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Here’s the type of tenants that might be interested in Tavistock’s $117M industrial development

Excerpted from Orlando Business Journal story on planned 1.3 million square feet of distribution logistics facilities headed to the 206-acre Infinity Park just south of Orlando.

The planned new office space component isn’t surprising, as Infinity Park already has attracted Orange Lake Resorts — the company behind the Holiday Inn Club Vacations brand — to take up all the space in an existing 113,000-square-foot office building on the property, said Yvonne Baker, regional managing partner with Franklin Street. Also, nearby office park SouthPark Center has found success leasing its space off John Young Parkway near Destination Parkway.

Office users likely also are attracted to the location because it’s near Orlando International Airport. “It’s great land with frontage on John Young,” Baker said. 

For full story, visit https://www.bizjournals.com/orlando/news/2018/08/30/here-s-the-type-of-tenants-that-might-be.html

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

Excerpted from South Florida Business Journal story.

The South Florida Business Journal ranked commercial property management firms by square feet managed locally, July 2018.

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

FranklinSt.com

3.31 million 29 15 56

View the original story here: https://www.bizjournals.com/southflorida/subscriber-only/2018/08/24/commercial-property-management-firms.html

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Franklin Street Closes $2.7 Million Sale of Marlin Gardens Apartments in Miami

Franklin Street closed the sale of Marlin Gardens Apartments, an 18-unit rental community in Miami, Florida.  The property is located on 1129 NW 3rd Street in Miami’s Little Havana submarket.  The purchase price of $2.7 million, or $150,000 per door, represents the highest price per door for a 1920s-era multifamily property of over 10 units sold in Little Havana in the past decade. It is also the highest overall sales price for a 1920s-built apartment building sold in the Little Havana neighborhood within the last 12 months.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 1129 NW 3rd Street, LLC, and secured the buyer, Cribella of Florida, LLC. The seller is a locally-based investor while the buyer resides in Nicaragua.  This is the third multifamily property that Franklin Street has sold for the same owner in a span of four months. Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.

“South Florida continues to show a strong demand for multifamily investments as investors are willing to pay top of the market prices for assets such as Marlin Gardens,” said Perez, director of multifamily investment sales at Franklin Street.  “In a market where single-family home values continue to rise, more and more individuals are inclined to rent, keeping Miami’s rental market competitive and in high demand.” 

“With the recent social-economic troubles in many Latin American countries, Miami is experiencing an increased influx of foreign capital being deployed into the market, strengthening an already strong real estate sector,” said Banegas, investment associate.   

Built in 1927, Marlin Gardens features a unit mix of all 2-bedroom/1-bath units, with central A/C’s, and individual water meters. The owner completed a full rehab of the property by installing impact-resistant windows, kitchen cabinets, counter tops, modern appliance packages, bathroom vanities, toilets, showers, light fixtures, and LED lighting in the hallways. The renovation included a complete electrical overhaul, resurfaced and hardened floors with tile throughout the common area hallways. In addition, the building is ideally situated approximately two blocks from the world-famous Miami Marlins Stadium and walking distance to Flagler Street and Calle 8.  

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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Top Trends, Challenges and Opportunities for Jacksonville Retail Market

Florida’s economic boom, population growth and low unemployment rates continues to draw new retail and restaurant concepts into the market. However, commercial retailers are having to battle fast-rising construction costs and high rents across the state. Meanwhile, the grocery real estate scene is also seeing dramatic changes. Franklin Street’s Whitney Butler, director of retail leasing, shares her insights into how those factors are impacting Jacksonville and Northeast Florida.

When you reflect on the past year in the Jacksonville retail market, is there one trend or hot-button issue that stands out?

Retail is not dead!  If you look at the number of online retailers and food trucks that are now adding physical brick-and-mortar locations to grow their business, the outlook remains positive.  Some strong retailer examples are Warby Parker, UNTUCKit (who recently opened their first Jacksonville location), Fabletics and others.

Urban areas that are walkable and have growing hubs of restaurants, services and businesses are highly sought after as well.  Health, fitness and wellness are now key categories to fill retail space and large anchor boxes as they become available.

What are the biggest challenges in the Florida retail market today?

Rising costs and rent levels.  Rental rates are at an all-time high.  In retail, there is a direct correlation in the sales a retailer can generate from a location and the rents they can pay.  With less supply available and high retail space demand in the market, owners can push rental rates.  Those factors, coupled with the high and increasing cost of construction, makes it difficult to find locations and economics that work for both owners and retailers.

Although not necessarily a challenge, the continued growth and change of the grocery sector – primarily the specialty grocers like Whole Foods, GreenWise, Lucky’s, Trader Joe’s, and Sprouts – is a trend that everyone is watching. 

What makes the Jacksonville real estate market unique in comparison to other markets?

Jacksonville’s continued rise and recognition as a city that is sought-after by millennials and companies from all over is due in large part because we offer what both groups seek from a new city – a well-recognized art community, and a growing and thriving culinary scene with unique offerings and renowned chefs. This, of course, is in addition to our low cost of living, high-quality lifestyle, strong business climate and fantastic weather.  Retailers, restaurants and entertainment concepts are seeking out Jacksonville and, if they are not already here, they are definitely looking to come into the market.

What are some retailers that are actively expanding in Jacksonville? 

In Jacksonville, we are seeing large growth in the pet sector, especially pet care, coupled with a social component for animal lovers.  Dogtopia has their second store expected to open soon and DogTown USA is active locally, along with a few other similar concepts new to the market. 

TopGolf will continue to be a good one to watch as they get creative and find a way to use technology to offer an experience that translates into a more traditional retail and/or mall environment.  This strategy will provide a path of growth that is not confined to large tracts of land and a footprint that is hard to place in more urban and infill areas.

WeWork is defining how the co-working model can be successful, and even provide an answer for shopping center owners in driving foot traffic and bringing millennials back to the malls, where they are converting former department stores to WeWork locations.

Retail has been the source of media scrutiny in recent years, but is today’s retail landscape actually any riskier than it was a decade ago? 

Retail is and always will be everchanging.  We are really in no different of a state than when the dot com world began, and shopping centers were assumed to become “not as relevant.”     

The online world has empowered the consumer with knowledge and possibilities of new experiences.  So, the retailers that are changing with the consumer and always evolving to remain relevant are succeeding in today’s market.  Old school retailers that have not incorporated experience (higher-quality customer service, omni-channels, and a social presence that engages customers) are the ones not thriving.  Ulta is a great example of a traditional retailer that is growing and expanding in part due to their superior in-store experience.

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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Tough Mudder Bootcamp Coming To Atlanta With Up To 30 Locations

Excerpted from Bisnow story.

Franklin Street Senior Director Greg Eisenman said he does not expect the influx of new boutique fitness studios to slow down anytime soon in Atlanta. But, like any other major retail trend, it will eventually exhaust itself.

Part of the key for a successful studio is with the instructors. Their personalities and ability to lure in customers is critical to a studio’s success. But there are also a limited number of such professionals in any one market.

“In order to be successful, you [have] to have really good trainers. And these trainers become mini-celebrities,” he said. “There will come a point where there’s just too much and the market saturates.” 

For full story, visit https://www.bisnow.com/atlanta/news/retail/tough-mudder-bootcamp-coming-to-atlanta-with-up-to-30-locations-91935

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Four Questions to Ask Before You Hire a Commercial Real Estate Firm

Whether you’re a landlord, a tenant, a buyer or a seller, choosing which commercial real estate firm to represent you may be the most important predictor of your business success. Hiring the wrong firm could cost you time, money and countless setbacks. Here is a list of questions to consider before you make that crucial selection. 

1. Do they offer a full range of services? Real estate transactions are generally very complex and can involve multiple business lines such as tenant representation, landlord representation, investment sales, insurance, financing, property management and project management. Therefore, you need to consider how efficient a company can be when it comes to bringing in multiple service lines. Outsourcing services to multiple providers can often lengthen project times, add complexity for the client, and increase overall project costs. Full-service firms have a major advantage over their limited-service competitors because of their ability to aggregate multiple functions in an efficient manner for the client. 

2. Is the firm a local area expert?  The fact remains that achieving success in the real estate industry still depends on knowing the local market and having the right “boots on the ground.”  Leveraging the experience and expertise of a locally-based team is a crucial element of every successful transaction. It’s nice if a firm can claim that they have an international office in London or Tokyo.  But how exactly does that help your project in Atlanta or Tampa?  In the end, real estate remains a business where knowledge and relationships at the local market level matter.

3. Will they walk away from a bad deal?  Sometimes the best deal for a client is the one they never do. However, in most cases, real estate firms do not get paid unless a deal gets closed. So unfortunately, some disreputable firms will negotiate a transaction, even though it’s not in their client’s best interests. Do your due diligence beforehand to make sure that your advisors interests are aligned with yours. Check a potential firm’s references carefully and make sure you truly understand their value system and approach to business. 

4. Can the firm customize its system to fit your specific needs? Many businesses still run their operation with a “one size fits all” approach. For example, let’s say a global firm has a process established for a certain business and they literally plug thousands of clients into that same process.  It’s efficient and maximizes profits for them, but as a client you either plug into the process like everyone else or the machine spits you out.  The reality is many clients often get the same watered-down service.  In real estate, differentiation is critical and every deal is unique.  Clients can no longer afford to use the old-fashioned, path of least resistance approach. The best service providers operate with a “one size fits one” mentality and are nimble enough to tailor their approach on a project-by-project basis.  Find out whether the firm you’re considering hiring can customize their services to fit your specific needs.

ABOUT THE AUTHOR 

With over 20 years of experience, Kurt Keaton is responsible for the overall management and operations of Franklin Street Real Estate Services and Franklin Street Management Services. As the President of these divisions, he leads a client-centric team bringing together expertise in investment sales, tenant representation, landlord representation, property management, and project management.  He drives the firm’s business strategy for these services across office, industrial, retail, multifamily, and mixed-use product types in alignment with Franklin Street’s core values—Collaboration, Integrity, Hard Work, and Accountability.  He can be reached at Kurt.Keaton@FranklinSt.com.

 
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St. Petersburg’s Fusion 1560 sells for $81.1 million in mega apartment deal

Excerpted from Tampa Bay Times story.

ST. PETERSBURG — Fusion 1560, a 325-unit complex that was in the vanguard of St. Petersburg’s apartment boom, has sold for $81.1 million to a giant Chicago firm that manages Tampa’s International Plaza.

The price is nearly $25 million more than Fusion sold for three years ago, a sign of the rebirth of the city’s once seedy Edge District. And at nearly $250,000 per unit, it is among Tampa Bay’s biggest apartment deals ever.

“It’s a vote of confidence in St. Petersburg,” said Darron Kattan, an expert in multi-family housing for Tampa’s Franklin Street brokerage.

For full story, visit https://www.tampabay.com/news/business/realestate/St-Petersburg-s-Fusion-1560-sells-for-81-1-million-in-mega-apartment-deal-_171174754

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Tampa apartments sold for $31 million in quick value-add flip

Excerpted from Tampa Bay Business Journal story.

A New York investor that bought a Northeast Tampa apartment complex in 2017 has sold it after making several improvements to the property.

River View Apartments has been sold for $31 million or $104,729 per unit to River View Apartments LLC, which is tied to Radwan Nassri. The seller, New York-based River View Tampa LLC, paid $23.4 million in 2017.

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Tampa-based Franklin Street represented both the buyer and the seller in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services for the property.

For full story, visit https://www.bizjournals.com/tampabay/news/2018/08/24/tampa-apartments-sold-for-31-million-in-quick.html

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South Florida Business News in Brief for the week of Aug. 24

Excepted from South Florida Business Journal story.

Franklin Street arranged the $2.5 million sale of Waters Edge Apartments, a 16-unit rental community at 550 N.E. 20th St. in Wilton Manors. www.franklinst.com.

For full story, visit https://www.bizjournals.com/southflorida/news/2018/08/21/news-in-brief-08-24-2018.html

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Tampa Asset Commands $31M

Excerpted from Multi-Housing News story.

River View Apartments LLC acquired the River View Apartments, a 296-unit, garden-style apartment community in Tampa, Fla., from River View Tampa LLC, for $31 million.

Franklin Street arranged the transaction on behalf of both parties.

“The seller did well with 18 months of ownership and the buyer is a long-term holder that believe there is a lot of future value to come,” Darron Kattan, Franklin Street’s managing director, told MHN. “Rents on a per foot level are low and the seller proved out a higher rent structure with a full renovation of 10 percent of the units.”

Franklin Street also brokered the sale the last time the community was on the market, arranging the $23.4 million sale of the property in 2017.

“The owner made a significant amount of capital improvements to River View and quickly resold the property at a much higher price,” Kattan said. “Investor demand remains strong for well-located multifamily assets in established submarkets such as Northeast Tampa and cap rates continue to move down.”

Originally built between 1971 and 1972, the River View Apartments features 30 two-story apartment buildings with a single-story clubhouse containing a fitness center. Amenities at the property include a pool, gym, picnic areas, dog park, resident clubhouse, private patios and river views.

A LEADER IN THE SUBMARKET
The complex is located at 5659 Del Prado Dr., in Northeast Tampa and offers excellent visibility on the highly trafficked 56th St., and is an easy commute to downtown Tampa, Busch Gardens, University of South Florida, Hard Rock Hotel, NetPark and many other job centers in Northeast Tampa.

“River View is the premiere apartment property in the submarket its located in,” Kattan said. “It has large units, the best site plan, river views from many units, and the best amenities and layouts of any of the competition.”

Joining Kattan on the deal were Kevin Kelleher, Zachary Ames and Robert Goldfinger. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.

In June, Franklin Street arranged the disposal of Royal Palms Apartments, a 27-unit community in Miami’s Homestead submarket for $1.7 million. A month earlier, 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/tampa-asset-commands-31m/