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Franklin Street Hires New General Manager for Austin Center in Tampa

Franklin Street announced today that Andrew Kunisch has joined the company’s Property Management Services division as the general manager for the Austin Center, a 299,000-square-foot office complex in the Westshore submarket of Tampa.  In this role, Mr. Kunisch will direct all daily operations, capital projects and revenue generation efforts for five office buildings on a 10.4-acre parcel that is exclusively managed by Franklin Street. He brings 16 years of commercial property management experience including staff supervision, budget creation, construction management, leasing, capital projects, and contract negotiation.

Most recently, Mr. Kunisch served as Senior Property Manager for Elv Associates, where he was responsible for overseeing the firm’s commercial asset portfolio in Boston and Washington, D.C.  He successfully managed more than $35 million in revenue annually, $15 million in operating budgets and over $5 million in capital construction projects to include elevator modernizations, complete HVAC replacements, floor renovations, tenant improvement projects and roof replacements. 

“Andrew will be a key contributor to our Tampa property management team and his leadership skills will have a major impact on our efforts to better serve our office property owners and tenants,” said Melissa Hazlewood, senior vice president of property management for Franklin Street. “He is a highly-qualified professional with extensive asset management experience with a variety of property types.”

Previously, Mr. Kunisch held property management positions with Lincoln Property Company and Colonnade Management/Columbus Properties, where he achieved LEED Silver certification for assets under management. He also led the development of energy efficiency policies that resulted in Energy Star certifications for assets not previously earned. Mr. Kunisch earned a bachelor’s degree from Fordham University. He also holds a Licensed Property Manager designation and is a certified Fire Safety Director through the State of New York.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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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Movers & Shakers: Blanca hires new SVP, Engel & Völkers names head of luxury division in Fort Lauderdale & more

Excerpted from The Real Deal story.

Joe Rubin, a former director of acquisitions for American Landmark Apartments, joined Franklin Street as director of the company’s multifamily investment sales. Rubin will focus on multifamily sales in South Florida and up the Treasure Coast. He’s also worked for Ocwen Financial Corporation and Marcus & Millichap.

Franklin Street also named Mark Behling a retail investment sales senior associate.

For full story, visit https://therealdeal.com/miami/2019/01/21/movers-shakers-blanca-hires-new-svp-engel-volkers-names-head-of-luxury-division-in-fort-lauderdale-more/

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Franklin Street Negotiates $2.2M Ground Lease Sale of Newly-Constructed Arby’s in Atlanta MSA

Franklin Street has arranged the $2.2 million ground lease sale of a newly-constructed, single-tenant Arby’s restaurant in Acworth, Ga., a northwest suburb of Atlanta. Located at the intersection of Highway 92 and Baker Road, the 2,400-square-foot Arby’s is situated on a 1-acre parcel of land. The quick-serve restaurant with a drive-thru recently signed a 20-year corporate-guaranteed lease.

John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Kenny Properties, LLC of Marietta, Ga., in the marketing of the restaurant. The buyer was WGS Holdings I, LLC of Charlotte, N.C., who plans to hold the property for long-term investment. 

“This transaction confirms that private investors are still actively chasing high-quality single-tenant assets with stabilized returns such as this Arby’s,” said Tennant, senior director of retail investment sales at Franklin Street. “The site’s proximity to I-75 in the Atlanta metro area helped draw attention from prospective buyers nationwide. We received multiple full-price offers within the first two weeks of marketing the property.”

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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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New Mixed-Use Projects Boost 2019 Tampa Retail Outlook

The Tampa Bay retail sector will rise higher in 2019 as landlords and tenants look to ride the wave of new construction and economic development underway. The most notable trend has been a dramatic rise in the number of mixed-use developments being built here, such as the 22-acre Midtown Tampa and the $3 billion Water Street project in downtown Tampa. While some other cities were faster to embrace these types of “live-work-play” communities, Tampa is seeking to completely redefine the concept of urban living. 

The fact that these projects finally broke ground is especially significant because the Tampa area had not seen any new mixed-use developments in years. Developers are also building similar mixed-use properties in the trendy Hyde Park and Seminole Heights neighborhoods. Local retailers are taking notice as many shops and restaurants are already looking to either add a new location or to relocate from their existing site at less popular shopping centers. We expect to see traditional mall retailers to consider moves to up and coming mixed use locations with potential for higher foot traffic.

Grocers, health & wellness drive growth

As the mixed-use construction surge rages on, Tampa’s grocery store chain market continues to show room for further growth. In the 1990s, Florida residents mostly had two large grocers to choose from — Publix and Winn-Dixie. More recently, the area has welcomed several organic and discount food retailers including Lucky’s, Aldi, Trader Joe’s, Sprouts, Whole Foods and Earth Fare. Their success has become the rising star of Tampa’s retail market as many redevelopments and new developments include a grocery anchor. Some of these chains will certainly be seeking future homes at mixed-use properties currently under construction.

Another trend to keep an eye on is the ongoing expansion of wellness brands across the Tampa Bay market. Urgent care centers, health specialists, boutique fitness brands, and new beauty concepts are pursuing spaces in retail centers.  These tenants are popular with landlords because once the client base is established, these tenants bring steady traffic through their centers and are typically resistant to any coming recession.

Occupancy and rental rates climb

Midtown Tampa and Water Street are already making a major positive impact on the surrounding neighborhoods and shopping centers. The Downtown area is seeing strong investor demand for available land nearby. Retail occupancy and rental rates have been climbing steadily and they may hit record levels.  New construction will push rents higher as the costs of construction, materials and labor are all increasing at a rapid pace unsustainable pace.  At some point retail rents will likely pass the tipping point of sustainability.  

How long will it take before rising construction and labor costs hit a peak and new development slows down? Nobody knows for sure, although these exciting new mixed-use projects give us solid reasons to believe that Tampa will sustain its growth in 2019 and beyond.

About the Authors

As Senior Director, Brian Bern oversees all of Franklin Street’s retail leasing business development for the Retail Tenant Services Group in Tampa. He specializes in retail tenant representation, landlord leasing, disposition, land transactions, and helping developers identify sites for shopping center development. He can be reached at Brian.Bern@FranklinSt.com.

As Senior Director specializing in Retail Landlord Representation in Franklin Street’s Tampa office, Alex Wright works 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 can be reached at Alex.Wright@FranklinSt.com.

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Cousins Properties succeeds by being customer centric

Excerpted from Business Observer story.

Late last year, in one of the largest new office leases executed in the Tampa market in all of 2018, insurer Baldwin Krystyn Sherman Partners committed to relocating its corporate headquarters to two floors in Cousins’ Corporate Center II building.

The insurance brokerage’s 61,598-square-foot lease in space being vacated by Baltimore-based financial manager T. Rowe Price & Associates was negotiated by JLL’s Ruffner and Sovich and commercial brokerage Franklin Street’s Chris Butler and Ryan McCurdy.

For full story, visit https://www.businessobserverfl.com/article/cousins-properties-atlanta-tampa-westshore-kyle-burd-parkway-cbre-office-development-jll

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Franklin Street Secures $7.275M Sale of Retail Center in Raleigh, N.C., MSA

Franklin Street, one of the fastest-growing full-service commercial real estate firms in the Southeast, arranged the sale of Clayton Town Center in the Clayton submarket of Raleigh, N.C.  Franklin Street’s Bryan Belk and John Tennant represented the seller, Sand Capital of Scottsdale, Ariz.,  in the transaction.  Raleigh-based Raleigh Creekside Crossing, LLC acquired the property for $7.275 million.

“We had a large number of investors interested in this retail center due to its proximity to Raleigh and upside in leasing,” says Belk, senior director of retail investment sales at Franklin Street’s Atlanta office.  “Raleigh has consistently been one of the strongest growth metros in the country.  The area’s steady job and population growth has attracted interest from buyers across the country to the market.” 

Clayton Town Center is located at 813 Town Centre Boulevard just 10 miles southeast of downtown Raleigh. The newly renovated property is shadow-anchored by a Walmart and totals 70,682 square feet.  Built in 2003, the shopping center features a tenant line-up of national names including Dollar Tree, Sally Beauty, H&R Block, Liberty Tax, Cricket Wireless and Maurices.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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 Sand Capital:  Sand Capital is a privately held real estate investment company controlled by the principals of Sandor Development Company, one of the largest privately held retail developers in the United States. Sandor Development was founded in 1963 and owns over 8 million square feet of shopping centers in 25 states throughout the country.

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Franklin Street Brokers Office Lease Renewal for Shutts & Bowen in Tampa

Franklin Street, a full-service commercial real estate company, has secured a 46,832-square-foot office renewal for Shutts & Bowen, LLP, a Florida-wide business law firm. Shutts & Bowen signed a 10-year lease at Corporate Center IV at International Plaza, an office tower located in the heart of Tampa’s Westshore business district. In 2018, the firm celebrated its 108th business anniversary including eight years at the current site in Westshore.

Chris Butler, managing director for Franklin Street’s Office and Industrial division, negotiated the lease renewal on behalf of Shutts & Bowen, which has offices in Tampa, Fort Lauderdale, Jacksonville, Miami, Orlando, Sarasota, Tallahassee and West Palm Beach. Cushman & Wakefield’s Jimmy Garvey represented the landlord in the transaction.

“This lease renewal represents a strong commitment by a successful statewide firm to ensure their office remains in the largest commercial market in the Tampa Bay region,” said Butler.  “Franklin Street is honored to partner with Shutts and Bowen for this exciting new phase of growth in the firm’s history.” 

Built in 2008, Corporate Center IV at International Plaza is Westshore’s newest premier, Gold LEED-certified office building. The Class A, eight-story building with more than 250,000 square feet is immediately adjacent to International Plaza Mall and Tampa International Airport. Corporate Center IV is centrally located with easy access to I-275, Veterans Expressway and State Road 60.

About Shutts & Bowen LLP: Established in 1910, Shutts & Bowen is a full-service business law firm with 50 attorneys licensed in the Tampa office and more than 290 lawyers working in major metropolitan markets across Florida. Learn more about Shutts & Bowen at www.shutts.com.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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-secures-office-lease-renewal-for-shutts-bowen-in-tampa/

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Big-box gym chain plans five locations in Tampa Bay that could backfill the region’s remaining dark retail space

Excerpted from Tampa Bay Business Journal story.

An Arizona chain of big-box fitness facilities will make its Florida debut in the Tampa Bay region.

EōS Fitness, based in Phoenix, says it is planning five locations in the Bay area, which it has yet to disclose. Besides standard cardio and weight equipment, EōS also offers a turf area it calls “The Yard,” a large open turf area for training with battle ropes and weighted sleds. It bills itself as a “high value low price” gym, with memberships that start at $9.99 per month. Among its other amenities are “MOVEōS Cinema, where movies are played during workouts and a range of cardio equipment is available.” 

It also offers group fitness and cycle classes, a basketball court, indoor pool, hot tub, separate men’s and women’s saunas and a kids’ area with a jungle gym, basketball court and mini movie theater.

On average, an EōS Fitness location is 50,000 square feet — making it a very large tenant by retail real estate standards. Many of the retailers that have expanded in the Tampa Bay area in the last five years are in the junior box category, between 20,000 and 35,000 square feet.

Fitness concepts have been among the most active tenants in Tampa Bay’s retail real estate market, taking up spaces in strip centers and retail redevelopments. But EōS is among the largest of those fitness concepts.

“It’s really encouraging,” said Brian Bern, a senior director at Franklin Street who specializes in retail real estate. “It’s great because it gets rid of the remaining Sports Authority or Sears boxes that are out there. It helps absorb some of those spaces from the big tenants that we’ve lost.”

For full story, visit https://www.bizjournals.com/tampabay/news/2019/01/22/big-box-gym-chain-plans-five-locations-in-tampa.html

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Franklin Street Secures Office Lease Renewal for Shutts & Bowen in Tampa

Franklin Street, a full-service commercial real estate company, has secured a 46,832-square-foot office renewal for Shutts & Bowen, LLP, a Florida-wide business law firm. Shutts & Bowen signed a 10-year lease at Corporate Center IV at International Plaza, an office tower located in the heart of Tampa’s Westshore business district. In 2018, the firm celebrated its 108th business anniversary including eight years at the current site in Westshore.

Chris Butler, managing director for Franklin Street’s Office and Industrial division, negotiated the lease renewal on behalf of Shutts & Bowen, which has offices in Tampa, Fort Lauderdale, Jacksonville, Miami, Orlando, Sarasota, Tallahassee and West Palm Beach. Cushman & Wakefield’s Jimmy Garvey represented the landlord in the transaction.

“This lease renewal represents a strong commitment by a successful statewide firm to ensure their office remains in the largest commercial market in the Tampa Bay region,” said Butler.  “Franklin Street is honored to partner with Shutts and Bowen for this exciting new phase of growth in the firm’s history.” 

Built in 2008, Corporate Center IV at International Plaza is Westshore’s newest premier, Gold LEED-certified office building. The Class A, eight-story building with more than 250,000 square feet is immediately adjacent to International Plaza Mall and Tampa International Airport. Corporate Center IV is centrally located with easy access to I-275, Veterans Expressway and State Road 60.

About Shutts & Bowen LLP:
Established in 1910, Shutts & Bowen is a full-service business law firm with 50 attorneys licensed in the Tampa office and more than 290 lawyers working in major metropolitan markets across Florida. Learn more about Shutts & Bowen at www.shutts.com.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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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Ally Capital Group Acquires Tampa Office Complex

Excerpted from Commercial Property Executive story.

Ally Capital Group has acquired Austin Center, a 299,000-square-foot office complex in Tampa, Fla., from RS Westshore LLC, an affiliate of Redstone. The deal marks just the second time the complex has traded since its completion in 1975.

Located at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd., the five-building office campus sits on 10.4 acres in the Westshore neighborhood. The complex is situated adjacent to International Plaza Mall and Tampa International Airport, and provides easy access to Interstate 275, Veterans Expressway and State Road 60.

Ben Miller and Casey Siggins of Franklin Street Capital Advisors arranged financing for the deal through Valley Bank’s Tampa location. ACG has tapped Tampa-based Franklin Street to lease, manage and provide insurance for Austin Center.

For full story, visit https://www.cpexecutive.com/post/ally-capital-group-acquires-tampa-office-complex/