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Franklin Street Closes Sale of West Havana Gardens Apartments in Miami’s Little Havana Neighborhood

MIAMI, FL – Franklin Street secured the sale of West Havana Gardens Apartments, an eight-unit rental community in Miami, Florida.  The property is located on 324 SW 19th Avenue in Miami’s Little Havana submarket.  The purchase price of $980,000, or $279.28 per square foot, represents the second highest PSF price for a 1930s-era multifamily property sold in Little Havana. In addition, at $122,500 per door, the asset traded for approximately $7,000-$8,000 above the average per unit sales price of a similar multifamily investment property that traded within the last six months.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 324 SW 19th Avenue, LLC, and secured the buyer. Both are private investors with properties throughout South Florida.  The team generated multiple offers from qualified buyers. The property was marketed for 21 days before it went under contract and closed with an all-cash buyer in 28 days after going under contract.

“We were first introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who insured the asset and significantly lowered the clients’ premiums, greatly increasing the value of  their real estate investments,” said Perez, director of multifamily investment sales at Franklin Street.  “When the investor decided to sell his Little Havana asset, our established business relationship and market expertise helped us earn the client’s business and secure the exclusive listing. It’s a perfect example of how our collaborative platform is designed to work and adds value to our clients’ business.”

“We received multiple competitive offers in just three weeks after marketing the asset, which shows that there is strong demand from multifamily investments and investors are willing to pay top dollar for these opportunities,” said Banegas, investment sales associate. “Due to Franklin Street’s proactive national marketing campaign, we were able to source the most aggressive buyer and close the transaction in a compressed timeframe, approximately 90 days faster than the average sales time frame for similar buildings in the Little Havana submarket.”  

West Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property is well-situated on a corner lot and includes onsite parking, plus a laundry facility. Four of the units feature a “loft style” feel with high ceilings.

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, Property Management and Project Management – 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 Closes Apartment Sale in Miami’s Little Havana

Franklin Street secured the sale of West Havana Gardens Apartments, an eight-unit rental community in Miami, Florida.  The property is located on 324 SW 19th Avenue in Miami’s Little Havana submarket.  The purchase price of $980,000, or $279.28 per square foot, represents the second highest PSF price for a 1930s-era multifamily property sold in Little Havana. In addition, at $122,500 per door, the asset traded for approximately $7,000-$8,000 above the average per unit sales price of a similar multifamily investment property that traded within the last six months.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 324 SW 19th Avenue, LLC, and secured the buyer. Both are private investors with properties throughout South Florida.  The team generated multiple offers from qualified buyers. The property was marketed for 21 days before it went under contract and closed with an all-cash buyer in 28 days after going under contract.

“We were first introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who insured the asset and significantly lowered the clients’ premiums, greatly increasing the value of  their real estate investments,” said Perez, Director of Multifamily Investment Sales at Franklin Street.  “When the investor decided to sell his Little Havana asset, our established business relationship and market expertise helped us earn the client’s business and secure the exclusive listing. It’s a perfect example of how our collaborative platform is designed to work and adds value to our clients’ business.” 

“We received multiple competitive offers in just three weeks after marketing the asset, which shows that there is strong demand from multifamily investments and investors are willing to pay top dollar for these opportunities,” said Banegas, Investment Sales Associate. “Due to Franklin Street’s proactive national marketing campaign, we were able to source the most aggressive buyer and close the transaction in a compressed timeframe, approximately 90 days faster than the average sales time frame for similar buildings in the Little Havana submarket.” 
 
West Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property is well-situated on a corner lot and includes onsite parking, plus a laundry facility. Four of the units feature a “loft style” feel with high ceilings.

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, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com. 

 
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Prepare Your Commercial Property for Hurricane Season

Franklin Street, a full-service commercial real estate firm, has produced a “2018 Hurricane Preparedness Guide” for commercial property landlords and tenants. Business continuity and hurricane preparedness planning is just one of many services Franklin Street provides to assist in protecting clients’ valuable assets. Developed by Franklin Street’s property management and insurance experts exclusively for their clients, the guide offers proactive steps to ensure the safety of tenants and the value of each property. 

The 2018 Hurricane Season officially begins on June 1st and ends on November 30, 2018. Franklin Street’s guide includes resources for employers and employees such as an emergency preparation and supply checklist, instructions for what to do if a Hurricane Watch or Hurricane Warning has been issued, and contact information to local and federal emergency management offices.

“We urge property owners and tenants not to be complacent about hurricane preparation,” said Patrick McGucken, Vice President of Retail Management Services at Franklin Street’s Tampa office. “Our guide provides important tips and information on preparing your property, action steps to take before and after a disaster, and a list of key emergency contacts.”

“If my business is forced to shut down because of a natural disaster, will my insurance policy cover us for loss-of-income? Does my commercial property insurance include flood coverage?” said Lonnie Kitchen, Senior Director for Franklin Street Insurance Services.  “These are the types of questions that property owners should be asking when reviewing their policies before a storm strikes.”
 
Here are four steps you can take to protect your commercial property from disaster.

1. Review property insurance with the company’s insurance agent concerning the hazards of a hurricane.

Even as rebuilding is in progress, building and business owners have learned that insurance policies are works in progress and should be reviewed and clarified regularly, well in advance of any disaster.

2. Activate your emergency plan as soon as a Hurricane Watch is posted.

When a Hurricane Watch is issued, preparations should be made for a possible facility shutdown and evacuation. Do not wait until a Hurricane Warning is issued, as there may not be enough time to complete all the necessary actions. Any action that can be performed without interrupting ongoing business operations, such as storage of site furniture, should be done immediately.

3. Stockpile the emergency supplies needed in preparation for the hurricane season.

Supplies are essential to sustain you and your employees in the event you are temporarily stranded in the workplace during a storm. Please review the following list of items to include in your emergency kit: 

• Food – stock your office with non-perishable foods such as food bars and dehydrated foods.
• Water – ensure you have a three-day supply of purified water available. It is highly recommended that at least two quarts of water is stocked per day, per employee.
• Emergency Lighting – light sticks, flashlights, flares.
• Batteries – ensure you have a supply of batteries on-hand.
• Medical – ensure you have a First Aid kit on hand that is well-stocked with fresh supplies. It is recommended that the kits are designated to treat earthquake-related injuries such as heavy bleeding and broken bones.
• Blankets – lightweight fire and shock retardant emergency blankets.
• Radios – two-way radios as well as portable transistor radios with an extra supply of batteries.
• Medications – persons on medication should keep a 72-hour supply of such medications in their desk.

4. Keep a list of important phone numbers handy to help you through the emergency. 

Make certain your tenants update their emergency contact information with your property management office. Also, make sure your emergency contact list includes these numbers:

Emergency: 911
Federal Disaster Assistance: 1-800-621-FEMA (3362); www.fema.gov
American Red Cross (Evacuation Resources): 1-800-975-7585
Hurricane Helpline: 1-800-227-8676
Finding Loved Ones: 1-877-LOVED-1S

For more information on how to prepare your commercial property for severe weather, visit Franklin Street Management Services. For information on how to protect your business with commercial property insurance, visit Franklin Street Insurance Services.

To learn about specific risks in your area, contact your local emergency management agency.

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, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

 
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Sodo Gelato Shop

Excerpted from Orlando Sentinel story.

Maine-based cool treats company Gelato Fiasco has opened at the SoDo Shopping Center at 25. W. Crystal Lake St. The gelato shop took a 1,380-square-foot space and was represented in the deal by Jordan Wean of Franklin Street. Collin Rahill of Cite Partners represented the landlord.

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Technology-Supported Real Estate is Finally Clicking for Managers

Excerpted from GlobeSt.com story.

ATLANTA, GA—Rapid technological change is coursing through all sectors of commercial real estate, disrupting traditional business models and practices. Dave Curry, senior regional manager, Franklin Street of Atlanta, gave GlobeSt.com his perspective on how the tech revolution continues to play out.

For full story, visit http://www.globest.com/2018/05/25/technology-supported-real-estate-is-finally-clicking-for-managers/

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Franklin Street Brokers Lease for New Gelato Fiasco Shop in Orlando

Franklin Street arranged a five-year lease in the SODO (Southern Downtown) District of Orlando for the opening of Gelato Fiasco’s first Florida location. The Brunswick, Maine-based gelato parlor chain recently celebrated its grand opening at the SODO Shopping Center, located at 25 W. Crystal Lake Street. Occupying 1,380-square-feet of retail space, the shop is open daily from noon to 11:00 p.m. Franklin Street’s Jordan Wean represented the tenant in the transaction. Collin Rahill of Cite Partners represented the landlord, Kimco, in the transaction.

“The owners chose Orlando for their first out-of-state shop because of the economic tailwinds we have enjoyed and are projected to continue experiencing,” said Wean, Director at Franklin Street’s Orlando office. “They are obviously doing really well on the bulk distribution to grocery, but Franklin Street is excited for the opportunity to help Gelato Fiasco expand their physical retail presence to help capitalize on the brand recognition from its grocery sales success.”

Founded in 2007, Gelato Fiasco is the fastest-growing brand of gelato in U.S. grocery stores. Pints are sold at more than 5,000 grocery stores across the United States, including Publix. The company also operates year-round scoop shops in Brunswick and Portland, Maine. For more information, or like to see what flavors are being offered today, visit www.gelatofiasco.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, Property Management and Project Management – 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 Negotiates Off-Market Multifamily Sale For $17.9M

Franklin Street negotiated the off-market sale of Wymore Grove Apartments, a 200-unit, multifamily complex located in the affluent Altamonte Springs submarket of Orlando for $17.9 million. The sales price represents $89,500 per unit.

Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zachary Ames of Franklin Street represented the locally-based seller, Wymore Grove Partnership, and the buyer, 360 Wymore ROI LP, an Israeli-based syndicator, in the transaction.  The seller had owned the property since 1991.

“The owner held the asset for 27 years, which is unique with respect to Florida apartments, and we attracted heavy demand from multiple investors,” said Kattan, managing director of multifamily investment sales for Franklin Street’s Tampa office.  “This transaction shows the continued strength of the Central Florida multifamily marketplace.”

Located at 360 Wymore Grove Road near I-4 and the Maitland Center, the complex was built in 1973. The property features a swimming pool, tennis courts and a fitness center. The new owner plans to begin an extensive capital improvement program to upgrade the property exterior, common areas and unit interiors.

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Legoland Florida to debut new area; Anytime Fitness and Beyond Puppy ink leases; and more

Excerpted from Orlando Business Journal story.

Franklin Street arranged the sale of CaSienna Apartments, a 160-unit, garden-style community located in southwest Orlando, for $16.85 million, or $105,312 per unit. Franklin Street’s Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames handled the transaction.

For full story, visit https://www.bizjournals.com/orlando/news/2018/05/17/legoland-florida-to-debut-new-area-anytime-fitness.html

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Trinity Property Acquires $19M FL Community

Excerpted from Multi-Housing News story.

Trinity Property Group has acquired Villages at Laurel Meadows, a 156-unit community in Central Florida‘s city of Bartow. The property was purchased from Berkshire Investors Group for $18.5 million. Franklin Street’s Capital Advisors division arranged a $13.9 million acquisition loan on behalf of the buyer. The 10-year Fannie Mae loan has a fixed rate of sub-4.8 percent and includes a 30-year amortization after an interest-only period. Franklin Management Services was appointed to manage the property.

Located at 100 Laurel Meadows Drive, the property is at the corner of CR 555 and West Clover Street, near the intersection of freeways 98, 60 and 17, roughly 48 miles from Tampa. Villages at Laurel Meadows was constructed in 2008 and offers two-bedroom townhome-style units, averaging 1,377 square feet. Communal area amenities include:

basketball courts
clubhouse
controlled access
fitness center
on-site maintenance
on-site management
playground
pool
dog park
car care center
“This long-term, fixed-rate loan will allow the borrowers the ability to maximize cash-flows and the value of the property,” said Casey Siggins, director of loan origination at Franklin Street, in prepared remarks. “It was an extremely competitive bidding process, and at the end of the day, I believe we found the right loan structure to fit the borrower’s strategy for this asset.”

For full story, visit https://www.multihousingnews.com/post/trinity-property-acquires-19m-fl-community/

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VLM Investors secures $13.875m loan to buy Laurel Meadows

VLM Investors has secured a $13.875m Fannie Mae loan to acquire Villages at Laurel Meadows. The a 156-unit multifamily apartment property is located midway between Tampa and Orlando in Bartow, Florida. Built in 2008, the property is made up of two-bedroom townhome-style apartments. Franklin Street’s capital advisors division secured the loan on behalf of the buyer. The 10-year loan has a fixed rate of sub-4.75 percent and features a 30-year amortization schedule following a significant interest-only period. 

“This long-term, fixed-rate loan will allow the borrowers the ability to maximize cash-flows and the value of the property,” said Casey Siggins, director of loan origination for Franklin Street’s Tampa office. “It was an extremely competitive bidding process, and at the end of the day, I believe we found the right loan structure to fit the borrower’s strategy for this asset.”