Small business, big impact: Keeping Jax’s holiday shopping local

Excerpted from Jacksonville Business Journal story.

On a statewide level, business owners remain positive about both their own business and the local economy. In a PNC Economic Outlook survey, 55 percent of business owners felt optimistic about their own business and 46 percent felt optimistic about the local economy. Earlier this year, WalletHub named Florida the No. 6 best state to start a business in.

Although optimism may be high, risks are too. For the greater Jacksonville area, rents have risen 12 percent year-over-year. CBRE Florida Research Manager Scott Brien, in a previous interview with the Business Journal, said the primary cause of the increase is Jacksonville’s 2 percent annual population growth rate. Construction costs are up too, according to Franklin Street Managing Director Carrie Smith in a previous interview with the Business Journal, with costs being passed on to tenants in the process.

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Downtown rocks: Bouldering gym to open near Creative Village

Excerpted from Orlando Business Journal story.

Local real estate experts say developers and retailers anticipate downtown Orlando to expand west past Interstate 4 and into Parramore. In recent months, companies and developers have been scouting for potential real estate opportunities in the community. These companies have cited the neighborhood’s momentum from projects such as the construction around the 68-acre 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 deal. He said he sees downtown’s western edge eventually growing to John Young Parkway. “Retailers actually are starting to take that part seriously. That used to be a no man’s land for retailers.”

The downtown retail submarket has a 7% vacancy rate, which is higher than the Orlando-area average of 5.5%, Colliers International Central Florida reported. In addition, the submarket’s average retail rental rate is $29.28 per square foot, which is higher than the Orlando-area average of $18.78 per square foot.

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Ask The Expert Trends

Ask the Expert: What are the most sought-after office amenities in Tampa?

Ask the Expert: What are the most common office amenities sought by tenants in Tampa?

“The top amenities are highly dependent on the type of office tenant and their specific culture. For example, a tech start-up, an established law firm, and a medical device sales company will all have very different needs. In no particular order, here are the most commonly requested amenities: deli/food service, building conference/training rooms, fitness facilities, and reserved parking spaces. 

As office densities continue to intensify and businesses work to reduce occupancy costs, amenities begin to play a huge role in making the tenant experience as enjoyable and productive as possible. Fortunately for Tampa, we have several sophisticated, modern landlords who invested heavily into their buildings to offer a range of fantastic amenities.”

Kyle Chaikin
Senior Associate, Office and Industrial
Franklin Street
D: 813.559.2009  


Area on pace to set multifamily sales volume record

Excerpted from Business Observer story.

The resiliency of the multifamily market statewide, but particularly in Tampa, continues to defy the odds.

Fresh of the news the state needs more apartments, not fewer — according to an October report from the Florida Apartment Association, an Orlando-based trade group — comes this nugget, from data analytics firm CoStar: Tampa Bay has reached nearly $2.5 billion in apartment sales year-to-date through September, which puts the region on pace to break the record set in 2018, at $2.77 billion.

“Eight years ago, Tampa Bay may not have been on people’s radar, but today it is,” says Zach Ames, senior director at Franklin Street in Tampa, in the CoStar report. “I don’t think we’re overbuilt, even though it may seem that way. There’s still a shortage of housing.”

CoStar says the Tampa apartment sector has been rapidly rising since 2015. It cites the standard factors for the increase: population gains and job growth, which “have driven yields above the national average,” the report states.

Also, a pair of recent deals helped push Tampa Bay’s price-per-unit average to around $143,000. That bests Dallas-Fort Worth, Houston and Las Vegas, the report shows, while trailing New York, Miami and Chicago. (See “Tampa Bay apartment market continues to flourish” for more on the robust area multifamily market.) 
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Multifamily momentum
Region           Price per unit, multifamily sales, 2019

New York     $395,000

Miami            $208,000

Chicago         $197,000

Tampa Bay  $143,000

Las Vegas    $136,000

Dallas-Fort Worth $131,000

Houston        $120,000

Source: CoStar


Franklin Street Brokers $6.7M Sale of Retail Center in St. Petersburg, Fla.

Franklin Street has arranged the $6.7 million sale of Shoppes on Fourth, a newly built, 9,030-square-foot shopping center located at 1300 4th Street N in the St. Petersburg submarket of Tampa Bay. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Indianapolis, Ind.-based Crescent Lake Fourth Street, LLC, in the transaction.  The buyer, Fleming Island, Fla.-based Reinhold Corporation, plans to hold the trophy asset for long-term investment.  

The retail center is 100% occupied with a strong mix of national tenants including: Zoe’s Kitchen, Pearle Vision, Rubio’s Coastal Grill, and AT&T. Built in 2018, Shoppes on Fourth is well-situated on 4th Street, a main retail artery near downtown St. Petersburg. 

“We continue to see national credit tenants wanting the highest-profile retail sites with exceptional traffic counts,” said Belk, senior director of investment sales at Franklin Street.  “This transaction had one of the top price-per-square-foot values for the St. Petersburg market. As investors continue to trade into better-positioned, recession-proof assets, cap rates are being driven down for this asset class.” 

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

Awards & Recognition

Central Florida Property Management Companies – Orlando Business Journal

The Orlando Business Journal ranked commercial property management firms by total Central Florida square feet managed.

Total C Fla. SF for Properties ManagedIndustrial space managedOffice space managedRetail space managed
#20Franklin Street

20 N. Orange Ave. #610
Orlando, FL 33801
1.35 million110,7581.03 million207,813

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Exclusive: Medical marijuana firms eye former liquor store sites

Excerpted from Orlando Business Journal story.

New Apopka dispensary
Meanwhile, Toronto-based Trulieve Cannabis Corp. plans to open a 4,500-square-foot location at 2121 W. Orange Blossom Trail in Apopka in a former ABC store, said Terrence Hart, senior director of leasing with Franklin Street of Orlando, who represented ABC in the deal. ABC plans to demolish its current 10,200-square-foot building and construct two, 4,500-square-foot buildings on the 7-acre site. Cabot Jaffee, a senior associate member at CBRE Group Inc. (NYSE: CBRE), represented Trulieve in the lease negotiations.

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Ask The Expert

Ask the Expert: How is your brokerage using tech to boost sales & help clients?

Ask the Expert: How is your brokerage using tech to increase sales and help clients?

“One of our key competitive advantages has been the development of Franklin Street’s proprietary customer relationship management (CRM) system that functions to deliver on one of our core values: collaboration. The CRM connects all business lines and agents with the client record – a one-stop shop providing a glance at a client’s status within their ownership cycle. 

Each office, regardless of market location, is not their own island with separate databases like in many other firms. We are the quite the opposite. As a company, we know when our client has been called and followed through. Our system removes the need to exhaust or bother the client with unwanted calls by another team or team member within the same office.

Franklin Street also has a dedicated geographic information system (GIS) mapping manager. Daily, we leverage mapping tools showing our clients traffic density and flow patterns, as well as demographic shifts in the area. These important data points are then displayed in both macro and micro views to assist the client in making better decisions to reach their real estate investment goals.”

Greg Matus
Senior Vice President, Investment Sales
Franklin Street
954.640.1100 ext. 0501  

Ask The Expert Trends

Ask the Expert: Where are retail real estate investors looking for deals?

Ask the Expert: Where are retail real estate investors looking for deals?  

“Investors are looking for deals in areas of population growth. Outside of institutional investors, many retail investors are getting priced out of in-town deals in major markets.  Retail investors, in turn, have chased deals in large metro suburbs or top-tier coastal markets.  The common consensus is that we likely have plateaued on CAP rate levels. So, for value-added investors to pull the trigger on deals in this market, they are looking for projects where there may be leasing upside via filling vacant space or raising below-market rents.  Fully leased deals with rent levels at the top of the market have become harder for sellers to move. The reason is that the buyer pool for those deals has continued to shrink.”
Bryan Belk
Senior Director, Retail Investment Sales
Franklin Street 
D: 404.832.1251  


L3Harris commercial aviation looks to grow as it settles into new St. Pete HQ

Excerpted from St. Pete Catalyst story.

L3Harris Technologies expects to add 50 staff members at its commercial aviation solutions headquarters in St. Petersburg over the next 12 to 24 months.

The company has added 30 people since it moved into the downtown St. Petersburg office at 490 1st Ave S. a few months ago, and now has about 150 people at the site, said Alan Crawford, president of the business unit.

St. Petersburg is the global headquarters for the commercial aviation solutions business, which has 3,500 employees around the world, Crawford said at a ribbon-cutting for the facility Thursday morning.

The business builds simulation equipment and trains pilots for commercial air transport. It also builds avionics equipment for commercial and defense aircraft; satellite communications, terrain and traffic collision avoidance systems; and security and detection equipment.

The company’s check baggage scanners were on display behind Crawford and Mayor Rick Kriseman during the ribbon-cutting

“We make sure nothing gets on the aircraft that shouldn’t. We also make sure the carry-on baggage and people get onto the aircraft quickly, safely and effectively,” Crawford said. “All of that together is part of our mission to deliver safer and more secure skies.”

“They live it. They breathe it. It’s all about keeping us safe every day,” said Kriseman, who toured the business before the brief ceremony.

L3Harris is a great fit for St. Petersburg’s Grow Smarter strategy, Kriseman said. Advanced manufacturing and data analytics are among the five targeted industries in the strategy.

“Everyone knows about the black boxes. They’re looked at when something bad happens,” Kriseman said. “What’s really cool is, they’re looking at it to prevent something bad from happening. They’re taking all that data and giving it back to the airlines to make us safer every day we get on a plane.”

L3 Technologies consolidated its locations in Sarasota and on Gandy Boulevard in St. Petersburg, when it signed a long-term lease for 60,000 square feet on the 5th and 6th floors and part of the first floor in the Tampa Bay Times building. The lease was signed in January, according to real estate firm Franklin Street, which arranged the lease. That deal ranked No. 1 for tech office space deals in the Tampa-St. Pete area on CBRE’s 2019 Scoring Tech Talent report.

In June, L3 merged with Harris Corp. to create L3Harris Technologies (NYSE: LHX), a global aerospace and defense technology company with  $17 billion in annual revenue, 50,000 employees and customers in 130 countries.

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