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Awards & Recognition

Franklin Street Surpasses Billion Dollar Mark in 2019

Categories
Awards & Recognition

Franklin Street Builds Team of CRE Power Players

Categories
COVID-19

Landlords, Retailers in Metro Atlanta Impacted by COVID-19 Seek Middle Ground in Lease Negotiations

Landlords, Retailers in Metro Atlanta Impacted by COVID-19 Seek Middle Ground in Lease Negotiations

Excerpted from REBusiness Online
The financial impact the COVID-19 economic shutdown is having on tenants and landlords is a difficult mix of immediate drastic reduction (or elimination) of revenue, along with little or no ability to forecast when the end will come. This combination of severity and unclear duration makes finding potential win-win compromises a real challenge for tenants and landlords in the metro Atlanta area.

While deal pipelines across the industry have ground to a halt, companies, teams and individuals are using this sudden influx of time as an opportunity to take up important tasks that, while not producing revenue, will set up future opportunities. They are catching up on conversations, expanding their networks, engaging with social media, doing industry research, continuing their professional educations and learning new skills.

For full story, visit: https://rebusinessonline.com/landlords-retailers-in-metro-atlanta-impacted-by-covid-19-seek-middle-ground-in-lease-negotiations/

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Uncategorized

Franklin Street Arranges $17.3M Sale of Multifamily Community in South Atlanta Suburb

Excerpted from REBusiness OnlineFranklin Street has arranged the $17.3 million sale of Chase Village Apartments, a 168-unit multifamily community in Jonesboro. The property offers two- and three-bedroom floor plans that were 94 percent occupied at the time of sale. 

For full story, visit: https://rebusinessonline.com/franklin-street-arranges-17-3m-sale-of-multifamily-community-in-south-atlanta-suburb/

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Ask The Expert COVID-19

Ask the Expert: How has COVID-19 impacted commercial real estate construction projects?

Ask the Expert: How has COVID-19 impacted commercial real estate construction projects?

Although most states have deemed construction an “essential” business, there are four (4) major development unknowns: (1) regulatory approval timeframes, (2) banking, (3) availability of materials, and (4) availability of workers.

Most construction projects that are currently underway and still progressing as scheduled. However, local authorities having jurisdiction are not and that is causing much of the delays. Permitting offices are closed, plan reviewers don’t have remote access abilities, site inspectors are advised to stay at home, etc. Many of these government offices are allowing the use of third-party plan reviewers and inspections. There is a process in getting these services approved with each local authority, but once approved, the overall schedule should be expedited due to shorter permitting periods and same-day site inspections.

The second unknown is the banking industry. They seem to be in a holding pattern to see what happens, which is of course preventing the larger construction project from breaking ground. This has been the single biggest delay to the construction industry. There have been a handful of banking groups that are providing the much-needed relief to keep these projects progressing, but the longer-term viability is certainly of concern.

The final two (2) unknowns are the availability of materials and workers, i.e. the main drivers of construction costs. Most think with this pandemic that construction costs will immediately drop. Prior to this pandemic, the pipelines were robust and plentiful. Those pipelines did not go anywhere and for the most part, are being continuing into construction. However, the long-term effect is unknown. Today, material is still in high demand and there is still a shorter of skilled laborers, i.e. construction costs are will remain high. Trends are showing that Q3 and Q4 of 2020 may tell a different story. Pipelines are not filling at the same pace as they were prior to the pandemic. This should open the availability for skilled laborers allowing construction costs to come off their peak. The biggest unknown is materials, especially materials coming from China and from factories that were closed during the pandemic.


Nick Sanfilippo
Senior Vice President
Franklin Street Project Management
Nick.Sanfilippo@franklinst.com
O: 404.649.6277    

Categories
Awards & Recognition

Influencers in Retail: Monetha Cobb

Excerpted from GlobeSt.comOn the following pages you will find our picks of the leading influencers in the retail space. Like the rest of our influencer series, this group of retail specialists reflect special characteristics that have allowed them to make a mark on the industry. We don’t, in other words, automatically pick the biggest companies or the most prolific teams—although they certainly can be found on the following pages. Rather, we look for individuals, teams and companies that have led to significant change.

With more than 20 years of experience in tenant representation, Monetha Cobb serves as a trusted advisor to many national retailers as SVP of Franklin Street. One of Atlanta’s top retail producers, Cobb is the frontrunner for the firm’s retail tenant services group, where she has led the team to more than $300 million in closed lease deals since 2010. She ensures success in client objectives by focusing on the entire real estate lifecycle from strategy development to store opening. 

For full story, visit: https://www.globest.com/2020/05/01/influencers-influencers-in-retail/

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Uncategorized

Illinois Investor Beats Out 17 Offers for Workforce Apartments Near Atlanta

Excerpted from CoStar

A workforce apartment complex near Atlanta attracted a lot of attention from potential buyers before an Illinois investor that owns a neighboring property emerged as the winner and bought the property.

Oak Residential Partners beat out 17 would-be buyers to acquire Chase Village apartments, a workforce multifamily project in Jonesboro, Georgia, about 18 miles south of Atlanta. The Deerfield, Illinois-based investor paid $17.3 million, or about $102,976 per unit, for the complex, according to CoStar data. The seller was Peak Capital Partners of Provo, Utah.

The 18 offers from investors for the property were competitive on price and had strong terms, said Franklin Street broker Chad Defoor, who was part of the team that represented the buyer and seller in the deal.

For full story, visit: https://product.costar.com/home/news/shared/1463037832?source=sharedNewsEmail

Categories
COVID-19

Landlords, Retailers in Metro Atlanta Impacted by COVID-19

Landlords, Retailers in Metro Atlanta Impacted by COVID-19 Seek Middle Ground in Lease Negotiations

Excerpted from REBusiness Online
The financial impact the COVID-19 economic shutdown is having on tenants and landlords is a difficult mix of immediate drastic reduction (or elimination) of revenue, along with little or no ability to forecast when the end will come. This combination of severity and unclear duration makes finding potential win-win compromises a real challenge for tenants and landlords in the metro Atlanta area.

While deal pipelines across the industry have ground to a halt, companies, teams and individuals are using this sudden influx of time as an opportunity to take up important tasks that, while not producing revenue, will set up future opportunities. They are catching up on conversations, expanding their networks, engaging with social media, doing industry research, continuing their professional educations and learning new skills.

For full story, visit: https://rebusinessonline.com/landlords-retailers-in-metro-atlanta-impacted-by-covid-19-seek-middle-ground-in-lease-negotiations/

Categories
Uncategorized

Johnson Pope’s New Office Deal in Downtown St. Pete

Johnson Pope’s new office deal in downtown St. Pete offers a glimpse at the workspace of the future

Excerpted from the Tampa Bay Business Journal

Law firm Johnson Pope has nearly doubled its office footprint in downtown St. Petersburg, moving into the new space in the midst of a global pandemic.

“I will admit, candidly, if I’d known I’d be finishing up construction and opening up office in the middle of Covid-19, I’d have hit pause,” said Guy Burns, managing partner. “But we’re committed.”

Johnson Pope has moved from the Synovus Bank building to 490 First Ave. S. Its previous office space was 11,135 square feet; the new office is 20,000 square feet. Burns declined to disclose the investment in the move.

Franklin Street managing director Chris Butler and director Ryan McCurdy represented Johnson Pope in the move. Wannemacher Jensen Architects designed the space and WJCreate, a general contractor and sister company to Wannemacher Jensen, handled construction.

For full story, visit:  https://www.bizjournals.com/tampabay/news/2020/05/06/johnson-popes-new-office-deal-in-downtown-st-pete.html?ana

Categories
Awards & Recognition

Franklin Street Office and Industrial Division Recognized In CoStar Power Broker Quarterly Deal Awards

Top Office Leases Recognized for Tampa/St Petersburg

Excerpted from CoStar  Power Broker Quarterly Deals

As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. Beginning this year, CoStar is recognizing the largest leases completed each quarter and the dealmakers who made them happen in their respective market.

Here are the Tampa/St Petersburg office leases selected as the First Quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:

Space Leased: 44,000 SF

Deal Type: New Lease

Sign Date: March 2, 2020

Size: 264,843 SF

Tenant: Industrious

Brokers Involved:Chad Rupp of Franklin Street represented the landlord. Michael Fisher of CBRE represented the tenant.

Deal Commentary: Industrious will be opening their third Tampa location on the waterfront in Sparkman Wharf. The coworking company offers premium workspace with access to local restaurants and retail.

To view full article, visit:  https://product.costar.com/home/news/shared/544969725?source=sharedNewsEmail