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COVID-19 Trends

COVID-19: A Message From Franklin Street’s CEO, Andrew Wright

The current Coronavirus situation presents serious challenges for all of us personally and professionally. As a client of Franklin Street, we hope you are doing well through these difficult times, and we want you to rest assured we are here, ready to help. We are following all local and national guidance to protect our team members so they can remain healthy, safe and ready to address your needs. 

Franklin Street believes we have an obligation to help drive the American economy forward. Our technology systems and support structures are fully operational, and our teams are working closely with clients on solutions that will sustain their business objectives throughout this time of uncertainty. The American economy is coming into this situation as the largest and strongest economy in the world, and we are optimistic that we will not only emerge from this disruption, but our recovery will bring with it significant opportunity for our clients.

Times like these leave me particularly aware that we are fortunate to have outstanding clients and team members. I have every confidence that, just as we have done in the past, our partnerships will continue to deliver value far into the future.

Andrew Signature

Andrew Wright, CEO & Managing Partner

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Uncategorized

Franklin Street Brokers $21M Sale of Northridge Apartments

Tampa, Fla. (March 10, 2020) – Franklin Street brokered the sale of the Northridge Apartments, a 203- unit rental community located in the city of Saint Petersburg, Florida.

Franklin Street’s Tampa multifamily team, Kevin KelleherDarron Kattan and Zach Ames represented the seller, 6522 54th LLC and the buyer, Texas-based Northridge SP LLC, in the $21,000,000 transaction. 

Franklin Street’s Lonnie Kitchen provided insurance for the new buyer.

“The buyer was new to the region and outbid all local active buyers while assuming the existing loan on the property,” said Darron Kattan, Managing Director, Franklin Street. “The property is well positioned for immediate NOI growth via small capital expenditures and significant capital appreciation in the long term as St. Petersburg continues to be one of the most desired cities in the region.”

Northridge Apartments is located at 6522 54th Ave N in Saint Petersburg, Fla.  Built in 1970 & 1983, the two parcels spread over 7.29 acres and include 2 swimming pools, a playground and on-site laundry facilities. Northridge Apartments are centrally located and within minutes from Bay Pine VA Hospital, national retailers, Downtown St. Petersburg and Florida’s award-winning beaches.

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Ask The Expert

Ask The Expert: How are CRE portfolios being effected by the insurance market?

Ask The Expert: How are commercial real estate portfolios currently being effected by the insurance market?

“In Q1 of 2019, we began to see a significant shift in the insurance marketplace for real estate portfolios, multifamily being hit the hardest. Similar to other financial markets, the insurance marketplace goes in cycles. Unfortunately for commercial property owners, this happens to be the most challenging part of that cycle.

Adjusted for inflation, 2017 marked the lowest insurance pricing for real estate owners over a 15 year period. At that time, insurance companies were fighting to maintain market share, which led to significant underpricing across the real estate sector. Many of the major players were barely operating at a profit due to attritional losses (hail, fire, water damage, etc.), perils which can either be difficult, or nearly impossible to forecast. This situation, coupled with the hurricane of season of 2017, were the straw that broke the camel’s back.

Many owners who renewed coverage in Q1 or Q2 were able to avoid the market correction in 2019. I would not expect to have such luck in 2020. 

With that said, every situation is unique, and some carriers have maintained stable renewals year over year in certain pockets of the country (This has been limited to a small portion of the multifamily sector). To be safe, the earlier you can start the renewal process, the better.”

Garet Marr
Director
Franklin Street Insurance Services
Garet.Marr@franklinst.com
O: 312.598.2665

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Uncategorized

Franklin Street Brokers $7.3M Sale of Retreat at Ragan Park in Macon, Georgia

Atlanta, GA (March 10, 2020) – Franklin Street brokered the sale of the Retreat at Ragan Park, a 144-unit rental property located in the city of Macon, GA.   Franklin Street’s Atlanta multifamily team, which included Chad DeFoorJake ReidDan PhelanRoyce BaptistAlex Croy and Roger Schoerner represented the seller, S&S Property Management, Inc. and the buyer, Tusk Equity Partners in the $7,344,000 transaction. 

“S&S Property Management did an excellent job during their ownership period of building a quality rent roll and supervising a $1.7M renovation,” said  Chad DeFoor, Senior Director, Franklin Street. 

“The Retreat at Ragan represents a great opportunity for Tusk Equity Partners to purchase a well performing multifamily property at an attractive basis with value add potential through both interior updates and amenity improvements,” said Jake Reid, Senior Director, Franklin Street.

The Retreat at Ragan Park is located at 2800 Masseyville Rd in Macon, GA.  Built in 1973, the property spans 33.58 acres and has on on-site event center.

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Uncategorized

Franklin Street Hires Senior Vice President of Marketing in Tampa

Tampa, Fla. (March 9, 2020) – Jason Sorvillo joins Franklin Street as the organization’s first Senior Vice President of Marketing.  In this role, Mr. Sorvillo will play a critical role in leading the firms marketing and communications strategy.

“We are thrilled to have an executive with Jason’s experience on our leadership team at Franklin Street,” said Tyler Cathey, Franklin Street’s COO and General Council. “Jason’s contributions will play a major role in Franklin Street’s future growth.” 

Prior to joining Franklin Street Jason was Chief Operating Officer at Tampa based advertising agency Sulzer Inc., where he led business operations and consulted clients on marketing strategy.  Before working in the agency business, Jason served as VP of Marketing for Cott beverages, leading the company’s efforts in branding, advertising, packaging, and consumer insights.  

“I am thrilled to have the opportunity to join the Franklin Street team” said Sorvillo, “I’m especially excited by the quality of this team and the opportunities for growth ahead of us.”

Jason’s background is in marketing and brand management at Fortune 500 consumer goods companies such as Clorox and Georgia Pacific.  He brings with him 25 years of experience in brand strategy, advertising and promotion, marketing research, and marketing analytics.  

Jason received his BA from Boston College and his MBA in Marketing from Goizueta Business School at Emory University.  

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Uncategorized

Industry Veteran Rejoins Franklin Street Amid Retail Expansion in South Florida

MIAMI (February 12, 2020) –   As Director of Retail Leasing Services in Franklin Street’s Miami office, Caroline Cheng will focus on property and location analysis, marketing and leasing strategy, and negotiation services for retail asset owners and occupiers throughout the Greater Miami Area.

“Franklin Street has championed efforts to recruit more women brokers, not only within our firm but across the industry,” said Monetha Cobb, senior vice president of Franklin Street’s Retail Tenant Services division and former president for Commercial Real Estate Women (CREW) Atlanta. “We are proud to have highly talented females such as Caroline in senior level positions across each of our offices. Her in-depth understanding of the changing national retail landscape will help us better serve our clients in South Florida.”

Caroline rejoins Franklin Street after serving as a corporate real estate manager for Checker’s and Rally’s Drive-In Restaurants, where she managed the leasing, purchasing, renewal and expansion activity for the company’s portfolio of existing properties. Previously, Caroline held management positions with Brookfield Properties (formerly General Growth Properties), one of the largest shopping mall operators in the U.S., and Global Franchise Group, a brand acquisition and management firm specializing in quick service restaurant franchising.  

With over a decade of experience in professional leasing and sales across the Southeast, Caroline will work alongside Justin Berryman, director of Retail Leasing Services, to help expand Franklin Street’s landlord and tenant representation platforms which brokered over $171 million in retail leasing transactions nationwide in 2019.

“Caroline is a seasoned industry expert who will offer world-class service to our retail investor and occupier clients in South Florida,” said Cary Beale, senior vice president of Franklin Street’s Retail Landlord Services division. “She is exactly the type of high-performing producer that we are looking to hire as Franklin Street continues its strategic nationwide expansion.”

Caroline earned her bachelor’s degree in Marketing and Management from the University of South Carolina.  Earlier in her career, Caroline spent two years as a director of retail services for Franklin Street and represented a variety of national and regional clients including Little Caesars and Great Clips. She an active member of the International Council of Shopping Centers.

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Promotions

Evan Seacat Promoted to Regional Vice President at Franklin Street in South Florida

MIAMI (February 17, 2020) – Evan Seacat has been promoted to Regional Vice President for Franklin Street’s South Florida offices.

As the Regional Vice President for Franklin Street’s South Florida offices, Evan Seacat will provide strategic guidance on business development and talent recruiting efforts to grow the firm’s market share across Broward, Miami- Dade and Palm Beach Counties.

A member of the Franklin Street team since 2010, Mr. Seacat’s multifamily portfolio includes nearly 10% of the market share in Broward, Miami-Dade and Palm Beach Counties and over 25 million square feet of commercial property.  

Mr. Seacat is a graduate and former basketball player of Northwestern University, where he received his Bachelor of Science in Communication Studies. Mr. Seacat has earned Franklin Street’s Sales Achievement Award in 2014-2019 and holds the Associate in Insurance Production (AIP) designation.

Categories
Promotions

People on the Move: Evan Seacat

Evan Seacat has been promoted to Regional Vice President for Franklin Street’s South Florida offices. In his new role, Evan will provide strategic guidance on business development and talent recruiting efforts to grow Franklin Street’s market share across Broward, Miami- Dade and Palm Beach Counties. A member of the Franklin Street team since 2010, Mr. Seacat’s multifamily portfolio includes nearly 10% of the market share in South Florida and over 25 million square feet of commercial property.

Evan Seacat
Regional Vice President at Franklin Street

EDUCATION:  Northwestern University

For full story, visit:  https://www.bizjournals.com/southflorida/potmsearch/detail/submission/6481388/Evan_Seacat

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Uncategorized

Franklin Street Brokers $3.8M Sale of Normandy Apartments in Pompano Beach, Fla.

Pompano Beach, Fla. (March 4, 2020) – Franklin Street brokered the sale of Normandy Apartments, a 30-unit multifamily property in Pompano Beach, Florida. 

Franklin Street’s Fort Lauderdale team, Dan DratchGreg Matus and AJ Stanford represented the seller, Maven Real Estate and the buyer, Axiom Holdings, both local private investors, in the $3,845,000 transaction. 

Franklin Street’s Evan SeacatRyan Cassidy and Alec Laetham provided insurance for the new buyer.

“There is no shortage of demand for value-add assets in South Florida,” said Dan Dratch, Director for Franklin Street. “Investors are looking for well-located real estate that has a value-add component where they can push the rents through a beautification of the property.  Because of the competitive market we are in, new buyer cap rates are compressing while pro forma numbers still look appealing to multifamily investors.” 

Normandy Apartments is located at 1751 NE 31ST Street in Pompano Beach, Florida.  Built in 1964 using reinforced concrete block construction with painted stucco exterior, the highly attractive unit-mix includes (4) studios, (22) one-bedroom & one-bath apartments, and (4) two-bedroom & one-bath apartments, totaling approximately 16,700 RSF. 

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Uncategorized

People on the Move: Caroline Cheng

Caroline Cheng rejoins Franklin Street as Director, Retail Leasing Services in their Miami office. In her new role, Caroline will focus on property and location analysis, marketing and leasing strategy, and negotiation services for retail asset owners and occupiers throughout the Greater Miami Area.

Caroline Cheng
Director, Retail Leasing Services at Franklin Street

EDUCATION:  University of South Carolina

For full story, visit:  https://www.bizjournals.com/southflorida/potmsearch/detail/submission/6481387/Caroline_Cheng