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News in Brief: 11-01-2019

Excerpted from South Florida business Journal story.

Franklin Street secured the $1.6 million sale of Victoria Cottages, a 10-unit rental community at 921-925 N.E. 17th Ave. in Fort Lauderdale. www.franklinst.com.

For full story, visit https://www.bizjournals.com/southflorida/news/2019/10/30/news-in-brief-11-01-2019.html

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Ask the Expert: What Atlanta submarket is seeing new retail growth?

Ask the Expert: What Atlanta submarket is seeing new retail growth? 

“With the rapid growth the Atlanta market has seen in the last decade, neighboring submarkets are reaping the benefits of the population overflow from ‘intown’ Atlanta. Suburban life  has become more desirable due to the lower cost of living, and for that reason, almost all these areas are seeing exponential growth. 


Atlanta’s affluent population still has a strong desire to expand up the Ga. Highway 400 corridor, and this development is pushing population growth in markets like Cumming and Dawsonville – areas that are 40+ miles outside of the city. All these signs indicate that Atlanta will continue to be one of the fastest growing real estate markets in the nation, and this trend will be mirrored by retail expansion in the surrounding submarkets.”

Sam Krueger
Senior Associate, Retail Agency Services
Franklin Street
Sam.Krueger@FranklinSt.com
D: 404.649.6268

 
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Franklin Street Closes $3.1 Million Retail Center Sale in North Augusta, S.C.

Franklin Street, one of the fastest-growing full-service commercial real estate firms in the Southeast, arranged the sale of Crossroads Market located in North Augusta, S.C., just northeast of the Georgia border.  Franklin Street’s Bryan Belk, John Tennant and Todd Mitchell represented the seller, WRG-2019, LLC of Augusta, Ga., in the transaction.  Augusta-based Henbell McDonough HFT, LLC  acquired the property for $3.1 million.

“Real estate investors are demonstrating continued interest in shopping centers next to necessity-based retail operators like Publix,” says Belk, senior director of retail investment sales at Franklin Street’s Atlanta office.  “Buyers are focused on properties such as Crossroads Market that feature a carefully curated tenant mix and are resistant to online retail competition.”  

“Given this market condition we were able to generate seven offers in the first two weeks of marketing the asset,” said Mitchell, senior associate at Franklin Street.

Crossroads Market is situated at 404 East Martintown Road about four miles northeast of downtown Augusta. The newly renovated property is shadow-anchored by a Publix and totals 22,263 square feet.  Built in 1984, the shopping center features a mix of national, regional and local service and retail tenants including Tires Plus, Great Clips, Republic Finance and Sunrise Grill. 

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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Transactions: Who’s paying how much for what – October 24, 2019

Excerpted from Shopping Centers Today story.

$3.1 million
Augusta, Ga.–based Henbell McDonough HFT bought the 22,300-square-foot Crossroads Market, in North Augusta, S.C., from WRG-2019, LLC, of Augusta, in a transaction that Franklin Street brokered.

For full story, visit https://www.icsc.com/news-and-views/icsc-exchange/transactions-whos-paying-how-much-for-what359

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Ask The Expert

Ask the Expert: How do I determine proper commercial building insurance coverage?

Ask the Expert: How do I determine the correct insurance coverage for a commercial building?

“Understanding different construction types and their replacement costs is one of the key components in determining suitable building values. We want to make sure that in the event of a claim our insured will be covered. For example, the cost to build a frame construction apartment building will be much lower than a high-rise, fire resistive tower. Geographic location and construction costs in certain areas of the country also play a huge role in determining values. Construction costs in a state like California are higher than that in Florida. Therefore, replacement cost values should be fluctuated based on their location. Many carriers have minimum replacement cost values that they require depending on the type of construction or geographic location.


Lender requirements are the biggest factor in determining the amount of insurance coverage for any given building(s). The lender provides an insured with required values, deductibles, and limits that we must obtain from the marketplace. It is our job to analyze the values and determine if they are adequate, so we are not over- or under-insuring a location.”

E’lise Rainey
Senior Associate
Franklin Street Insurance Services
Direct: 813.397.1487
Email: Elise.Rainey@FranklinSt.com

 
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Real Estate Deals, Oct. 21

Excerpted from Sarasota Herald-Tribune story.

SALES

Eden Pointe, LLC, of San Francisco, sold Eden Pointe Apartments, a 270-unit affordable housing community at 955 53rd St. E., Bradenton, to Deancurt Bradenton II, LLC, for $30.75 million. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan, of Franklin Street’s Tampa multifamily investment sales team, handled the transaction.

For full story, visit https://www.heraldtribune.com/news/20191021/real-estate-deals-oct-21

 
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Pasco County approves incentives for Tampa developer’s $27M project that will create up to 400 jobs

Excerpted from Tampa Bay Business Journal story.

“We do a lot of work in that area of Pasco County and are familiar with the [community development districts],” Rizzetta & Co. President Bill Rizzetta told the Tampa Bay Business Journal on Tuesday.

Rizzetta & Co. provides services to residential and commercial communities throughout the state and works with CDDs in the Wesley Chapel area such as Asturia, The Preserve and Wiregrass.

Rizzetta said they are working with brokerage group Franklin Street for the property. “We are really proud of this. Pasco is going to continue to grow along the Suncoast and State Road 54 with more development,” he said. “With so many residential communities there, people need to have office space.”

For full story, visit https://www.bizjournals.com/tampabay/news/2019/10/22/pasco-county-approves-incentives-for-tampa.html?iana=hpmvp_tbay_news_headline

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Franklin Street brokers sale of $7.2M Pinellas portfolio

Excerpted from St. Pete Catalyst story.

Franklin Street brokered the sale of four apartment communities in St. Petersburg and Clearwater. The properties are: Gateway Place at 528 88th Av. N., Delmar Terrace at 433 Delmar Terrace S., and  Tropic Aire at 135 8th Ave. N.E., all in St. Petersburg; and Lakeview/Westbridge on South Betty Lane in Clearwater. The total portfolio sold for $7.193 million, or $80,820 per unit, Franklin Street said. The properties were sold by an estate that was liquidating assets and were purchased in four separate transactions involving two New York-based buyers and one local buyer. Franklin Street Real Estate Services in Tampa represented all three private buyers, and Franklin Street Insurance Services insured three of the four assets involved. 

For full story, visit https://stpetecatalyst.com/zaps/franklin-street-brokers-sale-of-7-2m-pinellas-portfolio/

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Transactions: Who’s paying how much for what – October 17, 2019

Excerpted from Shopping Centers Today story.

$5.5 million
Prudent Growth Partners, of Chapel Hill, N.C., bought Olde Towne at Berwick, a 29,500-square-foot center in Savannah, Ga., from Berwick Commons, of Pooler, Ga. Franklin Street represented the seller.

For full story, visit https://www.icsc.com/news-and-views/icsc-exchange/transactions-whos-paying-how-much-for-what358

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Why Dr. Phillips Inc. plans to raze these buildings near downtown

Excerpted from Orlando Business Journal story.

A developer’s plan to flatten a pair of aging buildings shows confidence in downtown Orlando’s potential future expansion.

Orlando-based Dr. Phillips Inc. — a major real estate company in Central Florida — plans to tear down two 60-plus-year-old buildings at 307 and 315 N. Orange Blossom Trail in Parramore, according to permits filed with the city of Orlando. The developer also plans to redevelop similar older structures as part of the 202-acre, $480 million Packing District near College Park.

For now, Dr. Phillips has no immediate plans for new construction on the Parramore properties. The nonprofit umbrella company Dr. Phillips Charities uses the income produced from its portfolio of rental properties and other investments to fund grant making.

“We saw an opportunity to prepare today for tomorrow,” Ken Robinson, president and CEO for Dr. Phillips Charities, told OBJ. “We continually analyze our properties, and in this case, these properties were older and functionally obsolete.”

Local retail experts say the developer likely is anticipating downtown Orlando’s westward expansion past Interstate 4 and into Parramore. In recent months, companies and developers have been scouting for potential real estate opportunities in the historically segregated and low-income Parramore community. These companies have cited the neighborhood’s momentum from projects such as the construction around the 68-acre, $1.5 billion Creative Village and the Orlando Magic’s planned Sports and Entertainment District.

Office, entertainment and residential developments in Parramore will spur more demand for retail in the area, said Terrence Hart, senior director at Franklin Street of Orlando, who handles retail leasing and is not involved with the two buildings destined for the wrecking ball. Hart said he sees downtown’s western edge eventually growing to John Young Parkway — about 1 mile west of the Dr. Phillips properties. “Retailers actually are starting to take that part seriously. That used to be a no man’s land for retailers.”

For full story, visit https://www.bizjournals.com/orlando/news/2019/10/18/why-dr-phillips-inc-plans-to-raze-these-buildings.html