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Ask the Expert: Which existing retailers are expanding in Atlanta?

Ask the Expert: Which existing retailers are expanding in Atlanta?

“Intown Atlanta is continuing to experience increased redevelopment, boutique shops and chef-driven restaurant concepts while the suburban areas are seeing a smaller variety of shopping and dining options due to lower population density. Duluth Trading recently opened up in Kennesaw. They are new to the market. Dollar Tree has continued to open stores in the Atlanta market as well as the rest of the state/country. Take 5 Oil Change is expanding, and Food Terminal is launching another location in West Midtown soon.

The Apple Store is relocating from inside Lenox Mall to an exterior position and plans to be a flagship retail store. Joella’s Hot Chicken is new to the market and they are taking over some of the Pollo Tropical locations. A new Gusto! restaurant is currently under construction in Chamblee and Farm Burger opened a space in the Midtown Whole Foods Market recently.

Salata Salad Kitchen is planning another location near Ponce City Market. Jeni’s Ice Cream also has a couple of new shops in Buckhead and Midtown near Georgia Tech. Franklin Street’s retail leasing team is also aware of potential expansion plans for various other retailers including RNR Wheels and Tires, Mavis Discount Tires, Conn’s, Kangaroo Express, Blink Fitness, LA Fitness, Northern Tool + Equipment, Allbirds, Lidl and Publix.”

Sterling Rogue Hale
Senior Director, Retail Tenant Services
Sterling.Hale@FranklinSt.com 
Franklin Street Real Estate Services
404.832.1250 ext. 0405 

 
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Developer to raze Orlando defense site for new commercial development

Excerpted from Orlando Business Journal story.

Cubic, which just sold the site to Lincoln Property, has been looking for a new location in Orlando for almost two years. It occupies roughly 50,000 square feet of space on the Oak Ridge property and expects to leave before mid-2020, spokeswoman Crystal Nguyen said. Cubic Corp. has been wanting to shift its local operations to east Orlando’s Central Florida Research Park since November 2017. That campus currently houses Cubic’s subsidiary, Cubic Defense Applications Inc.

Lincoln Property’s Ch Realty VIII-Lpc I Orlando Oak Ridge LLC bought the roughly 20-acre site from Cubic Simulation Systems Inc. for $11 million, according to Orange County records. The sale was recored June 11. The site features more than 420,000 square feet of industrial space built between 1971-1998. Lincoln Property couldn’t be reached for comment.

“The buildings are dated and probably don’t have proper ceiling height,” said Larry Kahn, senior director industrial with Tampa-based Franklin Street, who isn’t involved with the deal. “It makes sense to scrap it and do what they’re going do.”

For full story, visit https://www.bizjournals.com/orlando/news/2019/07/26/developer-to-raze-orlando-defense-site-for-new.html

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Waterfront Hotel, $14 Million Project, Open for Guests

Excerpted from Business Observer story.

DUNEDIN — A new waterfront Hampton Inn and Suites, a $14 million project in Dunedin, opened late last month.

The hotel, at 2641 Michael Place  has 88 rooms, according to a statement. Features include rooms with private balconies and ocean views; a 24-hour business center; meeting room; a fitness center; and an outdoor saline pool.

AV Florida Hotel LLC hired Tampa-based Franklin Street, a full-service commercial real estate firm, to oversee the 15-month construction management project, the release states. Franklin Street’s responsibilities included project planning; design management; furniture, fixtures and equipment coordination; construction management; procurement management; and budget and schedule management.

“With this construction project, AV Florida Hotel LLC has established Hampton Inn’s prominence as one of the prime hotel lodging properties in this area of the Gulf Coast, providing much needed hotel rooms within close proximity of Honeymoon Island State Park,” says Franklin Street Vice President Patrick McGucken in the statement. “The client was impressed by Franklin Street’s ability to make this project a reality by collaborating across various business lines and bringing added value to their asset. Our team is proud to have partnered with them on this project.”

In addition to overseeing project management for the construction of the hotel, Franklin Street Capital Advisors arranged debt and equity development financing for the project, the release states. Franklin Street Insurance Services provided the builder’s risk and general liability insurance policies, while Franklin Street’s landlord representation team is working to find a restaurant tenant for the remaining outparcel.

For full story, visit https://www.businessobserverfl.com/article/waterfront-hotel-dollar14-million-project-open-for-guests

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Largo apartment community sells for $13.4 million

Excerpted from Tampa Bay Times story.

Cornerstone Pointe Apartments, a 111-unit rental community in Largo, has been sold for $13.4 million. The complex at 301 Seacrest Drive 301 consists of eight, two-story buildings. The Tampa brokerage Franklin Street negotiated the sale from New York-based Cornerpointe Gardens LLC to Cornerstone Pointe LP. 

“There continues to be a supply/demand imbalance with significant capital chasing few available properties, which is keeping pricing elevated,” said Zachary Ames, senior director for Franklin Street. “With the current low interest rates, we believe this trend will continue throughout the year.”

For full story, visit https://www.tampabay.com/business/largo-apartment-community-sells-for-134-million-20190723/

 

 
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Franklin Street Brokers $9.5 Million Sale of Shopping Center on Georgia-Tennessee Border

Franklin Street has brokered the $9.5 million sale of Battlefield Centre, a retail center located at 1785-1923 Battlefield Parkway in Fort Oglethorpe, Ga., just south of the Tennessee border.  John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, The Malon D Mimms Company of Roswell, Ga., in the transaction of the 214,409-square-foot property. The buyer Atlanta-based Vanguard Associates Holdings, LLC, plans to hold the asset for long-term investment.

Battlefield Centre is situated only five minutes from Chattanooga, Tenn., and about 90 minutes north of Atlanta. The shopping center features a diverse mix of service and retailer tenants including Tractor Supply, Aaron’s, Hamrick’s, Planet Fitness, Dirt Cheap, GNC, and H&R Block. 

“Buyers continue to be attracted to steady secondary markets and discount retail centers, where their anchors’ goods or services cannot be bought online,” said Tennant, senior director of retail investment sales. “The quality and strength of the retail corridor is equally as important, as Battlefield Parkway has seen continued new retail store openings in the last few years.”

Battlefield Centre is located on the main retail thoroughfare for Fort Oglethorpe, which is part of the Chattanooga MSA.  The property is surrounded by national retailers including Publix, Walmart, Home Depot, Lowe’s, Hobby Lobby, and Marshalls.

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. 

For full story, visit https://www.blaujournal.com/franklin-street-brokers-9-5-million-sale-of-shopping-center-on-georgia-tennessee-border/

 
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Franklin Street ranked as a top 25 real estate brokerage in South Florida

Franklin Street was named as a top 25 commercial real estate brokerage by the South Florida Business Journal. 

Ranked by Sum dollar volume sales/leases in 2018.

Information was obtained from the brokerages’ representatives. South Florida includes the following metro areas: Miami, Fort Lauderdale, and Palm Beach.

Franklin Street – #19

Address:
900 S. Pine Island Road Suite 310
Plantation, FL 33324
954-640-1100
franklinst.com

Sum dollar volume sales/leases:
$121,020,000 million

Dollar volume of square feet sold:
$106,750,000 million

Dollar volume of square feet leased:
$14,270,000 million

Sum square feet sold/leased:
640,736 square feet

Square feet sold:
532474 square feet

Square feet leased:
108262 square feet

Top Executive: 
Greg Matus, Senior Vice President

For full rankings, visit https://www.bizjournals.com/southflorida/subscriber-only/2018/07/27/commercial-real-estate-brokerages.html

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L3’s move to downtown St. Pete tops tech office space deals

Excerpted from St. Petersburg Catalyst story.

The L3 Technologies move cited as the top tech office space deal in this year’s report took place in the past few months. The company, which supplies security and detection systems for aviation, transportation, government and critical infrastructure, consolidated locations in Sarasota and St. Petersburg and moved to a new office at 490 1st Ave. S., in the Tampa Bay Times Building. L3 signed a long-term lease for the 5th and 6th floors and part of the first floor, according to a news release from Franklin Street, the commercial real estate company that arranged the lease.

The firm, which has since merged with Harris Corp. and now is called L3Harris Technologies (NYSE: LHX), relocated more than 200 employees to the new space and modernized its operations in St. Petersburg.

For full story, visit https://stpetecatalyst.com/l3s-move-to-downtown-st-pete-tops-tech-office-space-deals/

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Great Places & Spaces: Sparkman Wharf Update

Excerpted from Tampa Bay Business and Wealth story.

Strategic Property Partners unveiled new renderings of the ongoing development of Sparkman Wharf in downtown Tampa.

The existing park and dining garden opened in late 2018, which is now home to 10 restaurants, the Fermented Reality Biergarten and Splitsville.

Additional enhancements are currently under way, including replacing the existing security fence along the wharf and improving pedestrian facilities along Channelside Drive.

The ground floor will accommodate approximately 10 new retail stores, while the second floor will have 150,000 square feet of leasable, creative, office space.

SPP will relocate its company headquarters at Sparkman Wharf, including approximately 30,000 square feet of office space for staff and space for an interactive marketing center.

Franklin Street is handling the office leasing at Sparkman Wharf, Colliers is handling retail leasing and the renovation of the building is being led by Walbridge Construction.

For full story, visit https://tbbwmag.com/2019/07/03/great-places-spaces-sparkman-wharf-update/

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S.N.S Property Management buys Largo resi scheme for $13.4m

Excerpted from CIJ USA story.

S.N.S Property Management, the US division of R.O.I Capital Group, has acquired a 111-unit residential property in Largo, Florida, from Milbrook Properties for $13.4m. Located 20 miles west of Tampa Bay, the investment features a swimming pool, basketball court and playground as well as parking for 250 vehicles. The new owner is planning interior and exterior renovations of the property, which was 96.4 percent leased at the time of the sale. The deal was completed with a $9.5m Freddie Mac loan originated by Berkadia Commercial Mortgage. Franklin Street represented both parties in the transaction, secured the acquisition financing and insured the asset.

For full story, visit http://cijusa.com/en/encompassme-usa/37636/story/s-n-s-property-management-buys-kay-largo-resi-scheme-for-13-4m

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Franklin Street Brokers $26.5 Million Apartment Complex Sale

Franklin Street has brokered the sale of The Park at Vittoria, a 208-unit luxury apartment community located at 5224 Long Road in the Rosemont submarket of Orlando.

The new owners have since renamed the property as The Isle Apartments and plan to make significant interior and exterior renovations and upgrades.

Darron Kattan, Zach Ames, Kevin Kelleher and Robert Goldfinger of Franklin Street’s Tampa multifamily investment sales team represented the local seller, FVP NKP Waterstone, LLC, and the Philadelphia, Pa.-based buyer, GO Orlando 4 LLC, in the $26.5 million transaction. The asset traded for $127,404 per unit, making it the highest per unit values ever sold in north Orlando’s Rosemont area.

“With the 10-year interest rate down near two percent and the lack of supply in the market, multifamily asset prices will continue to remain elevated through the end of the year,” said Kattan, managing director for Franklin Street.  “Buyers continue to flock to Florida seeking workforce housing investment opportunities.”

Built in 1991, The Isle Apartments includes amenities such as a resort-style swimming pool, state-of-the-art fitness center, business center, and a community clubhouse with monthly resident events.  Located in north Orlando, The Isles Apartments offers convenient access to popular restaurants and shopping, such as the Winter Park Village and Altamonte Mall.