Categories
In the News

OBJ: Breaking: Blue Steel Development to buy property once slated for Nephron HQ

A Lakeland developer is under contract to buy land northeast of South Kirkman and LB McLeod roads for a future industrial project as e-commerce demands have fueled a boom in the real estate sector.

Blue Steel Development LLC plans to buy the 61 acres from Nephron Pharmaceuticals Corp.-related entity Kennedy Campus LLCto build a roughly 450,000-square-foot warehouse, real estate sources told Orlando Business Journal. The deal is expected to be finalized before the end of the month, sources said.

Meanwhile, there’s demand for industrial development in that area, previously said Larry Kahn, senior director of industrial with Tampa-based Franklin Street. That’s due to the site’s location near Interstate 4 and John Young Parkway. “It’s a convenient place to come and go.”

Read the full article from Orlando Business Journal.

Categories
Featured Deal In the News

TBBJ: Atlanta developer closes on land, secures $44M construction loan for Home Depot’s new Hillsborough warehouse

An Atlanta developer is moving forward with plans for a Home Depot Inc. warehouse in South Hillsborough County.

Seefried Industrial Properties paid $9.6 million for 65.6 acres off of Big Bend Road in Gibsonton in a deal that closed in early August, according to Hillsborough County property records. Franklin Street’s Pat Kelly represented the seller in the sale.

Truist Bank provided a $44 million construction loan, mortgage documents show.

Home Depot (NYSE: HD) has signed a lease for a 402,156-square-foot warehouse on the site at 7075 U.S. Highway 41 S, according to documents filed with the county.

Read more from Tampa Bay Business Journal.

Categories
Awards Awards & Recognition

2020 Next Generation Honoree: Franklin Street’s Alex Zapata is True Team Player

As a senior financial analyst in the capital markets group for Florida and Georgia at Franklin Street, Alex Zapata has been recognized for his team-first attitude and remarkable work ethic.

Through the ongoing COVID-19 pandemic, Zapata has worked evenings and weekends, all while continuing to market Franklin Street on social media. Through his positive attitude, work ethic and insight, Zapata has helped the firm through this time by continuing to close deals and find new partners.

Zapata did extensive research and contacted every partner at the firm to confirm what they were willing to do during the pandemic. This knowledge was critical so that Franklin Street could focus on the right partners to find new clients and close new deals.

These are just a few of the reasons we chose Zapata to be one of the Atlanta and Southeast region 2020 Next Generation Award Winners. Connect Media’s fourth annual Next Generation Awards recognize young leaders in the commercial real estate industry who are likely to be influential for years to come.

Categories
In the News Trends

Jax Daily Record: Gyms, grocers among tenants checking out Stein Mart stores

“Big picturewise, it’s great real estate,” said Carrie Smith, managing director of the Franklin Street real estate company.

Stein Mart leases from 30,000 to 46,000 square feet of anchor box space at six properties.

“They are all well-positioned,” Smith said.

“We feel bad for Stein Mart, but we’ve had tenants who have expressed interest in taking those boxes if we get them back,” she said.

Smith said potential tenants include gyms, supermarkets, furniture stores and soft good uses. 

“Burlington, TJX Companies and Hobby Lobby are all out looking for deals,” she said. TJX stores include TJ Maxx, HomeGoods and Marshalls.

Read the full story from Jax Daily Record.

Categories
Featured Deal

Franklin Street Brokers $1.35 M Sale of Hollywood & Via Del Rio in Tampa, FL

Tampa, FL (July 20, 2020) – Franklin Street has brokered the sale of Hollywood & Via Del Rio, an 11-unit apartment community located in the city of Tampa, Florida.

Franklin Street’s Tampa multifamily investment sales team, Avery Jordan, Zach Ames, Mark Savarese, and Darron Kattan represented the seller, Southern FL 46, LLC in the $1,350,000 transaction. The buyer, Hollywood Del Rio Apartments, LLC paid $122,727 per unit and is planning to implement select renovations to increase the value of the property. Franklin Street Capital arranged the financing for the deal.

“We sold at full asking price during the COVID-19 pandemic,” said Avery Jordan, senior associate in Franklin Street’s Tampa office. “We were able to go from contract signing to closing in 60 days despite various challenges presented by state and local restrictions. This demonstrates the continued strength of the market and specifically showcases the demand for resilient B class assets.” 

Hollywood & Villa Del Rio is located at 708 & 714 Hollywood St in Tampa, Florida.  Built in 1925, Hollywood & Villa Del Rio is comprised of 9,221 SF of living space. The waterfront property is located on the Hillsborough River in the historic Seminole Heights district.

Categories
Featured Deal

Franklin Street Brokers $2.5 M Sale of Gandy Parkside in Tampa, FL

Tampa, FL (July 20, 2020) – Franklin Street has brokered the sale of Gandy Parkside, a 16-unit apartment community located in the city of Tampa, Florida.

Franklin Street’s Tampa multifamily investment sales team, Avery Jordan, Mark Savarese, Zach Ames and Darron Kattan represented the seller, Parkside Property Management, LLC and the buyer, Palm Street Capital, LLC in the $2,500,000 transaction.  The buyer paid $156,250 per unit and is planning a significant value-add strategy through interior and exterior improvements.

“We were able to procure a true cash buyer during the COVID-19 pandemic,” said Avery Jordan, senior associate in Franklin Street’s Tampa office. “This competitive cash offer allowed us to move quickly from contract signing to closing in a 30-day timeframe.” 

Gandy Parkside is located at 3208-3214 West Gandy Boulevard in Tampa, Florida.  Built in 1985, Gandy Parkside is comprised of 12,992 SF of living space. The property is located in a prime South Tampa location near Bayshore Boulevard (0.5 Mi), Publix (0.5 Mi), Tampa Yacht & Country Club (1.2 Mi), the Selmon Expressway (0.7 Mi) and Downtown Tampa (9 Min).

Categories
Featured Deal Uncategorized

Franklin Street Negotiates Lease Renewal for Liberty Mutual in Tampa, FL

Global insurer to remain in Tampa’s Temple Terrace submarket

Tampa, FL. (August 4, 2020) Franklin Street has negotiated a 20,774-square-foot office lease renewal for Liberty Mutual, a Boston-based global insurer, at 12906 Tampa Oaks Blvd in the Temple Terrace submarket of Tampa.  Liberty Mutual signed a long-term lease to occupy the space at Tampa Oaks II, a Class A suburban multitenant office.

Franklin Street’s Chad Rupp, Managing Director and Matt Alexander, Senior Associate, represented the Landlord, TerraCap Management, in the transaction.  Cushman and Wakefield, represented the tenant, Liberty Mutual in the transaction.

Located at 12906 Tampa Oaks Blvd, Tampa Oaks II is a Class A suburban multitenant office building in Temple Terrace, FL.   Built in 2008, Tampa Oaks II is a 104,082- square-foot property that spans over 10 acres.