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5 Questions With Atlanta’s CRE Power Women, Part 2

Excepted from Bisnow story on the 2018 Atlanta CRE Power Women inductees.

Franklin Street Real Estate Services Senior Vice President Monetha Cobb 

Bisnow: How do you describe your job to people who are not in the industry?

Monetha Cobb: Because I’m in retail, I believe what we do resonates a bit more with non-real estate folks. Everybody shops or eats out, so it’s pretty simple to explain that my teams assist retail operators in locating the best real estate for their particular use. I think the harder part is explaining just what all tenant rep services entail, from creating a strategy for expansion, market analysis, site due diligence and negotiations.

Bisnow: What is the biggest business problem you have faced and how did you solve it?

Cobb: The biggest business problems aren’t typically a one-time fix in my world, although we are constantly working to improve them and have found successes along the way. One of the most important ongoing challenges we have is communication at all levels within the company. This issue is common in all companies, but especially so in companies like Franklin Street, where we have experienced exponential growth over the past 10 years, going from three guys in an apartment to over 350 employees in six offices. I’ve found consistency with communication is key. When the teams know what is expected and understand when it needs to be done, we achieve much more engagement. Another way we’ve improved training communications is allowing team members to do it based on their own work schedules. Instead of having a one-time presentation or meeting, we’ve made recordings or videos of those events available to the employees to watch or listen at a later date to when they can do so.

Bisnow: What is one thing you think companies can do to address wage and gender inequality? 

Cobb: Having male corporate leadership discuss it more openly in public forums. So many people, men and women, hear “wage and gender inequality” and still dismiss the problem, especially when you hear about it from a woman who has been very successful in her career.

Bisnow: What piece of advice do you give others entering the industry?

Cobb: Seek out a team or boss that appreciates your abilities. No matter your age or experience level, you need to bring a skill set to the group that nobody else on that team possesses. Make yourself invaluable and be prepared to work hard.

Bisnow: What do you do to unwind when you’re not working?

Cobb: Spend time with family and friends [and] enjoy the outdoors as much as possible. I have a first grader right now and trying to find more time to spend with him is my highest priority. I don’t want to miss a moment watching him grow up.

Read more at: https://www.bisnow.com/atlanta/news/commercial-real-estate/5-questions-with-atlantas-cre-power-women-part-2-95381

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Sanitas Medical Centers moving into retail properties

Excerpted from Shopping Centers Today story.

More medical service providers want to grow revenues by reaching out directly to customers, and increasingly they’re doing it in shopping centers or in freestanding retail buildings adjacent to multi-tenant centers.

The latest example comes from Florida, where Sanitas Medical Centers recently signed 14 long-term leases to open facilities across the central and southern portions of the state.

Franklin Street’s Terrence Hart and Tim Rogers in Orlando and Justin Berryman in South Florida represented the tenant in the transactions. “In May of 2018, our retail leasing team was contacted by Sanitas to discuss locating eight new medical centers in Orlando and one in Palm Beach. The biggest challenge we faced was that these locations had to be operational by December 2018,” said Hart, senior retail leasing director at Franklin Street’s Orlando office. “In order to execute such a massive rollout over a short period of time, we needed to put Franklin Street’s Orlando and South Florida leasing teams into action, while balancing our existing clients’ needs. Due to our quick responses and ability to execute the deals, Sanitas honored us by awarding the assignment to serve as its exclusive broker for the South Florida expansions.”

“The new Sanitas Medical Centers will bring high-quality and comprehensive primary care services to each local community,” said Alberto Darsa, chief financial officer at Sanitas Medical Centers, in a press release.

Sanitas Medical Centers, a joint venture between two health-care organizations – GuideWell Mutual Holding Company and Organización Sanitas Internacional, under the Keralty brand. GuideWell is a U.S.-based not-for-profit mutual holding company and the parent to a family of forward-thinking companies focused on transforming healthcare. Sanitas is a leading multi-national health organization serving more than 3 million people with presence in United States, Mexico, Colombia, Venezuela, Peru, Brazil, Spain, Russia, Vietnam, Indonesia and the Philippines. 

For full story, visit https://www.icsc.org/news-and-views/icsc-exchange/sanitas-medical-centers-opens-14-units-in-florida

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Franklin Street Closes $3.4 Million Sale of Multifamily Community in Jacksonville, Florida

Franklin Street’s North Florida office brokered the sale of Casa Grande Apartments, a 59-unit rental community in Jacksonville, Fla.  The property is located on 6455 San Juan Avenue in Jacksonville’s Hyde Grove neighborhood.  The purchase price of $3,414,000, or $57,864 per unit, represents the highest price per unit  for a 1960s-era multifamily property of less than 100 units sold in the Jacksonville market.

Franklin Street’s Jim Reed, director of multifamily investment sales,  brokered the sale on behalf of the sellers, a California-based real estate investment group, with the assistance of St. Johns Properties of Jacksonville, which will be managing the property for the buyer. The buyer is a consortium of investors led by Rama Krishna of Cupertino, Calif., who have acquired a total of 130 apartment units in Jacksonville this year. Franklin Street’s Lonnie Kitchen provided insurance services for the asset. Agency financing was provided through the Atlanta office of CBRE.

“Casa Grande is a real gem on the west side of Jacksonville, having been expertly maintained with no deferred maintenance of any kind,” said Reed.  “The asset is well positioned to provide years of successful operations to the buyers.  The price is truly indicative of the level of investor interest in the Jacksonville market.”

The property has been enhanced with over $100,000 in capital improvements completed over the last two years.  Casa Grande has six two-story buildings of concrete block construction and features a pool and coin laundry.  Casa Grande is conveniently located on San Juan Avenue between Jammes Road and Lane Avenue with easy access to I-295 and I-10.

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 $3.4M Multifamily Sale in Jacksonville

Franklin Street’s North Florida office brokered the sale of Casa Grande Apartments, a 59-unit rental community in Jacksonville, Fla.  The property is located on 6455 San Juan Avenue in Jacksonville’s Hyde Grove neighborhood.  The purchase price of $3,414,000, or $57,864 per unit, represents the highest price per unit  for a 1960s-era multifamily property of less than 100 units sold in the Jacksonville market.

Franklin Street’s Jim Reed, director of multifamily investment sales,  brokered the sale on behalf of the sellers, a California-based real estate investment group, with the assistance of St. Johns Properties of Jacksonville, which will be managing the property for the buyer. The buyer is a consortium of investors led by Rama Krishna of Cupertino, Calif., who have acquired a total of 130 apartment units in Jacksonville this year. Franklin Street’s Lonnie Kitchen provided insurance services for the asset. Agency financing was provided through the Atlanta office of CBRE.

“Casa Grande is a real gem on the west side of Jacksonville, having been expertly maintained with no deferred maintenance of any kind,” said Reed.  “The asset is well positioned to provide years of successful operations to the buyers.  The price is truly indicative of the level of investor interest in the Jacksonville market.”

The property has been enhanced with over $100,000 in capital improvements completed over the last two years.  Casa Grande has six two-story buildings of concrete block construction and features a pool and coin laundry.  Casa Grande is conveniently located on San Juan Avenue between Jammes Road and Lane Avenue with easy access to I-295 and I-10.  

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.  

 

Read article on Blau Journal at: https://www.blaujournal.com/franklin-street-closes-3-4m-multifamily-sale-in-jacksonville/

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Orlando Largest Property Management Cos.

The Orlando Business Journal ranked commercial property management firms by total Central Florida square feet managed.

Rank Address
Telephone
Total C Fla. SF for Properties Managed Industrial space managed Office space managed Retail space managed
#22 Franklin Street

20 N. Orange Ave. #610
Orlando, FL 33801
407-458-5400

FranklinSt.com

1,142,571 110,758 824,000 207,813

View the original story here: https://www.bizjournals.com/orlando/subscriber-only/2018/11/23/largest-property-management-cos.html

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The Sanitas Medical Centers Healthcare Chain Is Exploding Across Florida, Connecticut, New Jersey

Excerpted from Bisnow story.

It’s the call every retail leasing agent loves to get: a client ready to sign leases on multiple locations. Except in this case, with the rapidly expanding Sanitas Healthcare Centers, agents needed to hustle.

According to Orlando-based Franklin Street Senior Retail Leasing Director Terrence Hart, the healthcare company called in May, looking for locations for clinics in Orlando and Palm Beach,  but “these locations had to be operational by December 2018,” Hart said in a statement.

Franklin Street Director for Retail Landlord Services in South Florida Justin Berryman was told in September to find several locations, with one catch: They would have to open by the first of the year. 

“I had never heard of them until the summer,” Berryman said. 

Sanitas started out as the Colsanitas insurance company in Colombia in 1980. In the 1990s, it branched into facilities, opening hospitals, laboratories and dental and vision centers in Venezuela, Peru, Brazil and Mexico.

To improve its pipeline of healthcare workers, it even opened a university in Bogota. It expanded to Russia, Vietnam, Indonesia, the Philippines and the U.S., eventually reaching 800 cities. The company began rebranding as Keralty in February. 

About five years ago, a team from GuideWell (the parent company of Florida Blue health insurance, which is the Florida arm of Blue Cross Blue Shield) sent executives to Latin America to tour Sanitas’ facilities there and study the culture around healthcare delivery. The companies then partnered up to open the first Sanitas sites in Doral, Hialeah and West Kendall, focusing on personalized and culturally sensitive care. There are no co-pays and the centers are bilingual.

“We’re well beyond [being an insurance company],” Florida Blue CEO Pat Geraghty told the Orlando Sentinel.

The medical centers offer primary care, urgent care, lab services, diagnostic imaging and pharmacy services. Clinics are targeted to patients insured through Medicare or Obamacare.

By 2017, Sanitas grew to 11 locations in the U.S. — nine in Florida and two in Connecticut. This year came a move into New Jersey as well as the Florida expansion. Ultimately, Sanitas has grown to 14 new locations here. 

Franklin Street’s leasing teams from both Orlando and South Florida teamed up, found space, executed the deals and were rewarded by being named Sanitas’ exclusive broker for the South Florida expansions.

Berryman
said Sanitas took spaces around South Florida as small as 4K SF and as big as 13K SF, and paid market rate, about $30-$40 PSF in submarkets like Coral Gables and in the teens in the cheaper submarkets. Mostly, the centers found second-generation space that had been vacated by other doctor’s offices or urgent care businesses, some in medical office parks and some in free-standing buildings. 

“The coolest thing about them is, it actually shows the pricing,” he said, remembering signage in Doral. That was a refreshing change to typical American healthcare, he said. “You always go to the doctor and three months later, get a bill for $8K.”

Read more at: https://www.bisnow.com/south-florida/news/retail/saints-medical-centers-florida-95140

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Franklin Street Arranges Leases for 14 Sanitas Medical Centers in Florida

Franklin Street has arranged long-term leases for 14 new Sanitas Medical Centers across metro Orlando and South Florida. The Central Florida centers will be situated in Orange, Seminole, and Osceola counties, including two locations in east Orlando, a location in Ocoee, a location in Longwood, two locations in Kissimmee, a location in Poinciana and a location near Mall of Millenia. The South Florida centers will be situated in Palm Beach, Broward and Miami-Dade counties, including locations in Wellington, Miami Lakes, Coral Gables, Palmetto Bay and Pompano Beach. Franklin Street’s Terrence Hart and Tim Rogers in Orlando and Justin Berryman in South Florida represented the tenant in the transactions.

“In May of 2018, our retail leasing team was contacted by Sanitas to discuss locating eight new medical centers in Orlando and one in Palm Beach. The biggest challenge we faced was that these locations had to be operational by December 2018,” said Hart, senior retail leasing director at Franklin Street’s Orlando office. “In order to execute such a massive rollout over a short period of time, we needed to put Franklin Street’s Orlando and South Florida leasing teams into action, while balancing our existing clients’ needs. Due to our quick responses and ability to execute the deals, Sanitas honored us by awarding the assignment to serve as its exclusive broker for the  South Florida expansions.”

“The new Sanitas Medical Centers will bring high-quality and comprehensive primary care services to each local community,” said Alberto Darsa, chief financial officer at Sanitas Medical Centers. “Franklin Street‘s support during this expansion enabled us to achieve our goal to successfully complete our market launch before the end of the year.”

About Sanitas Medical Centers:  Sanitas Medical Centers is a joint venture between two leading health care organizations – GuideWell Mutual Holding Company and Organización Sanitas Internacional, now under the Keralty brand. GuideWell is a U.S.-based not-for-profit mutual holding company and the parent to a family of forward-thinking companies focused on transforming healthcare. Sanitas is a leading multinational health organization serving more than 3 million people with presence in United States, Mexico, Colombia, Venezuela, Peru, Brazil, Spain, Russia, Vietnam, Indonesia and the Philippines.  The companies are collaborating to expand access to high quality and culturally relevant health care in the United States.

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, a One Tampa Bay honoree

Excerpted from Tampa Bay Business Journal story.

As citizens of the communities in which they live and work, the employees of Franklin Street believe they have a civic responsibility to serve the public and integrate philanthropy into its business culture. 

With core values of collaboration, integrity, hard work and accountability, Franklin Street focuses on partnerships with several local organizations each year by donating its time to service their needs and by hosting companywide fundraising campaigns to benefit their causes.

The company has seen dramatic increases in the year-over-year numbers, which, directly correlates to Franklin Street’s passion for giving back. Last year, Franklin Street developed a commitment to involving its team members in the process of selecting the organizations that would benefit from Franklin Street’s fundraising programs. 

For full story, visit https://www.bizjournals.com/tampabay/news/2018/11/15/franklin-street-a-one-tampa-bay-honoree.html

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Rocketing rental rates: Local rates rising at one of the fastest paces in the nation

Excerpted of Jacksonville Business Journal story.

When Jaymee Yocum opened Bark Boutique on Park Street about nine years ago, she said she remembered paying about $800 a month in rent.

Almost a decade on from the Great Recession, the combination of a booming Five Points submarket and positive economic growth across the country has Yocum now paying multiple times that amount — ”and I actually have a good deal,” Yocum joked.

While the median rate for small retail spaces in the Riverside, Brooklyn, Avondale and Murray Hill neighborhoods are around $13.41 per square foot, according to CBRE’s annual State of Florida retail report, Yocum has heard of rents as high as $40 per square foot at the most-highly sought-after intersections in the area.

“I have a 10-year lease, and I recently signed another,” she said. “Thank God I got in when I did.”

Other retailers — particularly locally owned small businesses on the First Coast — are feeling the crunch, with the average asking prices for retail space in the greater Jacksonville area having risen 12 percent year-over-year, one of the highest increases in the country. 

The only markets where rates are growing faster are Miami and Oakland, California — at 14 percent and 13 percent respectively — while metros like Cleveland, Indianapolis and Louisville saw declines.

Why the rent is so dang high

The main cause of the rocketing rental rates in Jacksonville (and throughout the Southeast) is the population growth that the region has seen in recent years, said CBRE Florida Research Manager Scott Brien.

The Jacksonville market has experienced a 2 percent annual population growth rate that shows no signs of slowing down, CBRE noted in its 2018 Southeast real estate market outlook. 

“The consumers are here,” Brien said, which is driving the demand for retail space. 

And even as that demand grows, the supply is not.

While the marketwide vacancy rate hovered around 4 percent and more than 1.7 million square feet of retail space were absorbed in 2017, only around 500,000 square feet were under development. Even with demand rising, only about 800,000 square feet are under development.

The cost of that construction is also going up, said Carrie Smith, managing director at Franklin Street, with more expensive land and rising building material prices being passed on to tenants. 

That rise in construction cost can also be attributed to an increase in the average rate of labor cost, which is being driven by a construction labor shortage. David Kottmyer, vice president of operations for Danis, told the Business Journal that the company has been advising its clients to include escalation costs in project budgets. 

For full story, https://www.bizjournals.com/jacksonville/news/2018/11/09/rocketing-rental-rates-local-rates-are-rising-at.html

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Long-term prospects for downtown Orlando building look ‘positive’

Excerpted from Orlando Business Journal story.

While projects have been proposed north of downtown’s central business district in recent months, it remains uncertain if office tenants are willing to move there just yet.

That’s the case with the $36 million redevelopment of the 500 N. Orange Ave. building, also known as the AT&T/Bell South building, where plans have stalled as an office tenant is being sought.

Flint, Mich.-based developer West Second Street Associates will gut and revamp the vacant five-story building to create new Class A office space at Amelia Street and Orange Avenue as soon as an unspecified amount of pre-leasing is completed, said Micah Strader, first vice president of CBRE Group Inc. (NYSE: CBRE), who is handling office leasing. West Second Street Associates couldn’t be reached for comment.

Part of the challenge with luring office tenants is that most users have specific demands, which may or may align with a particular building, said Yvonne Baker, regional managing partner with Franklin Street, who is not involved with the project. And, while there have been proposed developments near the AT&T/Bell South building, the project itself is located outside the amenities that downtown Orlando’s core offers.

Still, 500 N. Orange Ave. has many benefits including its proximity to a SunRail station and to the $1 billion Creative Village project — which will include UCF Downtown, the soon-to-open shared campus of the University of Central Florida and Valencia College. “Longterm prospects for that building should be very positive,” Baker said.

For full story, visit https://www.bizjournals.com/orlando/news/2018/11/08/longterm-prospects-for-downtown-orlando-building.html