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Transactions: Who’s paying how much for what – July 2018

Excerpted from Shopping Centers Today story.

$23.2 million
In a 1031 Exchange, private investor from Lexington, Kentucky, acquired Magnolia Shoppes, in the Coral Springs, Florida-submarket of Fort Lauderdale, Fla. CBRE represented seller Regency Centers in the transaction, while Franklin Street represented the buyer.  Franklin Street sourced the acquisition financing of $15.5 million from Citibank for the buyer at a fixed rate of 4.63 percent and will provide property management and retail leasing services for the new owners. Regal Cinemas anchors the center, which underwent a significant renovation in 2016. Other tenants include Dollar Tree, Ben & Jerry’s, Broward Health and Creative Child Learning Center, H&R Block and W Salon & Spa.

For full story, visit https://www.icsc.org/news-and-views/icsc-exchange/transactions-whos-paying-how-much-for-what297

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Magnolia Shoppes in Coral Springs sold for $23.2M

Excerpted from Sun-Sentinel story.

An investor from Kentucky has purchased the Magnolia Shoppes in Coral Springs for $23.2 million.

Regency Centers sold the plaza to Williams Magnolia Properties LLC in the transaction that closed July 17. State corporate records show Steven Vicroy of Lexington created the company in June.

Citibank financed the acquisition financing of $15.5 million at a fixed rate of 4.63 percent.

The plaza, at 9645 Westview Drive, is anchored by a Regal Cinemas theater. The 114,118 square foot shopping center built in 1999, is fully leased. The tenants include Dollar Tree, Ben & Jerry’s, Broward Health and Creative Child Learning Center, H&R Block and W Salon & Spa — businesses that the seller’s real estate firm called “Internet-resistant.”

“Magnolia Shoppes attracted significant buyer interest because of its affluent South Florida trade area and regional highway interchange location at the Sawgrass Expressway and University Drive,” said Casey Rosen, executive vice president at CBRE, which represented Regency Centers.

Franklin Street, a commercial real estate firm, represented the buyer.

NOTE: Franklin Street’s Bryan Belk and John Tennant, represented the buyer.

For full story, visit http://www.sun-sentinel.com/business/fl-bz-coral-springs-magnolia-shoppes-20180725-story.html

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Former cigar company HQ sells for $4.7M

Excerpted from Business Observer story.

TAMPA — A 7.6-acre parcel in east Tampa that formerly housed the Hav-A-Tampa cigar company has been sold for $4.7 million.

Franklin Street negotiated the sale of the property, which includes a 123,044-square-foot industrial building built in 1981. It’s located at 3901 Riga Blvd. and had been owned by Bisk Education Inc.

Palm Harbor-based property development company Milani Property LLC is the buyer, according to a statement. 

“Tampa has a lack of quality industrial space available, and as a result we received robust interest from users, investors and developers,” states Chris Butler, managing director of office and industrial at Franklin Street, in the press release. “Franklin Street was able to find a buyer and close the transaction just six months after listing the property.”

For full story, visit https://www.businessobserverfl.com/article/former-cigar-building-tampa-sold

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Franklin Street and CBRE Secure $23.2M Sale of Shopping Center in Coral Springs

Franklin Street, one of the fastest-growing full-service commercial real estate firms in the Southeast, along with CBRE, the world’s largest commercial real estate services and investment firm, announce the sale of Magnolia Shoppes in the Coral Springs, Florida-submarket of Fort Lauderdale.  Franklin Street’s Bryan Belk and John Tennant, represented a private investor from Lexington, Kentucky, that acquired the property for $23.2 million. CBRE’s Casey Rosen and Dennis Carson represented seller Regency Centers in the transaction that closed July 17.  Franklin Street sourced the acquisition financing of $15.5 million from Citibank for the buyer at a fixed rate of 4.63 percent and will provide property management and retail leasing services for the new owners. No additional terms are available.

“We represented a client in a large 1031 exchange looking for a high-quality core investment,” says Bryan Belk, senior director of retail investment sales, Franklin Street.  “While there are many power centers on the market, there are few strong centers for sale in core locations of major markets.  The anchor, Regal Cinemas, had some of their strongest store sales for any location in their chain here.”  Belk was joined by John Tennant, senior director of retail investment sales, Franklin Street, in representing the buyer. 

“Magnolia Shoppes attracted significant buyer interest because of its affluent South Florida trade area and regional highway interchange location at the Sawgrass Expressway and University Drive,” said Casey Rosen, executive vice president at CBRE. “Buyers also favorably viewed the property’s internet-resistant tenant mix and successful Regal Cinemas anchor, which underwent a significant renovation in 2016.” 

Magnolia Shoppes is located at 9645 Westview Drive in Coral Springs, in the center of the South Florida MSA at the regional highway interchange of the Sawgrass Expressway and University Drive. The property is anchored by a recently renovated Regal Cinemas theater and totals 114,118 square feet.  Built in 1999, the shopping center is 100% leased with a tenant line-up of national names including Dollar Tree, Ben & Jerry’s, Broward Health and Creative Child Learning Center, H&R Block and W Salon & Spa. 

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.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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Bisk sells off Hav-A-Tampa property it bought for a big expansion in 2015

Excerpted from Tampa Bay Business Journal story.

Bisk Education has sold off the Hav-A-Tampa property it bought for an expansion almost three years ago.

Bisk, an online education company, acquired the 123,044-square-foot industrial building in East Tampa in September 2015 with plans to redevelop it in into office space.

On Tuesday, Franklin Street announced that it had sold the building — still an industrial property  — to Milani Property LLC. Chris Butler, managing director of office and industrial at Franklin Street, represented Bisk in the transaction.

For full story, visit https://www.bizjournals.com/tampabay/news/2018/07/24/bisk-sells-off-hav-a-tampa-property-it-bought-for.html

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Franklin Street Arranges Industrial Facility Sale in East Tampa for $4.7 Million

Franklin Street negotiated the sale of the former Hav-A-Tampa cigar company property located in East Tampa for $4.7 million.  The 123,044-square-foot industrial building was purchased by Florida-based Milani Property, LLC. Chris Butler of Franklin Street represented the seller, Bisk Education, Inc., in the transaction.

“Tampa has a lack of quality industrial space available, and as a result we received robust interest from users, investors and developers,” said Butler, Managing Director of Office and Industrial at Franklin Street.  “Franklin Street was able to find a buyer and close the transaction just six months after listing the property.” 

Built in 1981, the property is located at 3901 Riga Boulevard just off US Highway 301 in Sabal Park. The property sits on 7.6 acres at the corner of Princess Palm Avenue and Riga Boulevard.

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 Arranges Apartment Community Sale in Miami’s Little Havana

Franklin Street arranged the sale of Havana Gardens Apartments, a 12-unit rental community in Miami, Florida.  The property is located on 629 SW 10th Avenue in Miami’s Little Havana submarket.  The purchase price of $1.675 million, or $139,583 per door, represents the highest price per door for a 1920s-era multifamily property in the Little Havana submarket in 2018.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, Rafael Puig Living Trust, and secured the buyer, Jasray, LLC. The seller is a locally-based investor while the buyer resides in South America.  This is the second multifamily property that Franklin Street has sold for the same owner in a span of two months.

“The buyer is a foreign private equity group based in Argentina looking to capitalize on Florida’s strong economy and stability of multifamily assets that provide greater yields than alternative investments, strong in-place cash flow, asset appreciation and long-term wealth preservation,” said Perez, director of multifamily investment sales at Franklin Street.  “This transaction indicates that foreign money continues to pour into the Miami market, and investors still have a strong appetite for multifamily investments in South Florida, especially considering that the sale involved an all-cash buyer and a 1920s-era property.”

“We were introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who service the clients’ entire real estate portfolio, which significantly reduced their premiums and increased the value of the properties,” said Banegas, investment associate. “Due to Franklin Street’s market expertise and deal experience, we were able to compress the due diligence timeframe. We closed the transaction in under 45 days of going under contract, which benefited both the buyer and seller.”  

Built in 1925, Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath apartment units. The owner recently spent over $250,000 in capital improvements, including installing a new roof, kitchen cabinets, counter tops, bathroom vanities, toilets, showers, light fixtures, and resurfaced and hardened floors with tile in common areas. Other renovations involved adding individual water meters for all units, security cameras throughout the building, and new lighting in hallways.

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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Exclusive: Renovations draw new restaurant, coffeeshop to downtown Orlando high-rise

Excerpted from Orlando Business Journal story.

Meanwhile, exterior improvements continue on the building. Steelbridge has sunk about $3 million into renovations, including the lobby, over the past few years, Schooler said. Steelbridge related Steelbridge 20 North LLC bought the building in July 2014 for about $34.8 million, according to Orange County records. That’s when it was known as the Wells Fargo Tower and was just 76 percent occupied, as OBJ previously reported.

Schooler handled the retail leasing for the building, and Yvonne Baker, regional managing partner with Franklin Street, handled the office leasing.

For full story, visit https://www.bizjournals.com/orlando/news/2018/07/20/exclusive-renovations-draw-new-restaurant.html

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Cody Johnston Joins Franklin Street as Project Manager in Atlanta

Franklin Street, a full-service commercial real estate firm, announced today that Cody Johnston has joined the company’s Project Management division as a project manager.  In this role, Mr. Johnston will provide comprehensive project management and consulting services for both investor and occupier clients throughout the southeast. He will work in the firm’s Atlanta office alongside Nick Sanfilippo, senior vice president of project management. Mr. Johnston brings nearly a decade of experience in structural engineering and construction management for adaptive reuse, retail, and office projects. 

Most recently, Mr. Johnston served as assistant project manager for The Beck Group in Atlanta, where he was responsible for the overall direction, completion, and financial outcome of multiple, concurrent projects ranging from $5 to $15 million in value. Mr. Johnston previously worked as a regional engineer for The Reinforced Earth Company and managed more than 25 projects over five states simultaneously, with as much as $30 million in combined value. He was selected for the firm’s leadership development program and represented the company in Paris, France at the Junior Managers Seminar.

“We are really excited to have Cody on board,” said Sanfilippo. “Franklin Street’s Project Management division is rapidly expanding to service our client’s needs, and with Cody’s expertise and positive attitude, he is ready to be a part of the team and hit the ground running.” 

Mr. Johnston is a member of the Urban Land Institute, Associated General Contractors of America, and American Society of Civil Engineers. He also volunteers locally at Peachtree Presbyterian Church, Habitat for Humanity, and Bike Roswell. Mr. Johnston earned a master’s degree in business administration from the University of Georgia and a bachelor’s degree in civil engineering from Virginia Tech University. He is eligible for a Professional Engineer license and Project Management Professional (PMP) certification.

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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South Florida News in Brief for the week of July 20

Excerpted from South Florida Business Journal story.

Franklin Street represented 9th Street Homestead LLC in the $1.75 million purchase of 27 apartments at 160, 180 and 183 N.W. Ninth St. and 845 N.W. Second Ave. in Homestead. www.franklinst.com.

For full story, visit https://www.bizjournals.com/southflorida/news/2018/07/17/news-in-brief-07-20-2018.html