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What This Retail Sale Says About Homestead

MIAMI—The Dixie Center, a retail property at 30200-30394 Old Dixie Highway in Homestead, FL, just traded hands. A Canadian investor acquired the Winn-Dixie-anchored shopping center sold for a bargain price: $9 million.

Franklin Street real estate investment associate Pete Crane, regional managing partner for South Florida Greg Matus, and director of investment sales Robert Granda represented the seller. Noble Properties of Palm Beach Gardens acquired the retail asset.

“As one of the county’s oldest suburbs, Homestead is unique,” Crane tells GlobeSt.com. “There has been substantial overall growth in the past few years. Homestead now has a brand new hospital, which was followed by new residential communities, new hotels and as of late has brand new and renovated retail developments. The supply is trying to catch up to the demand, from single-tenant buildings to grocery-anchored shopping centers.”

A private investor from Canada inked a CMBS loan as part of the transaction. FM Capital sourced the CMBS loan for the buyer. Franklin Street’s insurance services team arranged insurance. The firm is also handling all leasing and management at the Dixie Center site.

“We are seeing increased interest from Canadian investors in South Florida commercial real estate, not just retail,” Crane says, noting that the buyer on the Winn-Dixie deal is aggressively looking for additional commercial real estate investments in South Florida. “Facing a decline in the Canadian dollar, those investors are seeking creative financing solutions for their acquisitions.”

Originally built in 1985, Dixie Center features a mix of retailers, including anchor tenants Winn-Dixie and Family Dollar. The center is 93% leased. The sale included three outparcels totaling 2.7 acres. Dixie Center was renovated in 2001, with more recent improvements made to the 13.74-acre site’s landscaping, parking lots, building exteriors, and lighting.

Want to learn more about Miami’s Shift Away From Suburban Malls? Read my recent Q&A with a Federal Realty Investment Trust leader.

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Jacksonville’s Commercial Real Estate Brokerage Firms

Ranked by Total value of sales and leases in 2015.

Franklin Street
Rank: 21
Total Value of Sales and Leases 2015: $34.39 million
Square Feet Sold: 760,664
Acres Sold:16
Square Feet Leased:198,772
Square Feet Managed in Area: NA
Licensed Agents: 7
Total Area Staff: 9
Top Local Executive: Carrie Smith, Regional Managing Partner

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Hot Leads: JAEB Center for Health Research

Franklin Street arranges 33,000 SF lease: Commercial real estate company Franklin Street has finalized a 33,000-square-foot lease to Jaeb Center for Health Reserach, a nonprofit medical research organization, on behalf of Tower Realty out of Orlando. The transaction was a renewal and expansion. The research organization signed a seven-year term deal and will occupy the entire third floor of the Class-A office building. The 86,000-square-foot building is located at 15310 Amberly Drive located within the Tampa Palms Community Development District. For more: FranklinSt.com.

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Franklin Street Arranges $9 Million Dixie Center Sale

Franklin Street announces the sale of the Dixie Center retail property at 30200-30394 Old Dixie Highway in Homestead for $9 million. The Franklin Street Investment Sales team of Pete Crane, retail investment associate, Greg Matus, regional managing partner of South Florida, and Robert Granda, director of investment sales, exclusively listed the property on behalf of the seller, Noble Properties of Palm Beach Gardens. The transaction closed February 16.

The buyer, a private investor from Canada, obtained a commercial mortgage-backed securities (CMBS) loan as part of the transaction. FM Capital sourced the CMBS loan for the buyer.

Franklin Street’s Insurance Services team arranged insurance for the buyer. The firm is also handling all leasing and management at the Dixie Center site and was the only brokerage involved in the deal.

The buyer is aggressively looking for additional commercial real estate investments in South Florida.

 “We are seeing increased interest from Canadian investors in South Florida commercial real estate – not just retail,” Crane said. “Facing a decline in the Canadian dollar, those investors are seeking creative financing solutions for their acquisitions.”

 “As a full-service commercial real estate firm, we are able to leverage our many business lines to make transactions like the Dixie Center sale possible,” Matus said. “The added value we provide to our clients through a full-service approach is a major reason why we are one of the fastest-growing firms in the Southeast.”

Originally built in 1985, Dixie Center features a diverse group of retailers including anchor tenants Winn-Dixie and Family Dollar. The center is currently 93 percent leased. The sale included three outparcels totaling 2.7 acres.

Dixie Center was substantially renovated in 2001. More recently, improvements were made to the 13.74-acre site’s landscaping, parking lots, building exteriors and lighting.

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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Franklin Street Brokers $9M Sale of Shopping Center in Metro Miami

HOMESTEAD, FLA. — Franklin Street has brokered the $9 million sale of Dixie Center, a grocery-anchored shopping center located at 30200-30394 Old Dixie Highway in Homestead, a city in Miami-Dade County. Built in 1985, the shopping center was 93 percent leased at the time of sale to tenants such as Winn-Dixie and Family Dollar. The sale includes three outparcels totaling 2.7 acres. The buyer, a private investor from Canada, financed the acquisition with a CMBS loan, which was sourced by FM Capital. Pete Crane, Greg Matus and Robert Granda of Franklin Street represented the seller, Palm Beach Gardens, Fla.-based Noble Properties. Franklin Street’s Insurance Services team arranged insurance for the buyer, which has retained Franklin Street to lease and manage the shopping center.

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Winn-Dixie shopping center in Homestead sells for $9M

It last sold for $4.5 million in 1995

Miami-Dade County records show the Dixie Center, at 30318 Old Dixie Highway, sold to an Aventura-based company, ARS Dixie LP. Palm Beach Gardens-based Noble Properties sold the 102,415-square-foot shops. Anchor tenants include Winn-Dixie, which leases about 45,000 square feet, and Family Dollar, which leases about 10,000 square feet. Other tenants include Pinch a Penny, Ibiley Uniform, a day care and a barber shop.

Franklin Street’s Greg Matus, regional managing partner; Pete Crane, retail investment associate; and Robert Granda, director of investment sales; were the exclusive brokers in the deal. The Plantation-based brokerage is also handling leasing and management at Dixie Center.

The buyer, which corporate records show is managed by attorney Marc Kleiner, financed the sale with a $6.75 million CMBS loan. Avraham Nehemia signed the loan on behalf of the limited partnership. FM Capital sourced the financing, according to a Franklin Street spokesperson. Franklin Street said buyer is a private investor from Canada.

“We are seeing increased interest from Canadian investors in South Florida commercial real estate – not just retail,” Crane said in a press release. “Facing a decline in the Canadian dollar, those investors are seeking creative financing solutions for their acquisitions.”

Dixie Center was built in 1985. The shopping center features 591 parking spaces and sits on a 13.7-acre lot. It is 93 percent leased and was renovated in 2001. The sale also includes three outposts totaling 2.7 acres.

Property records show it last sold for $4.5 million in 1995.

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Franklin Street Capital Advisors Closes $20 Million Loan for Student Housing Property in Tampa

Tampa, Fla. — Franklin Street Capital Advisors (FSCA) has closed the $20 million refinancing of Campus Palms Apartments, a 570-bed student housing property in Tampa, near the campus of University of South Florida.

Ben Miller and Casey Siggins of FSCA arranged the 10-year loan on behalf of a private investor based in Miami. The non-recourse loan features a fixed 4.85 percent interest rate and a 30-year amortization schedule. 

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Franklin Street Arranges Expansions and New Locations for Tenants in the Tampa Bay Market

Franklin Street, a full-service commercial real estate company, recently brokered 43,795 sq. ft. of new and expansion office leases, including a return to the Tampa Bay market for J.E. Dunn Construction Group. Franklin Street’s Chris Butler and Chad Rupp, both managing directors, and Ryan McCurdy, associate, represented the tenants in each transaction. The deals include:

– Avant Healthcare Solutions expanded its Orlando office for a second time since June by taking on an additional 3,569 sq. ft. at the Interlachen Building located at 1211 Semoran Blvd., Suite 227, Casselberry, Fla. The company now has 15,708 sq. ft. at the Interlachen Corporate Center.

– HNTB expanded and relocated its Tampa location within Tampa City Center for 19,016 sq. ft. located at 201 N Franklin Street, Suite 550, Tampa, Fla.

– The Bassin Center for Plastic Surgery signed a new lease for 1,473 sq. ft. at the First Central Tower located at 360 Central Avenue, Suite 1560, St. Petersburg, Fla.

– J.E. Dunn Construction Group returned to the Tampa market leasing 5,600 sq.ft. within the Highwoods Bay Center. The new location will serve as their regional office for the Florida market.

“With companies continuing to add new jobs and expanding throughout Central Florida, office vacancy rates have compressed to the lowest levels seen since 2006,” said Rupp. Vacancy rates throughout Tampa Bay have dropped 13 bps compared to Q4 2014, according to local reports.

### 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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Medical Research Organization Renews Lease at Tampa Palms

Tampa, Fla.—Jaeb Center for Health Research, a nonprofit medical research organization has signed a lease renewal and expansion at 15310 Amberly Dr. Franklin Street finalized the transaction, on behalf of Tower Realty of Orlando. The research organization has signed a seven-year term deal for 33,000 square feet, and will occupy the entire third floor of the building.

The Jaeb Center for Health Research was established in 1993 as a freestanding, nonprofit coordinating center for multi-center clinical trials and epidemiologic research. The Jaeb Center’s focus is on projects involving eye disorders or Type 1 diabetes.

Located within the Tampa Palms Community Development District, the 86,000-square-foot Class-A office building is surrounded by high-end residential developments and it is easily accessible to nearby major medical facilities including the University of South Florida, Florida Hospital, and the Moffitt Cancer Center. Jaeb shares the facility with several other medical users including a dermatologist, a dental surgeon, and several health care providers. Other tenants include SABR Chemicals Group LLC, UBS Financial Services Inc., Florida State Representative Shawn Harrison, and REGUS executive suite services.

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Fast-growing women’s boutique coming to Jacksonville, with multiple locations in the works

Even as Emily Rhodin successfully climbed the corporate ladder, she knew she wanted more. She wanted to call the shots and be her own boss.

“That was always the goal,” she said. “And it has never changed.”

Last year, Rhodin left her position as a vice president and corporate controller of financial operations at Fortegra Financial, a Jacksonville-based insurance company, to open a boutique women’s clothing franchise called Scout & Molly’s Boutique.

Scout & Molly’s Boutique has been expanding along the East Coast since 2008 after investors with experience selling franchises became involved in the company, according to the company’s website. The original store opened in Raleigh, North Carolina, in 2002, with the second opening in 2007.

The company charges a $50,000 franchise fee and estimates startup costs between $250,000 and $300,000.

There are now about 15 stores in the works stretching from New York City to Los Angeles.

Rhodin plans to open two franchises in the Jacksonville area this year, she said. She has already signed a lease at Sawgrass Village in Ponte Vedra Beach and could sign a lease in Jacksonville this week. She declined to release the Jacksonville location until it has been finalized.

Rhodin has a silent partner, also familiar with the corporate world, but they didn’t plan on opening a retail operation.

“We thought we wanted to buy an existing business,” Rhodin said. “Something more in line with our past.”

They contemplated buying a professional services business, but passed on that and some other operations before seeing an opportunity with retail, Rhodin said.

One thing that caused some hesitancy was all the small things outside of her experience as a professional that go with running and building a business from scratch. She knows finances, and even retail finances as before working for Fortegra, Rhodin audited those types of companies when she worked at PricewatherhouseCoopers.

She said the franchise model worked well with her goals, especially since Scout & Molly’s take a hands on approach on the front end helping obtain necessary technologies and supplying the policies and procedures.

“They’ve really written the recipe,” she said.

Katy Figg, a real estate broker with Franklin Street, helped find space for Rhodin. After location at several locations, they settled on Sawgrass because of the growth of the area and the way the boutique fits with the community.

Rhodin said she has the franchise rights for Scout & Molly’s in the greater Jacksonville area and plans to eventually open five storefronts under that name.

She said if the Jacksonville lease closes this week, it could open as soon as March. The Sawgrass location has a planned opening of April, she said.

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