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Franklin Street Adds Capital Advisory Services in South Florida

Franklin Street, a full-service, vertically-integrated commercial real estate firm, has added capital advisory to its list of real estate related services in South Florida and named Tony Gannacone as director of the regional division.

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Awards

NAIOP Selects Young Professionals to Receive 2017 Developing Leaders Award

NAIOP, the Commercial Real Estate Development Association, has selected seven young professionals to receive its prestigious 2017 Developing Leaders Award. The annual award honors up-and-coming professionals under the age of 35 for their exceptional professional accomplishments, strong leadership and community involvement. The award will be presented at NAIOP’s CRE.Converge 2017, October 10-12, in Chicago.

Recipients of NAIOP’s 2017 Developing Leaders Award are:

Jordan Wean, director, commercial investment sales, Franklin Street, NAIOP Central Florida

Lewis Agnew, president, Chas. Hawkins Co., Inc./CORFAC International, NAIOP Nashville

Ben Bastian, vice president, CBRE | Capital Markets, NAIOP Minnesota

Bailey Copeland, development director, VJS Development Group, NAIOP Wisconsin

Brian DePotter, managing partner, property tax, FirstPointe Advisors, LLC, NAIOP South Florida

Kelsey Schultes, investment manager, Swift Real Estate Partners, NAIOP SoCal

Mike Wanezek, vice president, Colliers International, NAIOP Wisconsin

“NAIOP is proud to recognize these distinguished individuals for their outstanding professional accomplishments and dedication to our association, the industry and their communities,” said Thomas J. Bisacquino, president and CEO of NAIOP. “Their leadership and talents are already making an incredible impact on the industry and will continue to shape the future of commercial real estate.”

Established in 2006, the Developing Leaders Award has been given to rising industry professionals from across NAIOP’s chapter network in all sectors of commercial real estate. This year’s winners will be honored during the CRE.Converge 2017 breakfast keynote general session on Wednesday, October 11, 2017, featuring industry titan Jon Gray of Blackstone Group with Dr. Mark Eppli of Marquette University.

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Florida’s Retail Market Shines Through

Excerpted from Southeast Real Estate Business August 2017 issue.

NEW MIXED-USE DEVELOPMENT TRANSFORMS TAMPA

Miami isn’t the only Florida city with a billion-dollar development in its pipeline. Strategic Property Partners (SPP) is underway on a $3 billion mixed-use project that is redefining Tampa’s retail market.

Water Street Tampa, the product of a real estate investment joint venture between Cascade Investment LLC and Tampa Bay Lightning owner Jeff Vinik, will span 50 acres and add over 9 million square feet to the Tampa Bay skyline. Located on the Garrison Channel and Hillsborough Bay in downtown, the development will feature office, retail, cultural, residential, entertainment and hospitality space, making it a true live-work-play environment, according to John Stoner, director of leasing at Clearwater-based Bruce Strumpf.

“The living units will be the driver,” says Stoner. “They will bring the restaurants, bars, entertainment, grocery, furniture, drug stores, title companies, insurance providers and the retailers that support the more affluent homeowner. It will have an environment where people will be living, working and shopping all within walking distance.”

The first phase of development on the property will break ground this year, with subsequent phases slated for completion by 2027.

“There is so much buzz around Mr. Vinik, and his vision for shaping Tampa into a ‘real metropolis,’” says Joe Morrow, investment associate at Tampa-based Franklin Street. “I’ve always thought of Tampa as a small town with the amenities of a big city — we have steady population growth, a low cost of living and a higher quality of life.”

Anticipation of Water Street Tampa has also prompted redevelopments in other neighborhoods in the region. In the SoHo district, one project will transform a former gym into a mixed-use development: The Morrison. Leasing of the development is being spearheaded by Franklin Street.

“When it comes to choosing a retail site, location, visibility and access are most important,” says Morrow. Located at 936 S. Howard Ave., The Morrison is situated within the walkable Hyde Park neighborhood, home to the upscale shopping and dining destination, Hyde Park Village.

The Morrison will feature 13,890 square feet of retail space, 6,950 square feet of office space and 46 residential units. Spanish-inspired tapas restaurant Bulla Gastrobar and Mediterranean chain Zoe’s Kitchen will open their first locations in the Tampa market at the development, and Club Pilates and Blind Tiger Café will open their second and third locations, respectively.

The Channel Club, a mixed-use development that will include 323 rental units and a 36,000-square-foot Publix, is currently under construction in Tampa’s Channel District. The project is scheduled for completion in December 2018. Blackwater Resources is underway on plans for Mitchell 54 West, a mixeduse development that will include shops, restaurants, a movie theater, Class A office space and roughly 800 homes. The 330- acre project is expected to break ground later this year.

Boutique grocers are also expanding their presence in the metro. Sprouts Farmers Market opened its first Tampa location at Carrollwood Commons shopping center in February, and has subsequently opened locations in south Tampa and Palm Harbor. According to CoStar Group, 18 buildings totaling 126,935 square feet were completed in the Tampa/St. Petersburg retail market during the first quarter of 2017. CoStar reports that the metro’s rental rates ended the first quarter at $14.83 per square foot, representing a 2.6 percent increase from the fourth quarter of 2016 and a 5.9 percent increase from three quarters ago.

“We will continue to see a positive trend in Tampa’s retail rental rates,” says Stoner. “Occupancy is going to remain fairly steady and put an upward pressure on those rental rates.”

Retail vacancy decreased in the first quarter of 2017, ending the quarter with a positive net absorption of 467,579 square feet , according to CoStar. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, going from 5.1 percent in the second quarter of 2016 to 4.7 percent in the first quarter of 2017. As the availability of retail space in the marketplace shrinks and both new and existing retailers and restaurants look to expand in Tampa, the search for the ideal location has become more competitive.

“In today’s market, you must be willing to pay, but you may not have as much time to analyze the decision as you once had,” says Morrow. “The space you may want will not be available for as long.”

 
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Tampa Bay business Movers & Shakers: Laura Roy

Real estate

Franklin Street has named Laura Roy as property manager for the Morrison, a five-story, mixed-use lifestyle development project in the Soho Corridor of Tampa. The Morrison is scheduled for completion this fall. Before joining Franklin Street, Roy served as the accounting manager for Kinesiomedx in Tampa, where she was responsible for the overall accounting and financial reporting for the company.

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Franklin Street names Gannacone to new capital advisory division

Franklin Street has added a capital advisory division to the real estate related services in South Florida and named Tony Gannacone as director. His official title will be Director of Capital Advisors and he will work out of the firm’s Miami and Fort Lauderdale offices. Previously, Gannacone served as Sales Associate in Franklin Street’s multifamily division, assigned to the Fort Lauderdale office. In his new role, he will specialize in originating, advising, sourcing and implementing the best strategies for financing client real estate assets across South Florida. Gannacone graduated from the University of Maryland School of Economics.

“We pride ourselves on being a full-service firm so we are constantly looking for ways to enhance our service offerings,” said David Fleisher, regional managing partner for Franklin Street in Broward and Palm Beach Counties. “Having Tony on the ground here in South Florida will allow us to provide more value to our clients in this region.”

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Franklin Street Arranges $3M Sale of Newly-Constructed Panera Bread

Franklin Street has arranged the $3,028,571 sale of a newly-constructed Panera Bread, a national chain of bakery-café fast-casual restaurants, located at 639 S. Cumberland Street in Lebanon, Tennessee. John Tennant, Bryan Belk and Oliver Oldacre of Franklin Street’s Atlanta office represented the seller, Oldacre McDonald of Nashville, Tennessee, in the marketing of the 3,486-square-foot restaurant. The buyer was Quality Properties, GP of Johnson City, Tennessee, who plans to hold the property for long-term investment.

“The sale of this property signifies that even with higher interest rates, we are still seeing aggressive CAP rates for high quality, net-leased properties where investors are looking for stabilized returns,” said Oldacre, investment sales associate at Franklin Street. “The buyer was very interested in the development from the onset due to involvement in purchasing multiple properties of similar quality through an existing 1031 exchange. We are excited to have executed the sale so quickly.”

For more information on Franklin Street, visit FranklinSt.com.

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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Franklin Street Adds Capital Advisory Services to South Florida Office

Franklin Street, a full-service, vertically-integrated commercial real estate firm, has added capital advisory to its list of real estate related services in South Florida and named Tony Gannacone as director of the regional division. His official title will be Director of Capital Advisors and he will work out of the firm’s Miami and Fort Lauderdale offices.

Previously, Gannacone served as Sales Associate in Franklin Street’s multifamily division, assigned to the Fort Lauderdale office. In his new role, he will specialize in originating, advising, sourcing and implementing the best strategies for financing client real estate assets across South Florida.

“We pride ourselves on being a full-service firm so we are constantly looking for ways to enhance our service offerings,” said David Fleisher, regional managing partner for Franklin Street in Broward and Palm Beach Counties. “We think having Tony on the ground here in South Florida will allow us to provide more value to our clients in this region.”

Gannacone has more than 17 years of experience in the financial services industry, specifically with progressive asset acquisition, debt and equity finance, restructuring and business development. Prior to joining Franklin Street, he held various leadership roles and was a top producer for several major banks in both the sales and interest rate analysis positions. He is an expert at evaluating economic and political trends and events, and their impact on market performance.

“In my new role, I’ll be able to work closely with our investment sales professionals from the very beginning of a deal to the very end,” said Gannacone. “We can streamline the whole purchase process to make it more efficient.”

Gannacone graduated from the University of Maryland School of Economics.

The Franklin Street Capital Advisors group arranges debt and equity for income-producing real estate investments. The Franklin Street family of companies collaborates across multiple business sectors, using real-time information and accurate market statistics, which results in aggressive loan terms and surety of execution. Our Capital team works in partnership with clients to develop, optimize and implement a plan that enables them to achieve more, retain more and profit more.

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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Franklin Street ranked among top commercial property management firms in South Florida

The South Florida Business Journal ranked commercial property management firms by square feet managed locally.

Rank Address
Telephone
Total SF Managed Locally %
Office
%
Retail
%
Industrial
#19 Franklin Street
900 S. Pine Island Rd.
Suite 310
Plantation, FL 33324
954-640-1100

FranklinSt.com

2,378,615 33 16 51

View the original story here: https://www.bizjournals.com/southflorida/subscriber-only/2017/08/25/commercial-property-management-firms.html

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Industrial Update: Power of the Ports

Excerpted from July/Aug 2017 issue of Real Estate Forum.

Investors are eyeing ports, but could potential restrictions on international trade throw a wrench into the distribution segment’s engine?

On the East Coast in particular, things are changing on the manufacturing, logistics and transportation front. Monte Merritt, a senior director at Franklin Street, sees the expansion of e-commerce and Panamax as both an opportunity and a challenge for ports, especially in Florida.” 

“Florida has 15 public seaports vying for attention and public funding, some of which comes from the state government,” Merritt says. “That puts Florida at a disadvantage when compared to states like South Carolina, where the Port of Charleston is its only port and the area has an oceanside seaport and one inside, with a small channel. The Port of Charleston is thriving because of excellent geography and a focus on this port as a singular entity in the state.”

To see the full story, click here.

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Women of Influence 2017: Yvonne Baker

Yvonne Baker was selected as a “Women of Influence” award winner by Real Estate Forum in its July/August 2017 issue.

YVONNE BAKER
Regional Managing Partner
Franklin Street
Orlando, FL

Earlier this year, Baker was honored with a Notable Knight Award by her alma mater, University of Central Florida College of Business. The 28-year industry vet joined Franklin Street last year as regional managing partner, responsible for the direction of the Orlando and Jacksonville offices, as well as business development efforts. She generated a lease volume of more than $350 million, representing 4.5 million-plus square feet. She plays a large role in the planning and execution of initiatives to increase revenues and productivity, in addition to focusing on recruitment, team building and community philanthropy efforts. Baker also works closely with her alma mater’s real estate club to mentor young leaders and leads the philanthropy campaign for Daniel Kids and Libby’s Legacy Breast Cancer Foundation. 

To see the full list of 2017 Women of Influence, click here.