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Major Retailer Makes Its Way Into Hot Florida Market

Tallahassee, Fl. —Franklin Street, the exclusive retail leasing broker for Miracle Plaza, announced that Hollywood Feed, known for its natural and holistic pet food and products, has signed a 10-year lease to become the center’s newest retailer. Miracle Plaza, located at 1815 Thomasville Rd. adjacent to the Midtown area, is anchored by Whole Foods Market. Whitney Kantor, director of retail leasing at Franklin Street, arranged the transaction.

Far north of Miami, Miracle Plaza is getting some significant traction. Hollywood Feed just signed a 10-year lease to become the center’s newest retailer.

Hollywood Feed will be located along Thomasville Road in a newly-constructed 6,000-square-foot multi-tenant building. Construction is expected to start in early Fall 2017.

For full story visit http://www.globest.com/sites/jenniferleclaire/2017/07/31/major-retailer-makes-its-way-into-hot-florida-market/

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What you don’t know about insurance premiums can (and probably will) hurt you

In the insurance world, the term “commodity” is often thrown around, but ultimately reviewing your policies through that framework can leave you holding the bill for a large claim you never intended to take on alone.  While price is king in many people’s eyes, insurance agents and brokers are also aware of that – and often times are able to remove certain coverages to lower their cost of coverage.  However, do you know what you’re leaving on the table from a risk perspective?

As with anything in life, the cheapest option is often not the best option from a value perspective.  When choosing between multiple options, vetting out the reasons why there is a cost difference can go a long way once its time to file your claims.  

Deductible manipulation, coverage exclusions, and material provisions/exclusions based upon information that should have been disclosed to the carrier during the underwriting process can substantially affect your claims experience.  For example, let’s say I came to you and mentioned, “We can cut 3% off your cost of insurance for the year if we can adjust your wind/hail deductible to a per building assessment vs. a per property assessment.”  Or vice a versa, would you pay the additional premium to adjust this coverage?  Without an agent walking you through a claim scenario, you may not realize that this move just cut out 70-100% of your potential claim proceeds during a detrimental storm that now causes for you to pay for all new roofs.  

While risk analytics are prevalent for large corporations in their assessment of exposures, most property owners have no clue the variance in exposure they are purchasing due to a lack of attention of their broker.  Making sure you protect your balance sheet should be your top focus in purchasing your insurance, with cost secondary.  You may have to knock down your insurance costs to a certain amount to justify a deal financially, especially in coastal exposed areas, but is having a major uncovered loss that leaves a $500,000 hole in your balance sheet acceptable risk to save $5,000 in premium on an annual basis?  For some the risk is acceptable, but the amount of people who are unaware of their assumptions is still quite large within the industry.

As a general framework, reviewing the top risk exposures for your asset can allow you to drill down on what coverage limits, deductibles, or potential sublimits are acceptable.  Some examples of these are: wind/hail deductible, roof valuation, assault and battery coverage, law and ordinance, and the list goes on.  Sometimes that hot new program is able to take on market share for excluding a major risk category, knowing that they can protect their profits while bringing on new business.  A deductible/exposure analysis based upon your loss history can provide very valuable data, and a tangible review of the risk you’re accepting through the program that you purchase.

How do I avoid these undiscovered risks on my balance sheet?  Ask questions on what is covered, and just as importantly, what is excluded.  The market is always changing, and insurance carriers are trying to create profit.  Make sure you not only protect your insurance cost basis, but your balance sheet as well.

Michael Shadeed is a Director for Franklin Street Insurance Services. He can be reached at michael.shadeed@franklinst.com

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Franklin Street Brokers $6.9M Sale of Apartment Community in Fort Lauderdale

FORT LAUDERDALE, FLA. — Franklin Street has arranged the $6.9 million sale of First Street Apartments, a 65-unit multifamily community located on Northwest 1st Avenue in Fort Lauderdale. Hernando Perez, Greg Matus, Dan Dratch, Kameron Djamal and Tony Gannacone of Franklin Street represented both the buyer, City View Colony LLC, and the seller, First Avenue Apartments LLC. Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for First Avenue Apartments, which acquired the property in 2015 for $3.8 million. City View Colony has plans to upgrade the unit interiors, convert the existing manager’s office into a fitness center and add a media room with computers for tenants.

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Pet store chain Hollywood Feed coming to Miracle Plaza

Tallahassee, Florida — A pet store chain specializing in natural and holistic food and products plans to open a new store near Whole Foods on Thomasville Road. 

Hollywood Feed has 55 stores scattered across the Southeast. This will be Hollywood Feed’s first location in Florida and the capital city, located within Miracle Plaza, a 74,000-square-foot shopping center that has a mix of local, regional and national businesses. Franklin Street, a commercial real estate business, brokered a deal to bring Hollywood Feed to the shopping center. 

“We’re always excited to enter into a new state – and Tallahassee was the perfect venture into Florida for our brand,” says Shawn McGhee, president of Hollywood Feed, in a statement. “Miracle Plaza is the ideal location for us because this development is filled with other quality holistic and like-minded retailers.”

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Apartment Building In Dorsey-Riverbend Sells For Record $6.9M Price

Luxury developments have been proliferating in east Fort Lauderdale, thanks to the perpetual allure of the ocean and an influx of restaurants and bars. But the sale of a 65-unit apartment complex in the Dorsey-Riverbend area of the city shows that price appreciation is not limited to trendy neighborhoods.

Dorsey-Riverbend is just west of I-95 on the north side of Broward Boulevard. First Street Apartments, also referred to as North Fork Gardens, is on Northwest First Avenue, and sold last week for $6.9M, or $107K per unit.

Agents described the deal as a new sales record for this area. It marked an 82% appreciation in value above the $3.8M price paid for the property in 2015.

Franklin Street’s multifamily investment sales team represented both the buyer, City View Colony LLC, an entity of KVR Properties, and the seller, First Ave Apartments LLC. Both are based in South Florida.

Franklin Street
Director of Multifamily Investment Sales Hernando Perez said within the first two weeks of the asset hitting the market, his team gave 30 property tours to prospective buyers.

“In light of the competitive nature of the South Florida multifamily market, where investor demand is high and combined with the limited supply of investment properties, the buyer submitted a hard day one offer,” Senior Vice President Greg Matus said.

The units will be updated, and new owners intend to add a fitness center and add a media room with computers for tenants.  

“Because the property was such a standout in its market, it was a challenge to find rent and sales comps that would justify the asking price per door,” Investment Associate Dan Dratch said. “However, we had incredible interest in the property from all our clients, and so we were able to put the asset under contract just two weeks after going to market.”

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Publix Supermarkets Pays $23M for Ovation Shopping Center

Publix Supermarkets acquired the Ovation Shopping Center in Davenport, FL from Armstrong Reunion LLC for $23.35 million, or about $241 per square foot. 

The Ovation Shopping Center delivered in 2008 at 7700 Osceola Polk Line Rd. and is situated in the Polk County submarket. The transaction totals 96,750 square feet. The Ovation Shopping Center is occupied by McDonald’s, Wells Fargo, Anytime Fitness and Publix. 

John Tennant and Bryan Belk of Franklin Street Real Estate Services represented the seller. 

Please see CoStar COMPS #3934279 for more information on this transaction.

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Franklin Street Secures Record Price for Multifamily Asset in Fort Lauderdale Sub-Market

Franklin Street arranged the sale of First Street Apartments (also referred to as North Fork Gardens), a 65-unit apartment community in Fort Lauderdale, Florida.  The property is located on Northwest 1st Avenue in the Dorse Riverbend submarket of Fort Lauderdale.  The purchase price of $6.9 million, or $107,000 per unit, is a new sales record for this area.  This represents an 82% appreciation in value above the $3.8 million price paid for the property in 2015.

Franklin Street’s multifamily investment sales team, which included Hernando Perez, Greg Matus, Dan Dratch and Kameron Djamal, along with Tony Gannacone, Director of Capital Markets for Franklin Street, represented both the buyer, City View Colony, LLC  and the seller, First Ave. Apartments, LLC.  Both are locally-based investors with properties throughout South Florida.  Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, insured the asset for the seller.

“Our South Florida multifamily team’s proactive marketing campaign produced tangible results for the seller that included over 30 property tours with local, regional and out-of-area qualified investors within the first two weeks of the asset hitting the market,” said Perez, Director of Multifamily Investment Sales at Franklin Street. “As a result of our collective efforts, our team produced over 10 written offers and went under contract just below the list price with an ‘as is,’ non-contingent contract, waiving all inspections and financing contingencies.”

“In light of the competitive nature of the South Florida multifamily market, where investor demand is high and combined with the limited supply of investment properties, the buyer submitted a hard day one offer,” said Matus, Senior Vice President.  

The previous owner purchased the asset in 2015 and, over the past 15 months, added value by investing over $250,000 in interior and exterior capital improvements in order to reposition and stabilize the property. In doing so, the asset became the prized property in the area with the highest rents in the immediate market.

The new owner has a detailed plan to further upgrade the interior of the units, repurpose the existing manager’s office into a fitness center and add a media room with computers for tenants.  The goal is to continue to add value and to capitalize on the increasing rents in Broward County.

“Because the property was such a standout in its market, it was a challenge to find rent and sales comps that would justify the asking price per door,” added Dratch, Investment Associate.  “However, we had incredible interest in the property from all our clients, and so we were able to put the asset under contract just two weeks after going to market. Our team is thrilled the property closed in a such a short amount of time.”

About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add 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. Learn more about Franklin Street at FranklinSt.com.

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New mixed-use development in N. Fulton set to open in December

Folks in north Fulton County will soon have a new spot to live, shop, eat and workout.

Vickers, a mixed-use project currently under construction on Canton Street in Roswell, is set to open in December.

The company behind the development of the project, Miller Lowry Developments of Atlanta, recently selected a leasing agent for the commercial space. The agent – Franklin Street, an Atlanta real estate firm – is actively seeking chef-driven restaurants, local and regional boutique retailers and fitness concepts for the project.

“We’re excited to merchandise this space to fit the active street life surrounding it,” said Reid Mason, Franklin Street’s director of retail leasing. “And add even more great businesses to this community, in particular those that will fit the active, stylish lifestyle of both current and future neighborhood residents.”

The Vickers project was approved by Roswell’s city council in July 2015, and will include 79 residential homes along with 8,000 square feet of commercial space. The development will sit on the corner of Canton and Woodstock streets in Roswell, where an auto repair shop once operated a few years ago.

Many consider Canton Street to be the heart of Roswell’s historic district. The city’s new and free trolley service makes several stops along the it. Vickers is the first mixed-use project on the street.

“The mix of apartments over street-level retail will not only maintain, but also bolster the current energy and vibrancy of Canton Street,” said Leigh Anne McGarry, a leasing associate with Franklin Street. 

McGarry added that Franklin Street is targeting restaurants that will “fit seamlessly into the fabric” of historic Roswell. The real estate firm is also seeking a yoga and Pilates studio for the project.

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Multifamily Sale Sets New Record In Fort Lauderdale Submarket

In what marks a new sales record for the area, First Street Apartments, also known as North Fork Gardens, has traded hands. The 65-unit apartment community sits on Northwest 1st Avenue in the Dorse Riverbend submarket of Fort Lauderdale.

The purchase price of $6.9 million, or $107,000 per unit. This represents an 82% appreciation in value above the $3.8 million price paid for the property in 2015.

Franklin Street’s multifamily investment sales team, which included Hernando Perez, Greg Matus, Dan Dratch and Kameron Djamal, along with the director of Capital Markets for Franklin Street Tony Gannacone, represented both the buyer, City View Colony, LLC and the seller, First Ave. Apartments, LLC. Both are locally-based investors with properties throughout South Florida. Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, insured the asset for the seller.

To see story visit http://www.globest.com/sites/jenniferleclaire/2017/07/24/multifamily-sale-sets-new-record-in-fort-lauderdale-submarket/

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Franklin Street Secures Record Price For Multifamily Asset In Fort Lauderdale

Franklin Street arranged the sale of First Street Apartments (also referred to as North Fork Gardens), a 65-unit apartment community in Fort Lauderdale.

The property is located on Northwest 1st Avenue in the Dorse Riverbend submarket of Fort Lauderdale.  The purchase price of $6.9 million, or $107,000 per unit, is a new sales record for this area, according to the release.  The sales price represents an 82% appreciation in value above the $3.8 million price paid for the property in 2015.

Franklin Street’s multifamily investment sales team, which included Hernando Perez, Greg Matus, Dan Dratch and Kameron Djamal, along with Tony Gannacone, Director of Capital Markets for Franklin Street, represented both the buyer, City View Colony, LLC,  and the seller, First Ave. Apartments, LLC.  Both are locally-based investors with properties throughout South Florida.  Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, insured the asset for the seller.

“Our South Florida multifamily team’s proactive marketing campaign produced tangible results for the seller that included over 30 property tours with local, regional and out-of-area qualified investors within the first two weeks of the asset hitting the market,” said Perez, Director of Multifamily Investment Sales at Franklin Street. “As a result of our collective efforts, our team produced over 10 written offers and went under contract just below the list price with an ‘as is,’ non-contingent contract, waiving all inspections and financing contingencies.”
 
“In light of the competitive nature of the South Florida multifamily market, where investor demand is high and combined with the limited supply of investment properties, the buyer submitted a hard day one offer,” said Matus, Senior Vice President.

 The previous owner purchased the asset in 2015 and, over the past 15 months, added value by investing over $250,000 in interior and exterior capital improvements in order to reposition and stabilize the property. In doing so, the asset became the prized property in the area with the highest rents in the immediate market.

The new owner has a detailed plan to further upgrade the interior of the units, repurpose the existing manager’s office into a fitness center and add a media room with computers for tenants.  The goal is to continue to add value and to capitalize on the increasing rents in Broward County.
 
“Because the property was such a standout in its market, it was a challenge to find rent and sales comps that would justify the asking price per door,” added Dratch, Investment Associate.  “However, we had incredible interest in the property from all our clients, and so we were able to put the asset under contract just two weeks after going to market. Our team is thrilled the property closed in a such a short amount of time.”