St. Augustine Shopping Center gets Publix, other new tenants

Publix Supermarket Inc. has signed a 20-year lease to anchor the Palencia Commons shopping center in St. Augustine where a Food Lion had been.

Publix expects to start build out in early 2017 with the 45,600-square-foot space complete in 2018. The Lakeland-based company is finalizing plans and will soon apply for necessary permits.

As Publix joins the shopping center that is located just outside the Palencia neighborhood at 7458 North U.S. 1, plans are also unfolding that will see the center add an additional 16,800 square feet for more retail, and the center has signed two additional tenants — Workout Anytime, a 4,500-square-foot fitness facility, and Broad River Tavern, a 3,600-square-foot restaurant.

The shopping center is represented by Franklin Street‘s Katy Figg as its exclusive leasing broker. The center is managed by Cape Asset Management.

“Palencia residents and nearby retailers have expressed the need and desire to have another grocery store anchor here in the center,” said Figg, senior director of retail leasing. “Publix has been asked for by name for many years, and we’re proud to say we’ve been able to attract them to the center and take advantage of the growth in the Palencia area.”

The shopping center has 4,000-square feet of retail space available and another 8,700-square-feet available in the planned shop space and is 90 percent leased.

“We know that a new Publix store will attract more attention and interest from regional and national retailers who benefit from being near a Publix,” Figg said. “We expect this announcement to not only please area residents but all the retailers in the area, especially those who have been awaiting a new anchor tenant.”

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Cumming to get new 61,100-square-foot shopping center on Ga. 400

Cumming to get new 61,100-square-foot shopping center on Ga. 400

Cumming is getting a big new shopping center — but it won’t all happen at once. 

Crossroad Shoppes at Coal Mountain, a 61,100-square-foot shopping center at Browns Bridge Road and Ga. 400, will be completed in three phases.

The first phase, totaling 23,100 square feet, is scheduled to begin next spring. The second phase will total 16,000 square feet, and the third will create the remaining 22,0000 square feet. 

The center will also include six outparcels, and a Walmart Supercenter will be within walking distance, according to a news release. 

The project will be developed by Randolph Williamson, a full-service commercial real estate company headquartered in Peachtree City, and partner Parke Day.  Reid Mason and Leigh Anne McGarry of Franklin Street are leasing the project.

No future tenants have been announced.

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Franklin Street Arranges $1.87 Million Sale of Shoppes of Hammond Crossing

Franklin Street has arranged the $1.87 million sale of the Shoppes of Hammond Crossing, an 8,340-square-foot strip center in Cumming, Georgia. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Safety Harbor, Florida-based GD HM LLC, in the transaction. The buyer, a Greenville, South Carolina-based private investor, plans to hold the property long term.

“The price point and location of the property generated a large buyer pool with nine offers in the first week of marketing,” Belk said. “Because of the amount of sales activity in the market, the investor was able to achieve an asking price above what was originally expected.”

The Shoppes of Hammond Crossing, located at 3280 Keith Bridge Road just east of Georgia 400 and less than two miles from Lake Lanier, is home to nationally-recognized tenants such as Moe’s Southwestern Grill, AT&T and Little Caesars, and is surrounded by several traffic generating retailers including Publix, Ingles, Walgreens, Dunkin Donuts and Bojangles.

“The suburbs of Atlanta are seeing more continued investor activity as the job growth trends improve,” Tennant said. “As more companies migrate to the Atlanta area, the suburbs will see a continued growth which will increase retail traffic flow and benefit the Shoppes of Hammond Crossing.”

The visibility of the property from Keith Bridge Road and Browns Bridge Road attracts the nearly 20,000 residents living within a three-mile-radius of the shopping center.

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

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New shopping center to be developed in Cumming

Real estate companies Randolph Williamson and Parke Day are building a 61,100-square-foot retail development in Cumming.

Known as Crossroad Shoppes at Coal Mountain, the project will be located at Browns Bridge Road and Georgia 400.

For Peachtree City, Ga.-based Randolph Williamson, it’s a chance to expand its development portfolio deeper into north metro Atlanta.

Mark Williamson, president of construction and CFO of Randolph Williamson, said the company believes it’s the time to capitalize on new development opportunities.

The property will be constructed in three phases. The first, totaling 23,100 square feet, is scheduled to begin next spring.

Crossroad Shoppes at Coal Mountain will also include six outparcels, and a Walmart Supercenter will be located within walking distance of the center.

Reid Mason and Leigh Anne McGarry of Franklin Street are leasing the project.

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Franklin Street Makes Move to Expand Nationally

MIAMI—Greg Matus is climbing the ladder at Franklin Street. The commercial real estate veteran was just promoted to senior vice president of investment sales.

In this new role, Matus will focus on growing the company’s investment sales division on a national basis. He’s also maintaining his duties as a regional managing partner in South Florida until the company finds a replacement.

“Greg did a great job for us building a quality team in South Florida, so we’re very excited to see what he can do in this new role,” says Kurt Keaton, president of management and real estate services at Franklin Street. “Throughout most of his commercial real estate career, he has been involved on the investment sales and new business development side of the business. Now he gets a chance to take that skill set to a larger stage.”

Matus joined Franklin Street two and a half years ago and was tasked with growing the South Florida office. Since then, he has tripled the number of employees in the Miami and Broward offices combined, and overseen the closing of millions of dollars in real estate transactions.

“In the South Florida market, there’s a scarcity of quality product available for investors to buy,” Matus tells “I believe we hit our pricing peak in the fourth quarter of last year.  There’s a lot of overpriced properties on the market now, but we’re seeing a growing number of investors willing to overpay and accept lower returns, just to be able to plant their flag in the region, especially in Miami. There’s still plenty of equity looking for good deals, but the banks are starting to tighten up underwriting standards, especially in the CMBS market. We are in a fluctuation period at the moment.”

Matus’ promotion comes at a time when Franklin Street is expanding across the entire state of Florida. In May, the company opened an Orlando office. Matus will work closely with all of the Franklin Street offices in Florida and Georgia to add and train new investment sales associates and increase production across all product types.

“The plan is to double our investment sales team by the end of 2017,” says Matus said. “We have all the right ingredients in place to make that happen—strong leadership, a collaborative culture, talented professionals and a clear vision. My new role allows us to strengthen our position in Florida, and within the next five years, become a national player.”

Throughout his career, Matus has been involved in thousands of transactions valued at more than $3 billion with expertise spanning across retail, multifamily, hospitality, office and industrial sectors. Within one year of joining Franklin Street, he led the South Florida retail investment sales team into a top three position in the company.

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Franklin Street Adds Market Expert To Orlando Team

Franklin Street has strengthened its growing Orlando team with the hiring of Jordan Wean as Director of Commercial Investment Sales.

Wean will focus on the acquisition, disposition and exchange of commercial retail and office properties for investors of all types throughout Central Florida.  He will also assist in building a commercial investment sales team in Franklin Street’s Orlando office.

Wean will work closely with Franklin Street’s Yvonne Baker, regional-managing partner of the Orlando office, as well as Terrence Hart and Joshua Busby who are experts in retail leasing.
“We are thrilled to have a person of Jordan’s caliber and character on our team, especially at a time when the Orlando retail market is changing rapidly,” Baker said. “His leadership skills, expertise in the market and winning personality make him an excellent addition to our growing Orlando team.”
“I am very excited to be joining the Franklin Street team, fundamentally because Franklin Street offers a full range of complementary services,” Wean said. “That gives me the ability to grow my relationships with clients and commercial real estate owners in a more meaningful way by being able to provide any line of service beyond commercial investment sales.”

With the implementation of Franklin Street’s collaborative platform, Wean is able to provide clients with several value-added services including brokerage, insurance, capital and management, offering the widest exposure possible, unmatched value and customized solutions to help clients achieve optimal results from their real estate investment decisions.

Franklin Street opened its Orlando office in May, and in just a short amount of time, it has recruited nearly a dozen professionals. Parallel to its mission to provide clients with as much value as possible, Franklin Street expects to see continued rapid growth for all service lines in the Central Florida market.

Prior to joining Franklin Street, Wean served as an Investment Associate for Marcus & Millichap helping investors with acquisitions, dispositions and the exchange of investment-grade retail and office properties throughout Central Florida. Previously, he worked for The Bywater Company, a local brokerage firm where he gained valuable market knowledge and experience in sales and leasing for a broad range of clients and property types.

Wean received B.S.B.A in Finance and a B.S.B.A in Real Estate from the University of Central Florida. He is actively involved with NAIOP Central Florida where he currently serves as the President of the Developing Leaders group.

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Profiling insurance pros under 40: Matt Harrell, CIC

Matt Harrell, CIC
Managing Director of National Accounts,
Franklin Street Insurance 
Tampa, Florida
Time at company: 7.5 years.

PropertyCasualty360 interviews Managing Director of National Accounts, Matt Harrell with Franklin Street Insurance discussing the following topics:

Choosing a client-facing path
Finding solutions in the face of serious loss
What about insurance excites the assistant executive director for AAMGA?
How due diligence can pay off and Why splitting risks can make sense

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Worth Avenue Gem Goes Up for Sale

A generational family owner of one of Worth Avenue’s most notable retail properties is looking for a new generational owner. Because this isn’t no flipping deal.

The Madden Family Associates has put the iconic Tiffany & Co building at 259 Worth Ave in Palm Beach up for sale, with an asking price that could exceed $40M.

That means the circa 1950s building, at more than 16,300 SF, could trade at more than $2,400/SF. But that’s the price for entry on one of America’s most expensive retail streets, right up there with Rodeo Drive in Beverly Hills and Michigan Avenue in Chicago, says Franklin Street‘s Robert Granda, who has been tapped to sell the property, along with Greg Matus

“They’re in the most prominent corner on Worth Avenue,” Robert says. “This is probably one of Tiffany’s most prized locations. You can’t duplicate this real estate.”

Tiffany has been at this location since 1991, and has since pumped millions into its marble façade, steel doors and Tiffany clock. That will hopefully convince the haute retailer to stay put, given its lease is expiring in 2018.

What could be a challenge for a sale, Robert says, instead shouldn’t be a problem, as Tiffany has given them in writing its intent not to move, although the retailer has yet to enter into lease negotiations.

Robert says there are three likely buyers for the property: REITs with an appetite for urban retail that’s not driven by cap rate; foreign investors who want to parlay a strengthening dollar; and private high-net-worth investors who see this as a generational hold, much like the Maddens.

“This is not the type of deal someone is going to get into and flip in five years,” he says. Although there is some potential upside on rents if Mark Borghi Fine Art gallery or 55 Croisette—a French luxury boutique—ever decide to vacate their smaller spaces.

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2016 Corporate Philanthropy finalists named

Twenty-one Tampa Bay area organizations have been chosen as finalists for the Tampa Bay Business Journal’s 2016 Corporate Philanthropy Awards.

The Corporate Philanthropy program is designed to spotlight the many corporate-sanctioned giving and volunteer programs that stand out in the local business community.

Here are this year’s finalists, listed by category in alphabetical order:

Nearly Big Category (0-50 employees)

DPR Construction, A General Partnership
FIRM Consulting Group
Grapevine Communications Advertising Agency

Big Category (51-100 employees)

Adams and Reese LLP
Consumer Energy Solutions
The Sembler Co.

Bigger Category (101-500 employees)

Avesta Communities
Franklin Street
GTE Financial
Harmony Healthcare LLC
RedVector Inc.
USF Federal Credit Union
WRH Realty Services Inc.

Biggest Category (501+ employees)

Covelli Family Limited Partnership, a Franchisee of Panera
PGT Industries
Raymond James Financial
Tech Data Corp.

The 2016 Corporate Philanthropy Awards will be held at Tropicana Field in St. Petersburg on Dec. 9 from 11:15 a.m. to 1:30 p.m.

Charter sponsor is the Tampa Bay Rays, sponsored by United Way and the event partner is Florida Blue.

Register for the event here or use the link at the top of the story.

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What Forward-Thinking Retail Developers Are Talking About Right Now

ATLANTA— From development trends to cap rates to land concerns, forward-thinking developers are, well, thinking ahead to 2017 and beyond. Although technology is a big concern in the industry, that’s only one of many. caught up with Jim Ivie, a Franklin Street director specializing in tenant representation and site selection for clients throughout Georgia and the Southeast, to get his take on these topics in part two of this exclusive interview. You can still read part one: This German Discounter Is Expanding Rapidly And Other ICSC Takeaways.

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