Franklin Street Brokers $1.25M Sale of Park Place Apartments in Clearwater FL

Franklin Street Brokers $1.25 M Sale of Park Place Apartments in Clearwater FL

Tampa, FL (July 2, 2020) – Franklin Street has brokered the sale of Park Place Apartments, a 14-unit apartment community located in the city of Clearwater, Florida.

Franklin Street’s Tampa multifamily investment sales team, Avery JordanMark SavareseDarron Kattan and Zach Ames represented the seller, 600 Park Place, LLC and the buyer, Beatrice Properties, LLC in the $1,250,000 transaction.  The buyer paid $89,286 per unit.

“We were able to generate 13 property tours and 11 competitive offers in a two-week marketing period despite the current circumstances of the COVID-19 pandemic,” said Avery Jordan, senior associate in Franklin Street’s Tampa office. “We closed at 93.9% of our list price to an out-of-state 1031 exchange buyer. We anticipate 1031 exchanges from New York and California will continue to be a driving force for multifamily values in Florida. The property traded at a 5.60% cap rate based on tax-adjusted in-place income which is representative of the insatiable investor demand for value-add apartment properties.”  

Park Place Apartments is located at 600 Betty Lane in Clearwater, Florida.  Built in 1971, Park Place Apartments is comprised of 10,950 SF of living space on a well-kept 0.38 acre lot. Park Place Apartments is conveniently located 1 mile from Downtown Clearwater & 3.6 miles from Clearwater Beach – Voted the #1 beach in America (TripAdvisor, 2019).


Franklin Street Arranges $12.4M Financing for Medical Facility

Franklin Street Arranges $12.4M Financing for Medical Facility in Baton Rouge

Excerpted from REBusiness Online

BATON ROUGE, LA. — Franklin Street has arranged the $12.4 million acquisition and renovation financing for Physicians Medical Center, a 76,370-square-foot medical office and hospital campus in Baton Rouge. The three-story facility features a hospital on the first floor and 44,984 square feet of leasable medical office space at the time of sale. The buyer, New Era Cos., plans to implement property renovations. Following the project, Oceans Healthcare Outpatient Services will anchor the property.

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Franklin Street Signs Lease for First Aaron’s Gen5 Store of The Future

Franklin Street Signs Lease for Aaron’s Gen5 Store of The Future at Market Square Shopping Center in Douglasville, Georgia
First Aaron’s Gen5 Store of The Future to open in the state of Georgia

Atlanta, Ga. (July 21, 2020) –   Franklin Streetannounced that Aaron’s Gen5 Store of The Future will open its first Georgia location at Market Square Shopping Center in Douglasville, Georgia.

Franklin Street’s Retail Landlord Leasing team, Sam Kruger and Kaitlyn Theriot represented SITE Centers in the transaction. 

“We’re extremely proud to continue to drive NOI for our client through our ability to backfill big box spaces,” said Sam Krueger, Director, Franklin Street. “Aaron’s is a concept that we are extremely confident in and believe can thrive in the current economy.”

Aaron’s Gen5 Store of The Future will occupy 24,920 square feet at the shopping center. The concept includes new façade details, exterior finishes and interior sales areas. “This new store design is a great example of an omnichannel retailer adapting to shifts in consumer preferences,” said Kaitlyn Theriot, Senior Associate, Franklin Street. “It will feature software that gives customers the opportunity to custom-build their furniture, on-site quick approval processes to eliminate long lease-to-own wait times, the ability to order in-store and receive items from an off-site fulfillment service, and thus optimize the consumer experience.”

Located at 9503 Highway 5, Market Square Shopping Center is a 125,281 GLA shopping center in Douglasville, GA. The center has 21 units occupied by a diverse range of retailers, including: Hopebridge Autism Center, Super Sunny Beauty, Pet Supermarket, AT&T and YouFit Health Club.  The center sees over 1 million visitors per year and is in the 76th percentile of shopping centers within a 15-mile radius.