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Holiday Traditions at Franklin Street

An Interview with Melissa Hazlewood, SVP, Management, Franklin Street

It’s not too early to think about holiday plans for your properties and team! So we asked Melissa Hazlewood, a client with a lot of holiday spirit, to share some of her company’s traditions for celebrating the holiday at her properties, with her team and the community.

Melissa believes in holding Christmas celebrations at her properties and with her staff, because “Christmas is a great time to visit with tenants and people she doesn’t see often — to reconnect.” She also believes that “Christmas is about doing for others, especially the less fortunate.” Over the years, The Salvation Army Angel Tree program has turned into a fun team project!

In fact, The Salvation Army Christmas Angel Tree program has grown into an annual company tradition! Learning about how much The Salvation Army and this program had meant to Jack and Reba Couture, the parents of A1 Orange president Vickie Head, she began participating as a way of honoring their memory for her.

She enjoys being part of this wider community’s effort with giving and generous people. Each year, Melissa shares A1 Orange’s Christmas Angel email with her staff and they always have great participation!

Thanks for answering questions about your holiday traditions at Franklin Street with us, Melissa.

Do you decorate in any way for the holidays at your properties? Yes, all buildings get decorations per approved budgets.

Do you hold any holiday activities for tenants? Is there a favorite tradition? We try to do a full luncheon for all buildings. Sometimes we do chocolate fountains, but we prefer more of a holiday lunch because we find it a better way to reconnect with our tenants and friends.

Do you have any holiday celebration for your team? Yes, Heidi does a phenomenal job with team activities. This past year we played a game where we had to draw a holiday themed picture on a paper plate while keeping the plate on our head while Heidi told us what to draw – great fun. See the photo heading this article.
A few questions about your participation in The Salvation Army Christmas Angel Program:

How did you get involved with The Salvation Army Angel Tree Program? When I learned about how much The Salvation Army and this program had meant to President Vickie Head’s parents, Jack and Reba Couture, I began to participate as a way of honoring their memory for her. It is fun to be part of a larger community effort of giving and generous people.

Do you ask for a specific age or gender child? No, but I do try to picture the child while I’m shopping for them and I’d love to meet my “Angel.”

Is there anything especially memorable about a child’s gift request that comes to mind? No, I think the remarkable thing is that there are children without warm clothes or shoes or toys and its heartbreaking. This is what makes me happy to help.

For full story, visit https://a1orange.com/2018/10/10/holiday-traditions-at-franklin-street/

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3 Reasons Why Commercial Real Estate Brokers Should Join a Regional Firm

As a commercial real estate agent you’re likely aware that there are three types of firms that dominate the industry: 1. National/global. 2. Regional. 3. Boutique/local. Each type has its own pros and cons. Consolidation has been accelerating in the industry in recent years as more firms continue to acquire or merge with other players. In fact, regional firms that are committed to staying independent have become a rare breed in our field. This differentiation is only going to grow larger over time. 

But whether you specialize in investment sales or leasing, all producers should know that regional firms can often be exceptional employers. Here are three important factors to consider when deciding if working for a mid-size brokerage such as Franklin Street will suit you best.

1. Less competition within your specialty. There is one thing that all commission-based producers have in common no matter what product type they specialize in. Ultimately, they each benefit the most financially by aligning themselves with a real estate firm that is not oversaturated with brokers in their space. For example, a national firm in a major market may have multiple brokers and teams competing in the same business line and product type.  This situation creates a high level of in-house competition for the same clients in that market, often leading to an adversarial culture within the office. However, a regional firm is more likely to create a synergistic approach with less brokers assigned to the same space.  Those producers have more “room to run” in the market and are much more likely to collaborate and work as a team within the office.

2. Regional does not mean “no deals on a national basis.” It is a common misconception that being a producer at a regional firm limits the ability to broaden client relationships into multiple markets as an overall account.  On the contrary, not only can regional brokers arrange transactions in multiple markets, but they also benefit from being able to work with the best brokers from any firm on cross-market deals. National firms often hamstring their brokers by requiring them to partner with only their own company, even when those colleagues may not be the best option for the client in that particular market.  At Franklin Street, for example, we have taken over accounts in Florida from national firms because the client was frustrated with junior level brokerage experience being placed on their deals in the local market.  Not only do we put top level producers on each Florida deal, but when the client has needs in the Midwest or West Coast, we are free to partner with the best brokers on the ground in those markets regardless of the firm.

3. Resources of a national company but with advantages of a privately-owned firm. One of the major advantages that national and regional firms have over a boutique agency is the level of resources available to their brokers. Regionals, in the markets they cover, frequently offer the same full platform of services and back-office support that a broker would get from a national brokerage. This gives producers the ability to offer their clients multiple solutions across related business lines such as property management, commercial insurance, project management and others. While national firms do have a wide variety of resources, many producers prefer to tap into a similar platform at the regional level while gaining greater incentive-based pay packages and faster career progression.

On the other hand, local boutique firms may sometimes offer larger commission splits than other brokerages, but they are much more limited in the scope of business services they can provide to clients.  In addition, while regional firms are “invited to the dance” along with the nationals in formal RFP scenarios, boutiques are often left out of the bidding process for major accounts by clients who are more comfortable dealing only with a recognizable brand.

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. Prior to Franklin Street, Mr. Keaton served 16 years as Managing Director for Jones Lang LaSalle (JLL), where he was responsible for delivering the national investor suite platform to owner clients across the U.S.  He can be reached at Kurt.Keaton@FranklinSt.com.

 
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Franklin Street Closes Sale of Ponce Student Suites Rental Community in Atlanta’s Beltline District

Franklin Street has arranged the sale of Ponce Student Suites, a 50-unit student housing facility located in the heart of Atlanta’s Beltline district.  Jake Reid and Roger Schoerner with Franklin Street’s Atlanta multifamily investment sales team represented the seller, Nazar Holdings, LLC, a local private investor, in the transaction. The purchase price was not disclosed. The locally-based private buyer plans to eventually renovate Ponce Student Suites into a 112-key hotel with a bar and restaurant. In 2014, the property had been converted from a dilapidated 1930s-era hotel into modern student housing at 551 Ponce De Leon Avenue.  

“The strong level of interest we received in the building reflects the robust desire Investors have for multifamily product along the Ponce corridor and near the Atlanta Beltline,” said Reid, senior director of multifamily investment sales for Franklin Street.  “The new owner recognizes the multitude of opportunities for an iconic property in one of Atlanta’s most desirable locations.” 

The Ponce Student Suites are located on Ponce De Leon Avenue adjacent to major economic catalysts including to the Atlanta Beltline and Ponce City Market.  The property is ideally positioned on a major thoroughfare between Midtown and Old Fourth Ward, two of Atlanta’s strongest residential markets.  

Ponce Student Suites is situated within a few miles of the campuses of over 80,000 college students including Georgia State University, Emory University, Atlanta University Center, and Georgia Institute of Technology (Georgia Tech).  Along with being located along a public transit route, the property is within walking distance to top level shopping, restaurants and over one million square feet of existing and planned Class A office space.  

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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4 big Tampa Bay projects you might have seen but (probably) know nothing about

Excerpted from Tampa Bay Times story.

3. More apartments 

Like Carillon, the Gateway Centre has a prime location near three main roads — U.S. 19, Gandy Boulevard and I-275. The original tenants nearly 30 years ago included manufacturing giants Jabil and Lockheed Martin but today the Centre is getting more and more tenants of the residential kind.

The Epic with 224 units opened a few years ago and Allure at Gateway with 274 units is well under construction. Now site preparation is underway for yet another big apartment community. A project of Atlanta-based Davis Development, the Satori (as it is tentatively called) will have 270 units in several buildings and will be within easy walking distance of the Wawa convenience store on Gandy.

Darron Kattan, an expert on multi-family housing at Tampa’s Franklin Street brokerage, said the Gateway area is “highly desirable” to developers for two main reasons: its proximity to job centers and the high demand for housing in fast-growing parts of Tampa Bay.

“I do believe there’s also a niche of need below the true A-plus and high-rise core development,” he wrote in an email. “The price point will be lower than what you will see in downtown Tampa and downtown St. Pete and therefore will serve renters that need to save a little more money yet still avoid the commute.”

For full story, visit http://www.tampabay.com/florida/2019/02/27/here-are-four-big-tampa-bay-projects-you-might-have-seen-but-probably-know-nothing-about/

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Franklin Street Closes Atlanta Rental Community Sale

Franklin Street has arranged the sale of Ponce Student Suites, a 50-unit student housing facility located in the heart of Atlanta’s Beltline district.  Jake Reid and Roger Schoerner with Franklin Street’s Atlanta multifamily investment sales team represented the seller, Nazar Holdings, LLC, a local private investor, in the transaction. The purchase price was not disclosed. The locally-based private buyer plans to eventually renovate Ponce Student Suites into a 112-key hotel with a bar and restaurant. . In 2014, the property had been converted from a dilapidated 1930s-era hotel into modern student housing at 551 Ponce De Leon Avenue.  

“The strong level of interest we received in the building reflects the robust desire Investors have for multifamily product along the Ponce corridor and near the Atlanta Beltline,” said Reid, senior director of multifamily investment sales for Franklin Street.  “The new owner recognizes the multitude of opportunities for an iconic property in one of Atlanta’s most desirable locations.” 

The Ponce Student Suites are located on Ponce De Leon Avenue adjacent to major economic catalysts including to the Atlanta Beltline and Ponce City Market.  The property is ideally positioned on a major thoroughfare between Midtown and Old Fourth Ward, two of Atlanta’s strongest residential markets.  

Ponce Student Suites is situated within a few miles of the campuses of over 80,000 college students including Georgia State University, Emory University, Atlanta University Center, and Georgia Institute of Technology (Georgia Tech).  Along with being located along a public transit route, the property is within walking distance to top level shopping, restaurants and over one million square feet of existing and planned Class A office space.  

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 at https://www.blaujournal.com/franklin-street-closes-atlanta-rental-community-sale/

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Glass slippers: Why Orlando’s Payless stores are an ‘opportunity’ for retailers, landlords

Excerpted from Orlando Business Journal story.

The soon-to-be-closed Central Florida locations of Payless ShoeSource Inc. will present an opportunity for new retailers.

Roughly 28 of the company’s stores will close in the Orlando area along with 2,500 locations in the U.S. and Canada after the Topeka, Kansas-based company filed for Chapter 11 bankruptcy protection on Feb. 18. Melville, New York-based A&G Realty Partners plans to manage the sale of the leases of these shuttering locations.

There are roughly 170 Payless locations in Florida — the third most of any U.S. state behind California and Texas.

Payless locations outside of malls may prove attractive to new retailers as they’re often in desirable locations in Central Florida and can be redeveloped, said Jorge Rodriguez, executive managing director in Central Florida of Colliers International. New tenants in these Payless stores are great for landlords as well, since their lease deals often were done during the Recession and new tenants likely will pay higher rental rates. “I don’t think it’s a liability, it’s an opportunity,”  Rodriguez said. 

The stores in Central Florida range in size from 2,400 to 6,600 square feet, according to A&G Realty Partners data. That’s the size needed for users such as mattress and discount soft goods stores, said Terrence Hart, a senior director with Franklin Street

For full story, visit https://www.bizjournals.com/orlando/news/2019/02/27/glass-slippers-why-orlandos-payless-stores-are-an.html

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Sparkman Wharf: A new experience

Excerpted from The Minaret story. Franklin Street’s Darrah Winkler serves as Marketing and Events Manager for Sparkman Wharf.

In November 2018, Sparkman Wharf, a new outdoor waterfront space opened in Downtown Tampa. Sparkman Wharf features 10 different food concepts and gives residents and tourists a fine dining experience outdoors. Additionally, live musical performances are provided on weekends to add to the overall ambiance.

“With so many different aspects to the property and so many unique guests, we truly hope that each guest has their own costumed experience,” said Darrah Winkler, marketing and events manager at Sparkman Wharf. “Whatever experience you as an individual are seeking, we have worked really hard to provide, so everyone can have what they’re hoping for.”

The location is separated into three dining arenas – Dining Garden, Beer Garden and Splitsville. The Dining Garden features restaurants like Edison’s Swigamajig, Flock and Stock: Chicken and Burgers, BT in a Box and The Corner’s Pizza. These chains are owned by some of Tampa Bay’s top chefs such as Edison from Edison’s Food Lab, Dave Burton, BT Nguyen, Noel Cruz and Branden Lenz, respectively, as well as Art Smith. Smith is a chef who won the James Beard Award twice and has partnered with Splitsville, bringing Southern comfort style food to their menu.

Other restaurants found at Sparkman Wharf are  locally owned businesses such as Whatever Pops and Bowls, Foundation Coffee, Boat Run and Montados: Tapas and Wine. Additionally, the Beer Garden has over 30 different craft beers on tap, craft sodas, wines and seasonal iced teas. Food prices range from $5 to $20 depending on what you order.

“I would not say Sparkman Wharf is unique compared to other places in the city like Armature Works,” said Bruna Ferreira, sophomore psychology major. “But, it definitely adds to the city and that style of community eating that is seen around Tampa. It has a friendly, family environment and their menu is very diverse, having everything from oysters to typical American food.”

According to Winkler, Sparkman Wharf’s main goals are lifestyle and helping the city of Tampa with its development, by giving those living around downtown somewhere to enjoy a nice day outdoors in the vibrant atmosphere of the place. Going beyond events like live music, movies on the lawn and  celebration of holidays, there will also be  fitness and wellness focused events like yoga on the lawn. She also stated that Sparkman Wharf will be expanding. Over the next few weeks, aesthetic and concept changes are going to be made to some office spaces.

“I think Sparkman Wharf definitely adds to the Tampa Bay Area by giving it a young, lively vibe,” said Anna Buccafuri, junior international business and management major. “It gives people something to do while waiting for a Lightning game to start, exploring the city, or just a night out. It’s very unique compared to other places, since they have their food places in trailers which is different from what I’ve seen before.”

For full story, visit https://theminaretonline.com/2019/02/21/sparkman-wharf-a-new-experience/

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NAIOP Converges on Tallahassee for Florida Day at the Capitol

Excerpted from NAIOP story.

In politics, there is strength in numbers. NAIOP of Florida, serving as the voice of commercial real estate, hosted its annual state Day at the Capitol last week. The event brings together members across the state, which altogether represent more than 1,000 members of NAIOP chapters in Florida.

NAIOP members spent time in meetings with lawmakers and walking the halls of legislative power to advocate on issues of importance to commercial real estate, including:

– Regulations that are friendly to business
– Feasible sustainability policies
– Fair tax rates
– Economic prosperity

During our time in Tallahassee, NAIOP members heard from several state leaders. We met with House Ways and Means Chair Bryan Avila, Senate Finance and Tax Chair George Gainer, Senate Regulated Industries Chair Joe Gruters, and House Commerce Chair Mike La Rosa, among others. In addition, Department of Business and Professional Regulation Secretary Halsey Beshears spoke with us about reducing government bureaucracy and establishing a “48-hour” rule in issuing licenses.

Following NAIOP of Georgia’s lead, we are spearheading an effort to implement what’s called the FAST Act. Representative Scott Plakon filed a bill last week that would improve the construction climate by incentivizing local governments to meet permitting deadlines. If a government entity misses its own deadline, thus delaying the approval process, the fees it could collect would decline. This structure and certainty would allow developers to better plan their projects.

Lawmakers are also considering sensible bills to reform permit fees. Identical bills in each house would require the governing bodies of counties and municipalities to post their permit and inspection fee schedules and building permit and inspection utilization reports on their websites, and also to require certain governing bodies of local governments to post their building permit and inspection utilization reports on their websites by a specified date. This law would make it easier to understand the permitting process and to plan out new projects. The law is expected to pass this year.

Another key issue for NAIOP members is the business rent tax. Florida is the only state that imposes this tax, which puts businesses in the Sunshine State at a competitive disadvantage in attracting business to the state. We continue to support the elimination of the tax through incremental reductions. It was encouraging to hear that efforts are underway to establish a set burndown schedule so as to remove this issue from future negotiations.

Lawmakers are also moving forward with another NAIOP priority, enacting legislation to allow electronic signatures on commercial leases. A pair of bills, again one in each house, would specify requirements and standards for performance of such online notarizations, and require the Department of State to adopt rules in time for next year. This matters to CRE because Florida has especially strict witness and notarization requirements that can make it difficult for out-of-state tenants. The proposed law would make it easier to invest and do business in Florida.

Florida’s Day at the Capitol is one of many such events that NAIOP members will participate in throughout 2019. Last year, NAIOP members from 25 chapters made visits to their state capitals. It’s a way to remind state lawmakers of the importance of commercial real estate, and to encourage sound policy at the state level.

Across the country, NAIOP is growing its membership, and letting state policymakers know we count.

Yvonne Baker is president of NAIOP of Florida and Regional Managing Partner of Franklin Street.

For full story, visit http://blog.naiop.org/2019/02/naiop-converges-on-tallahassee-for-florida-day-at-the-capitol/

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People on the Move: Chad DeFoor

Excerpted from Atlanta Business Chronicle story.

NEW HIRE  COMMERCIAL REAL ESTATE  
Chad DeFoor
Senior Director at Franklin Street

EDUCATION:  University of Georgia (Athens, GA)

Chad DeFoor has joined Franklin Street as senior director of multifamily investment sales in the Atlanta office. DeFoor will specialize in the listing and sale of multifamily properties for private and regional investors. He has sold over 31,000 apartment units, with a value of more than $1.9 billion since 2011. DeFoor has over 17 years of experience in multifamily asset management, acquisitions, dispositions and brokerage in Georgia and throughout the southeast.

For full story, visit https://www.bizjournals.com/atlanta/potmsearch/detail/submission/6464927/Chad_DeFoor

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Chad DeFoor Joins Franklin Street’s Multifamily Investment Sales Team

Franklin Street, the southeast’s fastest growing, full-service commercial real estate firm, today announced that Chad DeFoor has joined the firm as senior director of multifamily investment sales in the Atlanta office.  Mr. DeFoor will specialize in the listing and sale of multifamily properties for private and regional investors. He has sold over 31,000 apartment units, with a value of more than $1.9 billion since 2011.

Prior to joining Franklin Street, Mr. DeFoor served as a managing director for Newmark Knight Frank’s Atlanta operation. He has over 17 years of experience in multifamily asset management, acquisitions, dispositions and brokerage in Georgia and throughout the southeast.

“Chad brings a vast amount of experience and industry knowledge to our investment sales team,” said his partner, Jake Reid, senior director of multifamily investment sales for Franklin Street. “Having him on board will allow us to provide added value to our clients. He has a tremendous reputation in the market and we are excited to have him on our team.”

“Chad is a genuine rock star in our field and we are confident that he will add significant knowledge and expertise to our existing investment sales capabilities,” said Greg Matus, Franklin Street’s senior vice president of investment sales. “We want to continue expanding our outstanding retail and multifamily platforms in Atlanta. We will be looking to recruit the best professionals in each of these specialties as Franklin Street continues this exciting new phase of growth for our company.”  

Mr. DeFoor is a member of the Atlanta Chapter of the Certified Commercial Investment Member Institute (CCIM) and the Georgia Chapter of the Institute of Real Estate Management (IREM), where he has obtained the CCIM and CPM designations. He is also active with the Atlanta Commercial Board of Realtors and the National Association of Realtors and is a licensed broker in the state of Georgia.

Mr. DeFoor received his Bachelor of Business Administration degree from the University of Georgia (UGA), where he double majored in real estate and marketing. He was a member of UGA’s track and field team and ran both the 400m dash and the 4x400m relay.

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.