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High demand: Miami’s housing market is hot, and commercial and industrial are booming

Excerpted from Invest Miami 2018 issue.

Greg Matus
Senior VP, Investment Sales, Real Estate Services – Franklin Street

“From a CRE perspective, it’s about finding and getting into certain areas early. There are formerly depressed areas that have doubled or tripled in value in the last five to 10 years. In Overtown, Little Havana, Wynwood and Edgewood, investors have made a lot of money. It was simply investing in the right place at the right time.” 

For full story, visit https://www.capitalanalyticsassociates.com/invest-miami/

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Franklin Street Facilitates $2M Miami Sale

Excerpted from Multi-Housing News story.

Franklin Street has arranged the disposal of Royal Palms Apartments, a 27-unit community in Miami’s Homestead submarket for $1.7 million, or $62,963 per unit. Investment associates Oscar Banegas, Kameron Djamal and Dan Dratch, represented the seller, Amor Prudential, in this transaction.

Director of Capital Advisors Tony Gannacone secured financing through a partnership with Sabal Capital, while Evan Seacat and Ryan Cassidy provided insurance for the asset. At the time of the negotiations, the building was fully leased.

Located at 160-183 NW 9th St., the property features a mix of one-, two and three-bedroom units. Spreading across almost two acres, Royal Palms Apartments includes onsite parking and laundry facilities. 

“We closed the transaction in a compressed timeframe. The investors were attracted by the community’s long-term occupancy rates, unique identity and small-town feel that makes it an appealing place for families to work and live,” said Banegas, in prepared remarks. 

Last month, Franklin Street arranged a 10-year Freddie Mac acquisition loan for the acquisition of the 156-unit Villages at Laurel Meadows in Bartow, Fla. The company represented the buyer. 

For full story, visit https://www.multihousingnews.com/post/franklin-street-brokers-2m-miami-sale/

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Triforce to Develop 14,000 SF Retail Center in Jacksonville

Excerpted from REBusinessOnline.com.

JACKSONVILLE, FLA. — Triforce Development is set to break ground on Tinseltown Plaza, a 14,000-square-foot shopping center located in Jacksonville. The development is an outparcel property at the Tinseltown Movie Theatre complex. Franklin Street’s North Florida office has secured three tenants for the center, including Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan. Each of the new retailers will occupy 2,000 square feet. Construction is scheduled to begin this fall, with completion expected in early 2019.

For full story, visit http://rebusinessonline.com/triforce-development-to-break-ground-on-retail-center-in-jacksonville/

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Class Notes: Nick Sanfilippo

Excerpted from Terry, the magazine of the University of Georgia College of Business.

Nick Sanfilippo (BBA ’02) of Brookhaven was named SVP of Franklin Street’s project management division. He was previously director of tenant coordination project management at DDR Corp.

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Kazu Sushi Burrito, Soupa Saiyan and Noire The Nail Bar coming to Town Center area

Excerpted from Jacksonville Business Journal.

A retail development in Southside near the St. Johns Town Center has landed three tenants ahead of its 2019 opening

Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan have all signed on to lease space at Tinseltown Plaza, a planned outparcel development at 4700 Southside Boulevard in front of the Cinemark Tinseltown Movie Theater. Each of the three tenants will occupy about 2,000 square feet of space, leaving 8,000 square feet on the market.

Construction on the development is planned for the fall, with an expected completion in the first quarter next year.

The new Southside location will be the seventh for Kazu Sushi Burrito, a Hawaiian and Japanese sushi concept. Orlando-based Soupa Saiyan is a Dragon Ball Z – themed noodle bowl restaurant owned by Bento Group, which has two sister restaurant concepts in Jacksonville. Noire the Nail Bar, which has locations across the Southeast, will be new to the city.

Tinseltown Plaza is being developed by Triforce Development, which is owned by Sleiman brothers Paul and Louis.

“Demand for development in this area is very strong and there are a variety of factors that limit new supply to the area, one of many dynamics that are contributing to this project’s fast lease-up,” Franklin Street’s Ricky Ostrofsky, the broker for Tinseltown Plaza, said in a release. “We expect the center to provide new and desired services and entertainment to Tinseltown’s visitors, residents and shoppers.”

For full story, visit https://www.bizjournals.com/jacksonville/news/2018/06/26/kazu-sushi-burrito-soupa-saiyan-and-noire-the-nail.html

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Triforce Development to Break Ground on Tinseltown Plaza in Jacksonville

Excerpted from Shopping Center Business story.

Jacksonville, Fla. — Triforce Development is set to break ground on Tinseltown Plaza, a 14,000-square-foot shopping center located in Jacksonville.

The development is an outparcel property at the Tinseltown Movie Theatre complex. Franklin Street’s North Florida office has secured three tenants for the center, including Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan. Each of the new retailers will occupy 2,000 square feet. Construction is scheduled to begin this fall, with completion expected in early 2019. 

For full story, visit http://www.shoppingcenterbusiness.com/the-latest-news/triforce-development-to-break-ground-on-tinseltown-plaza-in-jacksonville

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Alex Wright Joins Franklin Street as Senior Director of Retail Landlord Leasing

Franklin Street, a full-service commercial real estate firm, announced today that Alex Wright has joined the company’s Retail Landlord Services division as senior director.  In this role, Mr. Wright will focus on working with commercial real estate owners and developers to improve tenant retention, stabilize operating income and maximize the value for retail properties throughout West Florida. He will work in the firm’s Tampa headquarters alongside Brian Bern, senior director of retail leasing. Mr. Wright brings nearly a decade of experience successfully analyzing and executing on high level leasing strategies for retail property owners across the southeast. 

Mr. Wright rejoins Franklin Street after serving as leasing director for DDR Corp. in Atlanta, where he managed the leasing of 26 properties totaling over 8 million square feet and was consistently recognized as one of the top producers in the southeast. While at DDR, he oversaw multiple brokerage teams’ efforts to maximize leasing activity while partnering with large institutional clients such as Blackstone and TIAA-CREF. 

Mr. Wright previously spent five years as a director of Retail Tenant Services for Franklin Street and completed leasing transactions valued at more than $12 million. He has represented a variety of national and regional clients including T-Mobile, Great American Cookies, Pretzelmaker, Marble Slab, PNC Bank, Little Caesars, Great Clips, Title Boxing Club, and Smoothie King.

“I am thrilled to be a part of the Franklin Street retail leasing team again,” said Mr. Wright. “Franklin Street is a fast-growing firm with a solid industry reputation for collaboration and teamwork. Their unique platform allows agents to leverage the various services like insurance, property management, project management and capital advisors to truly partner with property owners to provide maximum value across the board.”

“We are excited to have someone with such retail leasing experience and industry relationships join our Tampa office and partner with the landlord leasing team to serve our clients,” said Mr. Bern. “Alex’s retail leasing expertise, coupled with his leadership skills and strong personal character, make him an outstanding addition to our growing team of expert retail brokers. ”

Heavily involved in the commercial real estate community, Mr. Wright is a member of the International Council of Shopping Centers (ICSC) and served as a board member with the Young Atlanta Retail Alliance and Young Atlanta Leadership League.
Mr. Wright earned his bachelor’s degree in anthropology from the University of Florida. He is a licensed real estate salesperson in Florida and Georgia.

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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Triforce Development Bringing New Shops to Jacksonville’s Tinseltown

Triforce Development and Franklin Street’s North Florida office, its leasing agent, has secured three tenants for Tinseltown Plaza, a new outparcel development at the Tinseltown Movie Theatre complex. The outparcel is located in front of the Cinemark Tinseltown Movie Theater at 4700 Southside Blvd. at Gate Parkway. When built it will include 14,000 square feet of newly-constructed shopping space which is planned for a variety of restaurant, retail, and service-oriented tenants. Triforce Development, owned by brothers Paul and Louis Sleiman, is the owner and developer of the project. 

The three tenants secured for the new center so far include Noire The Nail Bar, Kazu Sushi Burrito and Soupa Saiyan. Noire The Nail Bar, a luxury nail salon concept with locations across the Southeast, enters the Jacksonville market with this location. Kazu Sushi Burrito is a Hawaiian/Japanese sushi concept and the Tinseltown location will be its seventh in Jacksonville. Soupa Saiyan is a Dragon Ball Z-themed noodle bowl concept created by the Bento Group of Orlando. Bento has two café locations in the market and has recently announced a sister concept, Dumo, for neighboring St. Johns Town Center.

Each of the new retailers will occupy 2,000-square-foot units at the center. An additional 8,000 square feet of shop space is still available to be configured for up to five additional tenants or a single lease to a retailer or restaurant with a larger space need. Construction start is planned for fall with completion expected in the first quarter 2019.

Franklin Street is honored to be working with the Triforce Development team on this new retail center,” said Ricky Ostrofsky, retail leasing associate and broker for the Tinseltown outparcel. “Demand for development in this area is very strong and there are a variety of factors that limit new supply to the area, one of many dynamics that are contributing to this project’s fast lease-up. We expect the center to provide new and desired services and entertainment to Tinseltown’s visitors, residents and shoppers.”

Ostrofsky and Franklin Street Managing Director Carrie Smith, whose team represents retail tenants and landlords, started marketing the new development in the second quarter of this year.

Cinemark Tinseltown is one of the top performing movie theatres in Northeast Florida and the Tinseltown retail area is one of Jacksonville’s highest performing retail areas. It boasts more than 114,000 vehicles per day, 580 hotel rooms in five nearby hotels, a combined 2,075 multifamily units within a one-mile radius, and proximity to more than 3 million square feet of Class A office space including major operations of Merrill Lynch, Florida Blue and Fidelity Investments, which have nearly 10,000 area employees.

Triforce Development is a full-service commercial real estate investment and management firm headquartered in Jacksonville, FL with a portfolio of development projects and investment properties owned and managed throughout the Southeastern United States. Triforce Development and its affiliated companies engage in the acquisition, disposition, financing, development, redevelopment, leasing, construction, investment and management of commercial real estate assets.

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 Apartment Sale in Homestead Submarket of Miami

Franklin Street negotiated the sale of Royal Palms Apartments, a 27-unit rental community located at 160-183 NW 9th Street in Miami’s Homestead submarket.  The buyer, 9th Street Homestead, LLC, paid $1.7 million for the property, which equates to $62,963 per unit or $94.20 per square foot. 

Franklin Street’s South Florida multifamily investment sales team, which included Oscar Banegas, Kameron Djamal and Dan Dratch, represented the seller, Texas-based Amor Prudential, LLC, in the sale. The property was marketed for only seven days before it went under contract and closed in 68 days after the offer was accepted.

Franklin Street Capital Advisors’ Tony Gannacone secured financing for the transaction through a partnership with Sabal Capital of Newport Beach, Calif. Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, provided insurance for the asset.

“We closed the transaction in a compressed timeframe, approximately 45 days faster than the average sale for similar properties in the Homestead submarket,” said Banegas, investment sales associate. “The investors were attracted by the community’s long-term occupancy rates, unique identity, and small-town feel that makes it an appealing place for families to work and live.” 

“We were able to leverage our national relationship network to place the property under contract within one week after marketing the asset,” said Dratch, senior associate. “This is a case study for Franklin Street’s unique ability to bundle a multitude of services—from sourcing capital to providing insurance to managing a property to selling an apartment complex—in one setting.”

Royal Palm Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath, 1-bedroom/1-bath and 3-bedroom/1-bath apartment units. The property is well-situated on a 1.61-acre lot and includes onsite parking, plus a laundry facility. 

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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The Mathis Report: Wawa site at Beach and Southside is up for sale

Excerpted from Jax Daily Record story.

The Wawa Inc. gas station and convenience store under construction and scheduled to open this fall at 9731 Beach Blvd. is for sale.

The site, at northeast Beach and Southside boulevards, is where the Southside Estates shopping center was partially demolished to make way for the new development.

The Franklin Street real estate firm listed it for sale on behalf of property owner 9731 Beach Blvd LLC. The LLC, led by Justin Ashourian, bought the site in November 2014.

Ashourian is listing the property, subject to a ground lease to Wawa, for sale. The Wawa lease runs through November 2038.

The Franklin Street real estate company is listing the property at almost $4.8 million. The 6,119-square-foot building was developed on 1.75 acres.

Franklin Street Director Chad Atwood is the listing broker.

Ashourian said Tuesday that Wawa’s construction should be completed by early October. He said he was selling the property “just to move on to new ventures,” but doesn’t have any to discuss.

“I don’t have anything on the front burner right now,” he said.

Wawa is being built at the corner of the Southside Estates center, a retail plaza developed in 1962.

Spokeswoman Lori Bruce said Tuesday that most of Wawa’s Florida openings are land leases with its development partners, who may opt to sell the real estate once the store opens for business.

“It does not impact the store,” she said.

She said three Jacksonville area stores will open this year, tentatively in the fourth quarter. Those are at Beach and Southside boulevards in Jacksonville and two in Clay County – one in Middleburg and one in Orange Park.

For full story, visit https://www.jaxdailyrecord.com/article/the-mathis-report-wawa-site-at-beach-and-southside-is-up-for-sale