Awards In the News

Franklin Street CEO Andrew Wright Named to Florida 500

Franklin Street is pleased to congratulate CEO & Managing Partner Andrew Wright on making this year’s Florida 500! This prestigious list, published each year by Florida Trend, recognizes the 500 most influential business leaders and executives in different economic sectors throughout the state.

Excerpt from the Florida 500:

“Wright’s grandparents emigrated from Colombia in the 1950s. He established the commercial real estate firm in 2006 and led it through the market downturn beginning in 2008. Since then, Franklin Street has grown into one of the fastest-growing full-service commercial real estate firms in the Southeast with more than 300 employees. Wright says with the firm’s growth, his role has changed from being involved in every transaction to ‘finding success through others.’”

Learn more about what makes Andrew one of Florida’s most influential leaders in Florida Trend’s writeup.

Featured Deal

Franklin Street Brokers Sale of Little Havana Multifamily Asset for $3.1M

The 29-unit property secured multiple qualified offers and sold in an all-cash transaction

Miami (September 14, 2020) – Franklin Street has brokered the sale of Villa La Pinta, a 29-unit multifamily property located in Miami’s highly sought-after East Little Havana submarket. The asset sold for $3.1 million in an all-cash transaction executed in 16 days from contract to close.

The Franklin Street South Florida multifamily investment sales team, consisting of Oscar Banegas, Sergio Diez, Ryan Wold, Dan Dratch and Greg Matus, brokered the deal on behalf of both the private seller and the buyer, who is an active investor in the South Florida multifamily market.

“Our team received multiple all-cash offers within the first five days of marketing this asset, and we are pleased to have closed quickly and successfully,” said Wold.

Villa La Pinta features a unit mix of 23 one-bedroom apartments, five studio units and one efficiency. The property, built in 1925, offers several opportunities for value-add improvements, and the buyer plans to implement significant updates to modernize the building and enhance all living spaces.

“Despite being an older property, Villa La Pinta has achieved high rents due to its proximity to downtown Miami and Brickell. The buyer now has an excellent opportunity to stabilize and sustain those rents through a renovation program,” said Banegas.

At 501 SW 6th Court, Villa La Pinta is located in the heart of Little Havana, approximately a mile west from Downtown Miami and Brickell City Centre, which consists of national retailers and renowned dining and hospitality concepts. Three blocks south of the property is the world-famous “Calle Ocho,” which serves as a major tourism hub.

For press inquiries, contact

Ask The Expert

Ask The Expert: What are your CRE & Debt Financing consideration & expectations in 2021?

What a ride 2020 has been.

In the middle of the first quarter of 2020, two unforeseen events occurred – the global oil price war and Covid-19. This economic shock will continue throughout next year as the world clambers towards some form of normalcy.

Despite the obvious negative effects across all asset types, with a particular focus on hospitality and retail centers, the overall level of CRE debt has still remained buoyant. Underpinning this has been the significant reduction in interest rates thanks to accommodating monetary policy from the Federal Reserve.

So what are the issues going into next year? Leasing concessions will hopefully have ended but bottom lines will hurt. The vacancies created by expiring businesses will also need to be filled and the NOI reduction as a result may cause payment delinquencies and foreclosure on the severe end, and lower loan proceeds on the other due to DSCR constraints.

While commercial lending is back on after a great tightening across many assets types, many local and regional banks have been suffering from default shock between their commercial lending and small business platforms. This has caused a tightening in risk appetite and has caused LTV’s to drop, and in some, caused a complete cessation of lending to a variety of asset classes until the fog clears. Many lenders will continue to ask for 6-12 months of principle and interest reserves in all the deals they finance.

And yet, the Mortgage Banker Association forecasts commercial and multifamily bankers will still close a considerable amount CRE loans backed by income producing properties this year, up by 9% from an estimated 13% borrowing volume in 2019. Multifamily, Medical offices and Data Centers are all expected to present as growth opportunities. This environment, where yesterday’s top performing lender are no longer today’s ‘go-to’, has caused an important reliance on debt brokers. This uncertainty has created opportunity and 2021 will prove out have a strong runway into brokered deals.

In the News Industry Publication

Southeast Real Estate Business: Pandemic may lead to opportunities for Orlando’s most resilient retailers

By Terrence Hart, Senior Director of Retail Services with Franklin Street

For the Orlando retail market, which relies heavily on Central Florida’s $75 billion tourism industry, the impact of the COVID-19 pandemic has been twofold. Not only has the local consumer base begun relying more heavily on online shopping and home-cooked meals, but the number of out-of-state and international visitors who typically travel to Central Florida for its renowned theme parks and attractions has plummeted.

Statewide, Florida’s tourism industry suffered an estimated 60.5 percent drop in visitors during the year’s second quarter, with international travel down more than 90 percent, according to Visit Florida.

Submarkets built around Walt Disney World, the Orange County Convention Center and Universal Orlando, such as International Drive, the U.S. Highway 192 Corridor and Celebration, have taken an especially hard hit. Many restaurants designed around a sit-down experience will not recover. Although creative solutions are in action, sidewalk seating and ghost kitchens can only generate so much revenue to recover restaurants’ already razor-thin margins.

But out of the slump have come opportunities for some retailers to shine, whether they’ve adapted their business model or already happened to have pandemic resistant infrastructure in place. Further, as the winners and losers of COVID-19-era retail become clear, retailers and restaurants that prevail are positioned to gain access to better real estate, more generous lease options and, potentially, discounted rents.

Read Terrence Hart’s full guest column in the August 2020 edition of Southeast Real Estate Business.

In the News Industry Publication Is a Career in CRE Right For You?

A commercial real estate career can be rewarding and challenging—but it isn’t necessarily for everyone. We talked to experts to find out how college graduates and young people can decide if a career in this industry is right for them, and what it takes to build a successful career.

New entrants into the market should align with industry veterans and build career-lasting relationships. “Take the initiative to learn from those around you and build relationships with industry veterans,” Zach Ames, senior director at Franklin Street, tells “Recognize your strengths and weaknesses and leverage your resources to strengthen both. Be diligent and responsible but understand the important of confidence. Understand the value of building meaningful relationships in the communities in which you live and work. Stay committed to your personal and professional growth, and most importantly, lead by example.”

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In the News

Connect CRE: Seefried Industrial to Develop 492K-SF Distribution Center for Home Depot in Tampa

Franklin Street has arranged the $9.6 million sale of a 65-acre development site in Tampa’s South Hillsborough County.

The buyer, Seefried Industrial Properties, acquired the land for the development of a 492,156-square-foot built-to-suit distribution center for home improvement giant Home Depot…

Patrick Kelly of Franklin Street, along with Frank Ryon of Redstone Commercial, represented the private seller in the transaction.

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Featured Deal

Franklin Street Represents Seller in $9.6M Sale of Tampa Development Site Slated for 492KSF Warehouse

Buyer Seefried Industrial Properties is developing the BTS facility for Home Depot 

TAMPA, FL (September 3, 2020) – Franklin Street, on behalf of the seller, has arranged the disposition of a 65-acre development site in South Hillsborough County, where construction is underway on a 492,156-square-foot, Class A distribution center. Seefried Industrial Properties, Inc. acquired the land for $9.6 million, and is developing the build-to-suit project for Home Depot. The home improvement giant pre-leased the facility in its entirety.  

Franklin Street Regional Managing Partner Patrick Kelly, along with Redstone Commercial’s Frank Ryon, represented a private seller in the transaction.  

“As consumers expect shorter delivery times for goods ordered online, this site in South Hillsborough County will improve Home Depot’s ability to quickly fulfill orders in the Tampa Bay market via U.S. 41, I-75 and I-4,” said Kelly. “Working with Seefried Industrial, one of the elite industrial developers in the country, to get this project underway was a rewarding professional experience.” 

At 7075 U.S. Highway 41 S., the development site is situated at the intersection of U.S. 41 and Big Bend Road in Gibsonton, approximately 15 miles south of downtown Tampa. The property is also convenient to Port Tampa Bay.  

Seefried Industrial Properties, Inc., based in Atlanta, develops Class A industrial facilities in major markets throughout the country. The Home Depot distribution center is slated for completion in the third quarter of 2021.

For Franklin Street press inquiries, please contact

In the News Industry Publication Trends

SCB: Lenders are Slow Out of the Gate as Central Florida Retail Market Begins Recovery, Says Webinar Panel

Commercial real estate lenders have remained timid as retail businesses in the Central Florida market navigate how to operate successfully during the COVID-19 crisis. As of this writing, Orange County had the 23rd most cases by county in the United States with 36,400 positive coronavirus cases and 378 deaths, according to Johns Hopkins University (JHU).

The metro Orlando county is currently in Phase II of the Sunshine State’s reopening plan, which includes allowing restaurants to bump up capacity from 50 percent in Phase I to now 75 percent; retailers can operate at full capacity; fitness centers can operate at 50 percent capacity; and bars can operate at 50 percent of standing room capacity. Phase II for most of the state’s counties went into effect June 5.

While residents and businesses have begun the process of returning to pre-pandemic shopping norms, Chuck Whittall, president of Unicorp National Developments, said banks are still cautious.

“There is a lot of fear on the credit side of the world,” said Whittall. “We experienced it after 9/11, in 2009 and we are experiencing it again now.”

Orlando-based Unicorp broke ground last month on O-Town West, a $1 billion mixed-use development along Interstate 4 and three miles north of Walt Disney World Resort. The 82-acre project will have 250,000 square feet of retail space, which is 92 percent preleased.

Whittall’s comments came during InterFace Conference Group’s Central Florida Retail Outlook webinar, hosted by Shopping Center Business and Southeast Real Estate Business on Monday, Aug. 31. Other panelists included Ralph Conti, principal at RaCo Real Estate; Cindy Schooler, managing director of SRS Real Estate Partners; Ivy Greaner, chief operating officer of InvenTrust Properties; Kurt Keaton, president of real estate services at Franklin Street; and moderator Beth Azor, founder and owner of Azor Advisory Services.

Lenders are hesitant due to the uncertainty of the retail market as many retailers struggle to find their footing amid slumping sales. Lenders are worried about their borrowers being able to make their mortgage payments, especially if the shopping centers being financed have tenants that are deferring their monthly rent.

Keaton echoed Whittall’s statement about apprehension in the capital markets, adding that the economy is waiting on lenders to open back up for business.

“A lot of the single-tenant deals have continued to move forward out there on the investment sale side,” said Keaton. “The real holdback right now on the grocery-anchored shopping centers is on the lender side. As [lender balance sheets] get figured out and loosen up, that’s going to be an important contingency as we move forward and businesses start to open up, not just in Central Florida, but across the Southeast.”

Read the full recap or watch a replay of the webinar from Shopping Center Business.

In the News Industry Publication How Young Professionals Are Changing the Industry

Young professionals are driving change in the commercial real estate industry. For years, new technologies—from virtual rent collection to digital document signing—have promised to deliver efficiencies to the market, but adoption has been another story. The industry has an older average age demographic than most other industries. According to NAR, for example, brokers have a median age of 60 years old. These groups tend to be reluctant to adapt new technologies, but as more millennials and gen-Z members enter the industry, technology adoption is becoming inevitable.

The use of data isn’t necessarily new for the CRE market. “High quality data has always been an important aspect of commercial real estate and multifamily investment sales,” says Zach Ames, senior director at Franklin Street. “Historically, this data was limited to local and regional snapshots but recent advancements in technology allow users to easily review data from buyers, sellers and tenants both nationally and internally.” Technology can help to leverage data and create cost-savings efficiencies that can ultimately change the market. Ames lists e-contracts to virtual tours as just a handful of the technologies that fit into this category. [These have] the diverse range of value that utilization of new technology by young professionals has had on the commercial real estate industry,” he adds.

While the industry is starting to evolve, the professionals agree that younger generations are the key to driving the evolution. “The use of industry-leading technology by young professionals is evolving the industry’s approach to business and deal making,” says Ames. “From financial analysis and database research to property marketing and client communication, their ability to quickly adopt and utilize technology is disrupting a historically archaic system.”

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