permit application shows that 4,210 square feet will be renovated for Newk’s in Claire Lane Center in Mandarin.

The space is between Miller’s Mandarin Ale House and Mattress Firm on the south side of the center.

The company said Thursday the restaurant would open in early 2016.

Tenant representative Carrie Smith, regional managing partner of Franklin Street in Jacksonville, said the Claire Lane location will be corporately owned, as will be future Jacksonville restaurants. She is working on multiple locations in Northeast Florida.

The two Newk’s that are open are owned by a franchisee.

Newk’s Chief Development Officer Chris Cheek told the International Council of Shopping Centers North Florida Idea Exchange in January that the fast-casual bakery café looks for 3,800- to 4,500-square-foot locations and has converted former retail stores and restaurants into a Newk’s Eatery.

Newk’s is based in Jackson, Miss. Its website shows at least 86 open locations in 13 states.

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Law Firm Expansions Helping to Fuel Tampa Bay Area Office Market

Local law firms are helping to drive the current office leasing market according to Franklin Street, a full-service commercial real estate company based in Tampa. 

“With law firms getting busier, we are seeing more expansion activity in the market,” said Chris Butler, a managing director of Franklin Street’s Office and Industrial Services division. 

Butler said many of the tenants he represents are now adding new employees to their firms and need a place to put them. Some are relocating to accommodate growth, and others are finding it more advantageous to take additional space in their existing buildings. “For example, Shutts & Bowen is taking on more space at their current Westshore office by expanding onto another contiguous floor,” Butler said. 

“A lot of the larger, corporate firms like to be in prime locations, especially the CBD areas or Westshore. Even more recently, Hill Ward Henderson relocated their suburban Clearwater office into downtown Clearwater,” Butler said.
 
Butler said law firms still have a need for varying conference areas centered around the reception area for client meetings, but the nature of the overall size and configuration continues to change. 

“We’re also seeing an increasing demand now for one- or two-size offices,” Butler said. “So whether you are a senior partner or a first-year associate, everyone gets a similar size office.” 

Butler said this strategy allows law firms to maximize the efficiency of their footprint. He also noted that some law firms are now using collaboration areas for internal meetings, paring down the need for smaller conference rooms. 

“Today’s break rooms are pretty comfortable with plenty of cushioned seating and a variety of coffee and refreshment offerings,” he said. “They can provide a stimulating environment, especially for younger attorneys who may prefer to collaborate in a more casual setting.” 

Recently, Butler and his team represented the law firm Trenam Kemker, which renewed its lease at the Bank of American building in downtown Tampa. As part of its renewal, the firm reconfigured its space to be more efficient, Butler noted. “With a tightening office market, large blocks of space are limited and prices are going up. That’s why many firms are opting to stay where they are and reconfigure existing office space for a more efficient use of the current square footage.” 

Another example Butler mentioned is Ansa Assuncao LLP, a Philadelphia-based litigation shop with a Tampa presence. In renewing its lease at 100 South Ashley Drive, the firm gave up square footage it no longer needed. 

“The firm decided to right-size by giving back space to the landlord it no longer needed,” Butler said. “Even though the firm is busier than ever, their renewal created an opportunity to make more efficient use of smaller space.” 

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, Management, and Valuation—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

 

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Moving Up: Ryan McCurdy

Ryan McCurdy joined Franklin Street as an associate. He specializes in tenant services and site selection for local, regional and national office and industrial clients. Prior to Franklin Street, McCurdy was a professional baseball player for the Houston Astros. He graduated from Duke University with a Bachelor of Arts in Political Science.

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Franklin Street Acquires Tropical Realty Appraisal Services

Franklin Street will now offer real estate valuation advisory services to its growing clientele through the acquisition of Tropical Realty Appraisal Services. 

Tropical Realty Appraisal Services completed more than 400 appraisals in 2014 and over 6,500 in its 27 years in business. It will integrate its offices in Miami, Atlanta, and Tampa, FL but will keep its seperate office in Key West. 

Franklin Street Valuation Advisory will provide property valuation for life insurance companies, large real estate investors, and will provide litigation support involving family law, lease disputes, arbitration, and more. 

The integration of both companies will present the collaborative energy already present amongst their current business atmospheres.

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Franklin Street Hires Director of Risk Management and Claims

Franklin Street hires Eric Smith as Director of Risk Management and Claims for the firm’s Insurance division. Based out of Franklin Street’s Tampa office, Smith represents clients’ interests throughout the claims process and implements loss control strategies.

“Building out the agency’s risk management department enhances Franklin Street’s value to our existing client base while also opening opportunities for growth in other areas of business,” said Tom Kersting, president of Franklin Street Insurance Services.

“Since its inception, Franklin Street has represented the interests of owners, managers and developers of commercial real estate. A natural next step for Franklin Street is to support the contractors who build the assets. These businesses, by nature, are exposed to significant liability and workers compensation exposures. With Eric on board, the agency is positioned to address these challenges on the front end.”

Smith has more than 20 years of experience in the insurance claims arena. He has worked in the capacity of adjuster, corporate trainer, and various management roles at Liberty Mutual over a period of twelve years. Prior to joining Franklin Street, Smith worked for one of the largest privately held agencies in the country as a Claims Advocate, specializing in Casualty and Workers’ Compensation claims.

Kersting believes that Smith’s experience level and professional approach raises the firm’s already high level of service.

“Eric is here to advocate for our clients from the day an incident occurs through to claim closure. His availability, quick nature to act and the accountability he brings to the process leads to favorable outcomes,” Kersting said.

“My aim is to provide stellar claims and risk management service, backstopped by leading carrier partners,” Smith said. “I was immediately impressed by the energy, entrepreneurship and mainly, the success Franklin Street has already experienced. I look forward to helping drive new business and getting to know and going to work for our customers.”

Smith graduated from Clarion University of Pennsylvania majoring in Finance and minoring in International Business. He is a Certified Property Casualty Underwriter (CPCU), an Associate in Management (AIM) and an Associate in Claims (AIC).

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, Management, and Valuation—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

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Investors Still Keen on South Florida

Interest rates could go up this month, but when it comes to South Florida, real estate investors won’t be fazed: the market’s too strong. That’s why we’re excited to present BisNow’s 3rd annual South Florida State of the Market beginning at 7:30 a.m. on Sept. 22 at Soho Studios.

“I expect investor interest to remain strong even if interest rates rise a bit, mainly because there’s still scarcity and competition to acquire high-quality real estate,” Franklin Street regional managing partner for South Florida Greg Matus, who will be speaking at the event, tells us. “I also anticipate that rents will continue to rise, at least for the short term, which will keep values up.”

Recently Franklin Street repped the Tampa-based seller of a 26k SF building at 139 Shore Court, near US 1 and Northlake Boulevard in North Palm Beach, which will house a Nautical Ventures marine store. The Northlake marina property includes 66 dry boat racks and 10 wet slips. It will be the first Palm Beach County location for Diana Beach-based Nautical Ventures, with the store expected to open this year. Hear more about the market at BisNow’s 3rd annual South Florida State of the Market beginning at 7:30 a.m. on Sept. 22 at Soho Studios. Sign up here.

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Introducing the TBBJ 200: Franklin Street

The TBBJ 200 breaks down the largest privately held companies headquartered in the Tampa Bay area. The List covers a wide spectrum of industries – from construction to retail to manufacturing, even a brewery. The companies on the List are the backbone of the local economy, with a combined 2014 revenue of $59.3 billion.

So without further ado, here are the companies that make up this year’s TBBJ 200, in alphabetical order. The ranked List will be unveiled at an event on Dec. 3 and will publish in print and online on Dec. 4.

A.D. Morgan Corp.
ABI Companies Inc.
Accusoft
AgileThought LLC
Alliance Power Solutions Inc.
America II Electronics Inc.
American Food Distributors
American Strategic Insurance Group
American Tool & Mold Inc.
Amscot Financial Inc.
Anchor Glass Container Corp.
Apex Office Products Inc.
APG Electric Inc.
ARCO / Murray Construction Company
Arroyo Process Equipment Inc.
Arthur Rutenberg Homes Inc.
Aspire Financial Services LLC
Automated Petroleum and Energy Co. Inc.
AVI-SPL
Baker Barrios
Baldwin Risk Partners
Bank of Central Florida
Bankers Financial Corp.
BCH Mechanical Inc.
Beall’s Inc.
Benzer Pharmacy
Bernd Group Inc.
BlueGrace Logistics
Bluewater Media
Bouchard Insurance
Brandon Construction Company General Contractors Inc.
Carlton Fields Jorden Burt
Case Contracting Co.
Caspers Company McDonald’s Restaurants
Catalina
Celestar Corp.
Chargebacks911
Checkers Drive-In Restaurants Inc.
Cigar City Brewing LLC
Citizens Bank & Trust
Clarifire
Coast to Coast Pools
Colorado Boxed Beef Co.
Comcar Industries Inc.
Commercial Design Services Inc.
ConnectWise Inc.
Convergence Consulting Group
Cornerstone Solutions Group
Corporate Fitness Works
Cox Fire Protection Inc.
Creative Contractors Inc.
Creative Sign Designs
CRS Building Corp.
CSA LLC
Cunningham Lindsey Group Ltd.
Custom Cable Industries
DEDC Inc. dba DOW Electronics
Dental Care Alliance LLC
Dex Imaging Inc.
Diaz Fritz Isabel General Contractors
Digital Media Solutions
Digital Reception Services Inc.
DiverseID Products of Florida LLC
Domain Homes
E.M. Enterprises General Contractors Inc.
East Bay Insurance Agency Inc.
Ed Taylor Construction Inc.
Electric Supply Inc.
Employer Management Solutions Inc. dba EMS Consulting
Environmental Pest Service LLC
FCCI Insurance Group
Ferman Automotive Group
First Citrus Bank
FKQ Advertising + Marketing Inc.
Fleetwing Corp.
Florida Business Bancgroup Inc.
Florida Medical Clinic PA
The Fountain Group
Franklin Street
Front Burner Brands
FSA Inc.
Gator Cases Inc.
Global Convergence Inc. (GCI)
Global Financial Private Capital LLC
Gold Coast Eagle Distributing LP
Great Bay Distributors Inc.
Gulfeagle Supply
Harmony Healthcare LLC
Hawkins Construction Inc.
HealthPlan Services Inc.
Hennessy Construction Services Corp.
Highland Homes
Hit Promotional Products Inc
Homes by WestBay
Hooters Management Corp.
Hydrologic
iConstructors LLC
Independent Financial Partners
It Works!
J. Kokolakis Contracting, Inc
J. O. DeLotto & Sons Inc.
J.H. Williams Oil Co. Inc.
Jacobsen Manufacturing Inc.
Jason’s Hauling Inc.
Jerry Ulm Dodge Inc.
Kellogg & Kimsey Inc.
Kerkering, Barberio & Co.
KHS&S Contractors
Kimmins Contracting Corp.
Kobie Marketing Inc.
Landmark Apartment Trust
Landscape Maintenance Professionals Inc.
Lazydays
Mac of All Trades
MarkMaster Inc.
McNichols Company
Medallion Home
MedHOK Inc.
Medialab 3D Solutions
MedPartners
Merchandise Partners LLC
MICON Packaging Inc.
Mission Critical Solutions—MCS of Tampa Inc.
Modern Enterprise Solutions
Morgan Auto Group
myMatrixx
MyUS.com
Nationwide Title Clearing Inc.
Neal Communities of Southwest Florida Inc.
NetWolves Network Services LLC
Nutter Custom Construction
Onicx
Oscor Inc.
Pepin Distributing Co.
Pepper Contracting Services Inc.
Platinum Bank
PM Services Company
Point & Pay
PostcardMania
Power Design Inc.
PowerChord Inc.
Precise Construction
Premier Eye Care
Priority Care Solutions
Publix Super Markets Inc.
R.E. Crawford Construction LLC
RCS Company of Tampa
Refurbished Office Furniture Inc.
Revenue Management Solutions (RMS)
Ripa & Associates LLC
Roofing by Curry
RTG Furniture Corp. (Rooms to Go)
S-One Holdings Corp.
Saddle Creek Logistics Services
Saddlebrook Resorts Inc.
Sanwa Growers Inc.
SCC Soft Computer
Seaway Plastics Engineering Inc.
Sencommunications Inc.
The Sinclair Group
Southern Crafted Homes Inc.
Southern Manufacturing Technologies, Inc.
Southwestern Suppliers Inc.
Springer-Peterson Roofing & Sheet Metal Inc.
Star2Star Communications
Stellar Development Inc.
Stellar Partners Inc.
Stress Free Property Management
Sun Dental Labs
Sun State International Trucks LLC
Sutter Roofing
Syniverse Holdings Inc.
Tampa Armature Works Inc.
Tampa Bay Banking Company
Taralon Homes
TDS Construction Inc.
Thomas Sign & Awning Co. Inc.
Thunder Bay Builders
Tower Cloud
Travelworld
Triad Retail Media
Tribridge
Trinity Services Group
TSE Industries Inc.
U.S. Wholesale Pipe and Tube Co. Inc.
USAmeriBancorp Inc
Ven-Tel Plastics Corp.
Veredus
Visual Awareness Technologies & Consultants Inc. (VATC Inc.)
Vogue International
Vology Inc.
W.S. Badcock Corp.
Wallace Welch & Willingham Inc.
Wichman Construction
Willis A. Smith Construction Inc.
Woodruff & Sons Inc.
WRH Realty
xByte Technologies
Xcelience
Zirkelbach Construction Inc.

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Photo Contest: BisNow Readers Went Global This Summer

Franklin Street of Atlanta Senior Director Sterling Hale

Sterling completed the “Escape from Alcatraz” triathlon on June 7. Showcasing the beauty of San Francisco, triathletes embark on a 1.5-mile swim from Alcatraz Island to the San Francisco shoreline, an 18-mile hilly bike ride out to Golden Gate Park and an eight-mile trail run out to Baker Beach and up the infamous Sand Ladder. The world-renowned triathlon, in which only 2,000 triathletes can participate, sells out within hours of the registration opening each year.

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