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Franklin Street Closes $6.2M Sale of Golf Academy of America in Myrtle Beach

Franklin Street has arranged the $6.2 million sale of Golf Academy of America, a single-tenant retail property located at 1900 Mr. Joe White Avenue in Myrtle Beach, S.C. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, 7 Angels, LLC of Charlotte, N.C., in the transaction of the 6.24 acre property. The buyer was G & G Holdings, LLC, of Knoxville, Tenn. 

Golf Academy of America is a private, two-year golf college offering classes on golf instruction and business management. The building was fully redeveloped in 2015 and is triple net leased to the academy through 2028. 

“This was a great opportunity for the buyer to acquire a golf industry-specific property in the ’Golf Capital of the World,’ which is home to over 100 golf courses,” said Tennant, senior director of retail investment sales at Franklin Street. “The facilities were recently renovated and have been kept in great condition.”

“The facility has great access to Highway 17 and Highway 501 and is in close proximity to several retail store chains including Lowe’s, Sam’s Club, and Target,” said Belk, senior director of retail investment sales at Franklin Street. “The buyer plans to hold this property for the long-term. Retail investors continue to seek triple net properties because of the stable and secure cash flows from scheduled rent increases as well as the future capital appreciation of the asset.”  

Myrtle Beach is one of the top beach towns in the U.S. with some 14 million visitors a year.  Myrtle Beach is also the fifth fastest growing city in the country, largely due to its retiree population and strong tourism growth.

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

 
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Meet Orlando’s Bizwomen mentors for 2018

Excerpted from Orlando Business Journal.

On Feb. 12, the Orlando Business Journal will join more than 40 American City Business Journals across the country in hosting our fifth annual Bizwomen Mentoring Monday.

The event pairs attendees with some of our local mentors for eight-minute coaching sessions for a fast-paced experience. See the slideshow to meet this year’s mentors (in no particular order) and learn more about them, such as the best advice they’ve ever received and/or given and more.

2018 Mentoring Monday Women

Yvonne Baker, regional managing partner, Franklin Street of Orlando and Jacksonville

For full story, visit https://www.bizjournals.com/orlando/news/2018/01/30/meet-orlandos-bizwomen-mentors-for-2018.html

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Toys ‘R’ Us to Close 20% of Stores, Expand Focus on Loyalty Programs, Web

Excerpted from REBusinessOnline story.

Other retail experts agree that competition in the marketplace is coming from all directions. “Even Barnes & Noble has gotten into the game by adding a large assortment of toys to their sales floor,” says Monetha Cobb, managing director of Franklin Street’s Atlanta office.

Online sales of toys have picked up in recent years, and are continuing to increase. According to a survey from Fung Global Retail & Technology, roughly 14 percent of consumers said they preferred online shopping in 2016, up from 7 percent in 2011.

“An integrated e-commerce platform with better consumer service and unique offerings remain the biggest in-store problem,” says Emil Gullia, executive vice president and principal of Atlanta-based Retail Specialists. “Many big boxes are pushing price as the only catalyst for a visit. That is not enough of an appeal to anyone compared to the convenience of e-commerce.”

Robert Granda, director of retail investment sales at Franklin Street, agrees that convenience tops consumers’ wish lists. “In the advent of major competition, Toys ‘R’ Us has become less convenient for today’s shoppers who are looking to accomplish as much as possible under one roof,” he says. “As e-commerce continues to show its direct impact on many of these ‘dinosaur’ retailers, we can and should expect that this certainly won’t be the last big name to consolidate and really take inventory of performing and non-performing locations.”

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Franklin Street Brokers $13.6 Million Sale of Retail Center in Metro Atlanta

BUFORD, GA. — Franklin Street has arranged the $13.6 million sale of Mill Creek Walk, a 36,358-square-foot retail center in Buford, roughly 35 miles north of Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Mill Creek/Cooper LLC, as well as the buyer, Bond Street Advisors Group. Petco anchors the center, which was 96 percent leased at the time of sale.

For full story, visit http://rebusinessonline.com/franklin-street-brokers-13-6m-sale-of-retail-center-in-metro-atlanta/

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Governor Rick Scott Appoints Eight Members to Judicial Nominating Commissions

TALLAHASSEE, Fla. – Today, Governor Rick Scott announced the following appointments:
 
Second District Court of Appeal Judicial Nominating Commission

Eual Tyler Cathey, of Tampa, is the Chief Operating Officer and General Counsel for Franklin Street.  He succeeds Edward Page and is appointed for a term ending July 1, 2019.

For full story, visit https://www.flgov.com/2018/01/23/governor-rick-scott-appoints-eight-members-to-judicial-nominating-commissions/

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Franklin Street Brokers Record-Setting Apartment Sale In Downtown Ft. Lauderdale

Franklin Street has arranged the $2.9 million sale of Casa Victoria Apartments, a 12-unit boutique multifamily community located at 640 NE 7th Ave in the Victoria Park submarket of downtown Fort Lauderdale.

At over $240,000 per unit, the sale represents the largest per unit apartment price for a 1970s-era multifamily property within the submarket.

Dan Dratch, Hernando Perez, and Kameron Djamal of Franklin Street’s South Florida multifamily investment sales team represented the seller, a local private investor, in the marketing of the repositioned 12-unit property. The buyer is also a local private investor who plans to take advantage of the growing apartment and short-term rental market and anticipates future growth through the continued improvement of the Victoria Park neighborhood.

Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for the buyer. The seller carried out a complete gut renovation spending more than $600,000 rebuilding the interior with premium finishes.  All units boast top of the line floors, kitchen countertops, cabinetry, stainless-steel appliances and modern bathrooms.

While the price sets a new benchmark compared to similar properties, the existing rental rates averaging over $2.50 per square foot support a strong yield given the low interest rates.

“This property is now one of the most high-quality apartments in one of Fort Lauderdale’s most sought-after neighborhoods,” said Dratch, Investment Sales Associate at Franklin Street. “The sellers should be commended for turning a previously deteriorating asset into a very successful revitalization story.”
 
“As the economic recovery continues to strengthen, multifamily investor demand is still outpacing the available supply of well-positioned, income-producing properties for sale,” said Perez, Director of Multifamily Investment Sales at Franklin Street. “This sale demonstrates the continuing strong interest in quality investment properties in South Florida.”

Casa Victoria is located a block from U.S. 1 in proximity to the downtown Fort Lauderdale financial district, Las Olas Riverfront and the Las Olas Boulevard shopping, dining and entertainment district. The property is also adjacent the increasingly popular Flagler Village area of downtown.

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Franklin Street Brokers Record-Setting Apartment Sale in Ft. Lauderdale

Franklin Street has arranged the $2.9 million sale of Casa Victoria Apartments, a 12-unit boutique multifamily community located at 640 NE 7th Ave in the Victoria Park submarket of downtown Fort Lauderdale. The sale represents the largest per unit apartment price for a 1970s-era multifamily property within the submarket.

Dan Dratch, Hernando Perez, and Kameron Djamal of Franklin Street’s South Florida multifamily investment sales team represented the seller, a local private investor, in the marketing of the repositioned 12-unit property. The buyer is also a local private investor who plans to take advantage of the growing apartment and short-term rental market and anticipates future growth through the continued improvement of the Victoria Park neighborhood. 

Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for the buyer. The seller carried out a complete gut renovation spending more than $600,000 rebuilding the interior with premium finishes.  All units boast top of the line floors, kitchen countertops, cabinetry, stainless-steel appliances and modern bathrooms.

Casa Victoria sold for over $240,000 per unit and $363 per square foot. While the price sets a new benchmark compared to similar properties, the existing rental rates averaging over $2.50 per square foot support a strong yield given the low interest rates.

“This property is now one of the most high-quality apartments in one of Fort Lauderdale’s most sought-after neighborhoods,” said Dratch, Investment Sales Associate at Franklin Street. “The sellers should be commended for turning a previously deteriorating asset into a very successful revitalization story.”

“As the economic recovery continues to strengthen, multifamily investor demand is still outpacing the available supply of well-positioned, income-producing properties for sale,” said Perez, Director of Multifamily Investment Sales at Franklin Street. “This sale demonstrates the continuing strong interest in quality investment properties in South Florida.”

Casa Victoria is ideally located a block from U.S. 1 in proximity to the downtown Fort Lauderdale financial district, Las Olas Riverfront and the Las Olas Boulevard shopping, dining and entertainment district. The property is also adjacent the increasingly popular Flagler Village area of downtown.

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 Arranges $13.6 Million Sale of Retail Center in Metro Atlanta

Buford, Ga. — Franklin Street has arranged the $13.6 million sale of Mill Creek Walk, a 36,358-square-foot retail center in Buford, a city 35 miles north of Atlanta.

John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller Mill Creek/Cooper LLC, as well as the buyer, Bond Street Advisors Group. Petco anchors the center, which was 96 percent leased at the time of sale.  

For full story, visit http://www.shoppingcenterbusiness.com/the-latest-news/franklin-street-arranges-13-6-million-sale-of-retail-center-in-metro-atlanta

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Retail Center Trades for $13M in Buford, GA

Bond Street Advisors Group has purchased a 36,358-square-foot retail center in Buford, Ga. for $13.5 million from Mill Creek/Cooper LLC. A team of Franklin Street brokers represented both parties in the transaction.

Mill Creek Walk comprises two buildings located at 3260 and 3264 Buford Drive. The property sits across the street from the Mall of Georgia and is approximately 35 miles from downtown Atlanta, along a thoroughfare which has an estimated daily vehicle count of 31,000, according to the Georgia Department of Transportation. Access to the metro area is facilitated by nearby interstates 985 and 85.

LONG-TERM INVESTMENT
Mill Creek Walk is 96 percent occupied by anchor tenant Petco—which has a lease for 13,600 square feet—, as well as Metro Mattress, Sushi Niko Niko and New Balance among others. Currently there is a 1,558-square-foot in-line space available for lease.

The new ownership plans to upgrade parts of the retail center, and hold it for long term. Senior Directors John Tennant and Bryan Belk, of Franklin Street’s retail investment sales team, negotiated the transaction.

“Our retail investment sales team identified this mall-peripheral opportunity at one of the most dominant regional malls in the southeast. We were able to immediately plug in the right buyer for this asset and close quickly. We’re counting to see strong investor demand in convenience retail centers made up primarily of fast casual restaurants and service-based tenants,” said Tennant in a prepared statement.

For full story, visit https://www.cpexecutive.com/post/retail-center-trades-for-13m-in-buford-ga/

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Franklin Street Arranges $13.6M Sale of Petco-anchored Retail Center Near Atlanta

Franklin Street has arranged the $13.568 million sale of Mill Creek Walk, a retail center located at 3260 and 3264 Buford Drive in Buford, Ga., just 35 miles from downtown Atlanta. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Mill Creek/Cooper, LLC of Campbell, Calif., and the buyer, Bond Street Advisors Group of Charleston, S.C., in the transaction of the 36,358-square-foot property. 

Mill Creek Walk is located across the street from The Mall of Georgia, which is one of the most visited malls in the country. The shopping center is anchored by Petco, the nation’s second largest pet retailer, and is 96% leased to a mix of national, regional and local tenants. The new owner plans to hold the property long term and focus on upgrading some of the current uses in the center.

“Our retail investment sales team identified this mall-peripheral opportunity at one of the most dominant regional malls in the southeast.  We were able to immediately plug in the right buyer for this asset and close quickly,” said Tennant, senior director of retail investment sales. “We’re continuing to see strong investor demand in convenience retail centers made up primarily of fast casual restaurants and service-based tenants.”

Franklin Street took over the listing, which had previously been on the market, and found a qualified buyer after just one week of marketing the property to our national buyer pool,” said Belk, senior director of retail investment sales.  “The center’s proximity to the Mall of Georgia, which draws over 15 million visitors a year, was a top selling point for the buyer.”

Built in 2001, Mill Creek Walk is strategically positioned along Buford Drive, directly across the street from The Mall of Georgia and between I-85 and I-985 in the northern Atlanta suburbs. The immediate area surrounding the property is one of the fastest growing suburbs in the Atlanta metropolitan area.

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.