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Milbrook Properties Buys Cornerstone Pointe Apts in Largo

Millbrook Properties Ltd. acquired the 111-unit Cornerstone Pointe Apartments at 301 Seacrest Dr. in Largo, FL from Bayside Ventures II LLC for $10.55 million, or about $95,000 per unit. 

The 113,100-square-foot multifamily building was built in the early 1970s with 37 one-bedroom and 74 two-bedroom apartments across eight buildings. The asset was 98 percent occupied at the time of sale. 

Kevin Kelleher, Darron Kattan, Zach Ames and Robert Goldfinger with Franklin Street represented the seller. Kelleher also represented the buyer in the sale. 

Please see CoStar COMPS #3900569 for additional information on this transaction.

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High streets looking low in 2017

Using interviews, data in the Cushman 2016/2017 Main Streets Across the World report and additional research, The Real Deal has broken down conditions on the top 10 retail strips — and what to expect in 2017. The rent noted is for all of 2016, and vacancy rates are for the first quarter of 2017. 

7. Worth Avenue, Palm Beach
Average monthly rent per square foot: $150, no change compared to 2015
Vacancy rate: 3.3 percent
Notable deal: In March, an affiliate of the Amirsaleh Family Trust paid $19.5 million for the Via Bice retail complex, about $1,000 a square foot. The property leases roughly 16,700 square feet to restaurant Bice and boutiques for about $828,000 in rent a year.
Outlook: The Rodeo Drive of Florida lost one of its signature tenants when Hermès announced it was leaving its 3,444-square-foot store at 240 Worth Avenue. Yet Palm Beach retail experts claim the strip remains attractive, pointing to investor interest in properties like a Tiffany & Company-occupied building on the market that should fetch more than $40 million, or about $2,400 a square foot, said listing broker Robert Granda of Franklin Street

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Retailers shed employees and stores in Jacksonville; What happens to the real estate?

Since October, the retail industry has shed 89,000 jobs nationwide. There are now more newly unemployed retailers than the entire U.S. coal industry’s workforce, for perspective. But aside from the job losses, millions of square feet of retail space is being placed back on the market.

In Jacksonville, there’s the about 200,000-square-foot Sears location at the Regency Mall. A JC Penney at Lem Turner Road and Dunn Avenue that will be closed sometime this year will add another 100,000 square feet of retail space. And as other retailers continue to be impacted by the e-commerce revolution and the consumers’ shifting preference to buy independent or local, vacant retail space is likely to continue to ballon available inventory in certain Jacksonville submarkets.

This shift has been building for years, but recently the effects of shifting customer shopping habits has caused retailers to react in a big way with department stores across the country shuttering stores that were no longer profitable.

In 2017, store closures are on pace to eclipse the number of stores closed during the depths of the Great Recession.

What will happen with these now dark blocks of space?

Real estate brokers from across the First Coast expect that like with any retail trend, location will dictate which spaces are backfilled quickest.

Carrie Smith, a managing director with Franklin Street, said that any deals to back fill a vacant retailer will come down to three things: Location, the landlord’s appetite or ability to land an anchor deal and timing.

“The better located empty boxes can get filled if the landlord has the wherewithal to make it happen,” she said. “The poorer located ones will take a lot more time and patience and comes down to the ownership.”

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Dealmaker Databank- January 2017

Franklin Street closes 100% LTC financing for a new Hobby Lobby in Corinth, Miss. The interest-only loan has a one-year term and 7.22% rate. Proceeds will cover acquisition, demolition, redevelopment, build-out and soft costs of the project.

Franklin Street Capital Advisors
600 N. Westshore Blvd., Suite 600, Tampa, FL 33609
Ben Miller, Director, Loan Origination, (813) 839-7300
Casey Siggins, Director, Loan Origination, (813) 397-1638
ben.miller@franklinst.com; casey.siggins@franklinst.com

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Up Close With Franklin Street At ICSC’s RECon 2017

Pictured: Kurt Keaton, President of Real Estate and Management Services (l), with GlobeSt.com’s Natalie Dolce and Cary Beale, SVP of Retail Leasing for Franklin Street (r).

LAS VEGAS—“Shopping centers must have a diverse mix of entertainment options and chef-driven restaurants in order to be successful.” So says Cary Beale, SVP of Retail Leasing for Franklin Street.

See story at http://www.globest.com/sites/nataliedolce/2017/05/25/upclose-with-franklin-street-at-icscs-recon-2017/?channel=markets&section=national

 
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People on the Move – Cary Beale

NEW HIRE  COMMERCIAL REAL ESTATE  
Cary Beale
Senior vice president at Franklin Street

EDUCATION:  Western Michigan University (Kalamazoo, MI)

Strengthening Franklin Street’s Retail Landlord Services division’s ability to enhance value to both current as well as prospective investor clients, while also recruiting top talent in the industry on a national basis.

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Middle Market Digest: Early This Week In The Southeast

In a move to strengthen the team, Franklin Street appointed Cary Beale as senior vice president of the company’s Retail Landlord Services’ division. He will focus on strengthening the division’s ability to drive more value to investor clients, while also recruiting top talent in the industry on a national basis. Most recently, Beale worked for DDR Corp. as vice president of leasing. He supervised the leasing of more than 25 million square feet of retail shopping centers in Georgia, North Carolina, South Carolina, Tennessee and Alabama, encompassing over 100 properties. Before working with DDR, Beale owned and operated Wireless Giant for two years in Midtown Atlanta. He also owned and operated an award-winning restaurant for six years in Northville, MI. Beale began his early career as a retail tenant services manager for The Beale Group, overseeing leasing for several shopping centers in Michigan.

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Grand Reserve At Kirkman Parke Sold for $22M

Argenpart LLC sold 195 units in the Grand Reserve at Kirkman Parke apartments at 3301 S. Kirkman Rd. in Orlando, FL to ESG Equities for $22 million. 

The 656,874-square-foot multifamily property was originally built as a 390-unit rental property before being converted to residential condominiums in 2005. The community offers a pool and spa, clubhouse and fitness center. ESG plans to continue capital improvements on the property. 

Mariano Saal with TIR Prime Properties represented the seller. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger with Franklin Street represented the buyer. 

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Franklin Street Adds Atlanta All Star to Retail Landlord Services

Franklin Street is strengthening its retail agency leasing team by appointing industry leader Cary Beale as senior vice president of the company’s Retail Landlord Services’ division. Beale will focus on strengthening the division’s ability to enhance value to both current as well as prospective investor clients, while also recruiting top talent in the industry on a national basis.

“Cary knows the leasing business inside and out, not only as a producer in his career, but also from the perspective of owners and clients,” said Kurt Keaton, president of real estate services and management services for Franklin Street. “He will be a key leader for expanding the company on a national level. Retail continues to evolve and Franklin Street is well-positioned to partner with our clients to navigate that progression successfully.”

Most recently, Beale worked for DDR Corp. as vice president of leasing, where he provided property and location analysis, marketing and leasing strategy, and negotiation services to some of the nation’s largest retail properties. He supervised the leasing of more than 25 million square feet of retail shopping centers in Georgia, North Carolina, South Carolina, Tennessee and Alabama, encompassing over 100 properties. In addition to overseeing the leasing team, he also managed an office of 25 employees and was responsible for maintaining client relationships with national and local retailers.

Beale joins a group of expert leaders in the retail leasing field at Franklin Street and explained that the relationship would be mutually beneficial between both parties. Beale has a well-rounded background and many personal assets that provide a strong foundation for leading the growth of the company.

Franklin Street has a well-established reputation as a top full-service commercial real estate firm throughout the Southeast and nationally, and I am thrilled to play a significant role in their continued development across the Southeast,” said Beale.

“Cary is of one of the city’s most respected commercial real estate brokers and he’ll be the prefect addition to our agency leasing team,” said Monetha Cobb, managing director of Franklin Street’s Atlanta office, who will continue to lead the firm’s retail tenant representation division. Cobb also serves as the current president for Commercial Real Estate Women (CREW) Atlanta. “Cary is a proven leader with a great track record and we’re really excited that he has joined Franklin Street. He brings a rare combination of sales expertise, client focus and retail industry experience.”

“This is an exciting time for the industry as discount retail stores are expanding their base and benefiting from consumers looking for value,” said Beale. “Experiential and service-based merchants are growing their sales, while fashion retailers and department stores have been losing market share. The forecast for retail is changing daily, but landlords that deliver on providing services, food and destination shopping will profit the most.”

Prior to working with DDR Corp., Beale owned and operated Wireless Giant for two years in Midtown Atlanta. He also owned and operated an award-winning restaurant for six years in Northville, Michigan. Beale began his early career as a retail tenant services manager for The Beale Group, overseeing leasing for several shopping centers in Michigan.

Beale
received his bachelor’s degree in Business Management from Western Michigan University. Active in the retail industry, he is a member of the International Council of Shopping Centers (ICSC) and attends ICSC’s national and regional conferences each year. Beale is also engaged in the community, through his support and participation in groups such as the Big Brother Big Sisters of America and the Parent Teacher Organization at The Epstein School.

 
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Franklin Street Closes Sale of 111-Unit Florida Asset

Franklin Street negotiated the sale of Cornerstone Pointe Apartments in the Largo submarket of Tampa, Fla., for $10.6 million. According to Yardi Matrix data, Everett Realty Services is the former owner of the property. New York-based Milbrook Properties Ltd. acquired the 111-unit multifamily asset. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in this transaction. 

Located at 301 Seacrest Drive in Pinellas County, the community is less than five miles from the St. Pete–Clearwater Airport and offers easy access to Clearwater Beach and Interstate 275. The property consists of 36 one- and 75 two-bedroom units. Amenities include a basketball court, playground, swimming pool and 250 parking spaces. The 10-building community last traded for $3.2 million back in 2010. Occupancy has been on a downward trajectory, dropping from 98.2 percent in October 2016 to 91 percent in April 2017. To improve occupancy, the new owner plans to renovate all unit interiors and exteriors.

“At the time of marketing, approximately 10 percent of the units had been fully upgraded and were achieving significantly higher rents. This positive trend proved to the buyers that the upside was both real and achievable,” said Franklin Street Managing Director Darron Kattan, in a prepared statement.

Roughly one month ago, Franklin Street Real Estate Services also represented both parties in the selling of Chowder Bay Apartments in Orlando, Fla. Dominium Management Services LLC acquired the property from Fieldstone Properties LLC for $21.8 million.