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St. Pete condos sold for $7M to New York buyer

Excerpted from Tampa Bay Business Journal story.

Commercial real estate firm Franklin Street has announced the sale of 45 percent of the condominium units at Enclave at Sabal Pointe in St. Petersburg for $7.3 million, or $66,972 per unit.

Darron Kattan, Zachary Ames, Kevin Kelleher and Avery Jordan of Franklin Street’s Tampa office represented New York City-based buyer Axonic Properties and SLRE Florida Holdings LLC, the Israeli/Miami-based seller, in the transaction.

Enclave at Sabal Pointe, built in 1973, comprises 109 rental units of a 240-unit complex.

“This fractured condo deal gave investors the opportunity to buy a value-add property in a well-located area of St. Petersburg,” said Kattan, managing director at Franklin Street. “Significant renovations are planned for the asset, both interior and exterior.”

For full story, visit https://www.bizjournals.com/tampabay/news/2019/06/19/st-pete-condos-sold-for-7m-to-new-york-buyer.html

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Franklin Street Arranges $7.3 Million Enclave at Sabal Pointe Bulk Condominium Sale in St. Petersburg, Florida

ST PETERSBURG, FL – Franklin Street has arranged the sale of 45% of the units at Enclave at Sabal Pointe, a garden-style condominium community located at 2148 54th Ave S in St. Petersburg, Fla., for $7.3 million, or $66,972 per unit.  Darron Kattan, Zachary Ames, Kevin Kelleher, and Avery Jordan of Franklin Street’s Tampa office represented both the seller, Israeli/Miami-based SLRE Florida Holdings, LLC, and the New York City-based buyer, Axonic Properties.  Enclave at Sabal Pointe consists of 109 rental units out of a 240-unit complex.

“This fractured condo deal gave investors the opportunity to buy a value-add property in a well-located area of St. Petersburg,” said Kattan, managing director at Franklin Street.  “Significant renovations are planned for the asset, both interior and exterior.”   

“Enclave at Sable Pointe offered an opportunity to buy 109 condos at a discount to multifamily pricing in a market we believe is rapidly growing,” said Jonathan Shechtman, Managing Principal at Axonic Properties.

Built in 1973, Enclave at Sabal Pointe consists of 13 garden-style buildings with one-, two- and three-bedroom models.  The property offers convenient access to major roadways (I-275 and US-19).    

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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Franklin Street Arranges $7.3 Million Bulk Condo Sale in St. Petersburg, Fla.

Franklin Street has arranged the sale of 45% of the units at Enclave at Sabal Pointe, a garden-style condominium community located at 2148 54th Ave S in St. Petersburg, Fla., for $7.3 million, or $66,972 per unit.  Darron Kattan, Zachary Ames, Kevin Kelleher, and Avery Jordan of Franklin Street’s Tampa office represented both the seller, Israeli/Miami-based SLRE Florida Holdings, LLC, and the New York City-based buyer, Axonic Properties.  Enclave at Sabal Pointe consists of 109 rental units out of a 240-unit complex.

“This fractured condo deal gave investors the opportunity to buy a value-add property in a well-located area of St. Petersburg,” said Kattan, managing director at Franklin Street.  “Significant renovations are planned for the asset, both interior and exterior.”   

“Enclave at Sable Pointe offered an opportunity to buy 109 condos at a discount to multifamily pricing in a market we believe is rapidly growing,” said Jonathan Shechtman, Managing Principal at Axonic Properties. 

Built in 1973, Enclave at Sabal Pointe consists of 13 garden-style buildings with one-, two- and three-bedroom models.  The property offers convenient access to major roadways (I-275 and US-19).    

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Lote Group to Renovate Shopping Center in North Florida

Excerpted from Shopping Center Business story.

Jacksonville, Fla. — Lote Group plans to completely renovate the Shoppes of Northshore, a 17,000-square-foot shopping center in Jacksonville’s Atlantic Beach submarket. The renovations are expected to include giving the center a modern look while preserving the beach-style architecture of the area. Renovations are expected to be complete by the end of this year. Whitney Butler of Franklin Street is leading the leasing efforts on behalf of the owners. Local restaurants, boutique retailers and fitness and wellness concepts are being targeted for the project. Shoppes of Northshore is located four blocks from the beach and 15 miles east of downtown Jacksonville.

For full story, visit https://shoppingcenterbusiness.com/lote-group-to-renovate-shopping-center-in-north-florida/

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Another grocery store headed to downtown Orlando

Excerpted from Orlando Business Journal story.

A new grocery store in downtown Orlando would be important, as the central business district’s current retail lineup, which largely is dominated by restaurants and bars, doesn’t have the services needed to cater to new demands, as previously reported by OBJ. More services — including eye doctors, nail salons, dentists, urgent care facilities and cellphone stores — will be needed downtown as the number of residents grows. City officials expect downtown’s population to jump almost 10 percent in the next five years.

Services and other amenities for residents would find success for the luxury tower’s remaining retail space. “Its location on Rosalind Avenue near the city garage are pros, along with its proximity to the University Club,” said Tim Rogers, a senior associate with Franklin Street of Orlando, who is not involved in the deal.

For full story, visit https://www.bizjournals.com/orlando/news/2019/06/17/another-grocery-store-headed-to-downtown-orlando.html

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Facelift, new shops coming to Atlantic Beach shopping plaza

Reprinted from First Coast News story.

Construction will begin as early as this week as the Shoppes of Northshore at the Beaches Town Center prepares for a facelift.

The Lote Group, of Gainesville, Fla. announced plans for a complete renovation of the neighborhood retail space on Monday and said that they’re excited for what’s to come.

“We purchased this property with the vision of re-establishing it as a historic landmark, where 3rd Street and Atlantic Boulevard intersect at the center of Beaches Town Center,” said Taraz Darabi, president and CEO of Lote Group.

The company also hopes to bring in a variety of new merchants, restaurants, and boutiques.

Whitney Butler is the director of retail leasing for Franklin Street, a real estate firm that serves as the leasing agent for the property. She says that some tenants will stay in the plaza, as they are locked in long term leases, but they are also expecting space to open up for a new group of experiential retailers.

 “This shopping center has been a fixture of the Atlantic Beach community for over 25 years,” said Butler. “The new owner is continuing that tradition by bringing in a new group of experiential retailers to better serve neighborhood residents and tourists alike…”

They expect to announce names of their new tenants in the next month or so. The renovation will begin this summer and is scheduled to be completed by the end of 2019.  

For full story, visit https://www.firstcoastnews.com/article/news/facelift-new-shops-coming-to-atlantic-beach-shopping-plaza/77-7173c717-3770-4a61-9de4-5e8f70b9a44d

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Atlantic Beach Landmark Shopping Center Announces Renovation

Lote Group, a Gainesville, Fla.-based development and property management firm, is pleased to announce plans for a complete renovation of the Shoppes of Northshore, a neighborhood landmark in the heart of the Atlantic Beach submarket of Jacksonville, Fla. 

“We purchased this property with the vision of re-establishing it as a historic landmark, where 3rd Street and Atlantic Boulevard intersect at the center of Beaches Town Center,” said Taraz Darabi, president and CEO of Lote Group.  “We are excited to refresh and re-merchandise the center to extend and complement the walkable, pedestrian-friendly, boutique-style shopping and lifestyle experience of Beaches Town Center.”

“Shoppes of Northshore and Beaches Town Center is a high-energy locale in heavy demand due to the sense of community that is created by the restaurants and boutiques – it is the gathering spot for the beaches,” said Whitney Butler, director of retail leasing for Franklin Street, a full-service commercial real estate firm that serves as the exclusive retail leasing agent for the roughly 17,000-square-foot shopping center. 

The renovation will begin this summer and is scheduled to be completed by the end of 2019. The  makeover will give the Shoppes of Northshore a more modern look, but still in keeping with the Florida beach-style architecture of the area, along with a variety of new merchants, restaurants and boutiques. The leasing team, led by Butler, is actively seeking local restaurants, boutique retailers and fitness and wellness concepts for the project.

“This shopping center has been a fixture of the Atlantic Beach community for over 25 years,” said Butler. “The new owner is continuing that tradition by bringing in a new group of experiential retailers to better serve neighborhood residents and tourists alike. We’re seeking tenants that will fit the year-round, active lifestyle of both current and future residents.”

Located at 363 Atlantic Boulevard,  Shoppes of Northshore boasts some of the best customer demographics of any retail center in Duval County. The property is situated within a 10-minute drive of $1.96 billion of consumer retail spending, including a resident mix of affluent retirees, young professionals, and college-educated families. The Atlantic Beach population enjoys one of the highest average household incomes of any neighborhood in the Jacksonville MSA. 

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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Atlantic Beach shopping center, Shoppes of Northshore announces renovation plans

Reprinted from Action News Jax story.

ATLANTIC BEACH, Fla. – Lote Group, a Gainesville, Fla.-based development and property management firm, announced plans for a complete renovation of the Shoppes of Northshore, a neighborhood in the heart of the Atlantic Beach submarket of Jacksonville, Fla.

“We purchased this property with the vision of re-establishing it as a historic landmark, where 3rd Street and Atlantic Boulevard intersect at the center of Beaches Town Center,” Taraz Darabi, president and CEO of Lote Group, said.  “We are excited to refresh and re-merchandise the center to extend and complement the walkable, pedestrian-friendly, boutique-style shopping and lifestyle experience of Beaches Town Center.”

“Shoppes of Northshore and Beaches Town Center is a high-energy locale in heavy demand due to the sense of community that is created by the restaurants and boutiques – it is the gathering spot for the beaches,” Whitney Butler, director of retail leasing for Franklin Street, a full-service commercial real estate firm that serves as the exclusive retail leasing The renovation will begin this summer and is scheduled to be completed by the end of 2019. The leasing team, led by Butler, is actively seeking local restaurants, boutique retailers and fitness and wellness concepts for the project.

“This shopping center has been a fixture of the Atlantic Beach community for over 25 years,” Butler said. “The new owner is continuing that tradition by bringing in a new group of experiential retailers to better serve neighborhood residents and tourists alike. We’re seeking tenants that will fit the year-round, active lifestyle of both current and future residents.”agent for the roughly 17,000-square-foot shopping center, said.

For full story, visit https://www.actionnewsjax.com/news/local/atlantic-beach-shopping-center-shoppes-of-northshore-announces-renovation/958901649

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Is Your Property Shovel Ready?

In simple terms, “shovel ready” is a property in “ready to do business” condition. A survey, plat, roads, water management electric, water and sewer permits are in place. All the prospective buyer needs is some site engineering, a set of building plans and a construction permit allowing them to proceed. It is all about being ready to do business. Having a few shovel-ready sites in a community is a competitive advantage since most communities are not ready to do business. When a prospective buyer seek a site, they are ready to do business now, not 12 months from now. Are you ready to do business now?

Common Elements in Florida

Different markets have slightly different definitions of “shovel ready” with the most common elements being: Ownership of the site is clearly defined and in the hands of a third party such as a local government agency, developer, private company, etc. Detailed information on the site is readily available and packaged in a profile that includes Site boundaries and identification of adjacent owners, Layout of the site with a survey, plat or parcels, roads, utilities, environmental reports and water management permits, clearly defined pricing by parcel and acre. Identification of whether the site is in any type of Opportunity zone, HUB zone, New Market Tax Credit qualified or CRA that would qualify the prospective buyer for incentives. Completion of formal title search as well as geotechnical soils testing and archaeological studies. Defined transportation access to site and timing required for road and/or rail installation. Defined utility access to the site and timing required to run service to a specific lot/site.

Site selection is not much different from buying anything else. The buyer ends up doing business where there is inventory (a site) that is ready to be develop now. Is your site ready to do business? Contact Franklin Street with your industrial real estate questions. Larry.Kahn@FranklinSt.com or 407.458.5419

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State legislature trims lease tax for third time

Excerpted from Business Observer story.

Florida lawmakers have shaved the state’s commercial lease tax rate for the third time in as many years, this year down to 5.5% from 5.7%.

The business rent tax — Florida is the only state to have such a levy — is applied to commercial real estate leases and can cost companies tens of thousands of dollars annually.

That’s because the tax is paid in addition to both rent and common area maintenance charges.

Landlords and commercial real estate groups have advocated eliminating the tax as a way to fuel economic development and business relocations from other states.

Gov. Ron DeSantis is expected to sign the reduction bill into law, with an effective date of Jan. 1.

“This tax makes Florida’s development and commercial real estate sector less competitive,” says Yvonne Baker, a regional managing partner with Tampa-based commercial real estate brokerage firm Franklin Street and the Florida president of the National Association of Industrial and Office Parks (NAIOP) this year.

“It zaps money that businesses could otherwise invest in growth and job creation,” Baker adds.

NAIOP, a national group that comprises more than 19,000 members in North America, advocates on behalf of commercial real estate landlords and property owners.

The Florida Legislature first cut the business lease tax during its 2017 session, when the levy was 6%, in response to moves by several other states to drastically reduce or eliminate lease taxes altogether.

For full story, visit https://www.businessobserverfl.com/article/state-legislature-lease-tax-rate-trim-naiop-yvonne-baker-franklin-street-gov-ron-desantis