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Franklin Street Brokers Sale of Multifamily Investment Asset in Delray Beach

Delray Beach (October 28, 2020) – Franklin Street has arranged the sale of Delray Gulfstream, a 12-unit, multifamily investment property in Delray Beach, Florida.

The Franklin Street multifamily investment sales team of Travis Jones, Dan Dratch, AJ Stanford, and Ryan Wold brokered the transaction on behalf of both the buyer and seller.

Delray Gulfstream currently operates as a master lease for a very large local drug rehab company, providing the new ownership with immediate in place income, no fear of vacant units due to turnover, and minimal responsibilities, similar to a double net lease in retail.

“This property provided an excellent opportunity to acquire a well-maintained asset with guaranteed in-place income and a strong history of value appreciation,” said Jones. “Delray Gulfstream received six competitive offers, and we were very pleased to have closed near list price in this uncertain investment market during the COVID-19 pandemic.”

The garden-style community consists of 10 one-bedroom, one-bathroom units and two two-bedroom, two-bathroom units. Built in 1971, the property features central air conditioning, hurricane windows, on-site laundry, and surveillance cameras.

“This transaction shows that buyers aren’t just looking for distressed assets with a big value-add component,” said Dratch. “Well-maintained, income-producing assets with strong monthly cashflow in well-located areas are still in high demand by multifamily investors.”

At 268 NE 14th St., the property is situated just west of U.S. 1 / Federal Highway, within proximity to numerous retailers, restaurants, and major employers and less than half a mile from the beach.

For press inquiries, contact Public.Relations@Franklinst.com.

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TBBJ: Coronavirus may have paused Tampa Bay’s apartment market, but it’s ‘ramping back up quite rapidly’

In the spring, the novel coronavirus pandemic looked like a potential correction for Tampa Bay’s apartment market — a correction some thought was long overdue. But deals are starting to ramp up again, and Covid-19 may have been more of a pause than a correction.

Some of the deals, like Radco Investors of Atlanta’s sale of two Clearwater properties for a combined $92 million, are spurred by a mindset of preparing for a coming crash. 

But on the other side, there are investors — like the firms that purchased Radco’s two properties — making bets that there is plenty of runway left in the region’s apartment market, which has seen record-setting sales in recent years. 

“There’s people betting every day one way or another,” said Darron Kattan, managing director at Franklin Street in Tampa. “Generally speaking, there are people at very smart and large companies making bets that we have a long runway before any crash, and there are very smart people making bets that it’s going to crash at some point soon.”

The Covid-induced turmoil in other sectors of commercial real estate — particularly hospitality and retail — has investors flocking to multifamily, which has remained mostly stable throughout the pandemic.

“Investor demand is up, actually, in terms of equity and capital looking for the safest places to invest,” Kattan said. 

Read more from the Tampa Bay Business Journal.

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Business Observer: A Heritage Play

Ally Capital Group’s gamble on aging Westshore City Center buildings pays off with one of the largest new office deals in Tampa in the past several years.

Heritage Insurance Holdings Inc. will relocate its corporate headquarters and as many as 400 employees to Tampa’s Westshore City Center from Clearwater next April, after signing one of the largest new office leases in the Tampa Bay area in more than three years.

The move from corporate-owned space to 88,643 square feet in 1401 N. Westshore Blvd. will nearly double Heritage’s space, reflecting the sustained growth the homeowners’ insurance company has experienced since its founding in 2012.

Heritage CEO Bruce Lucas says the decision to move to the five-building Westshore Business District project stemmed in large part from its central location and its ability to accommodate future growth.

“I think we’ll be at 700, or perhaps even 800, employees in the next five years,” says Lucas. “I don’t see anything at this juncture getting in the way of our continued double-digit growth.”

Lucas says the Westshore City Center building, which Heritage will fully lease through at least 2031, together with its surrounding amenities, will also assist the company in recruiting new talent.

For owner Ally Capital Group, which acquired the former Austin Center for $28.96 million, the long-term lease with the publicly traded Heritage validates its decision to buy the roughly 50-year-old complex in February 2019.

“We felt we were in a good position because there aren’t a lot of options for tenants of a large size, unless they gravitate to new development, where there are issues of price,” says Andrew Wright, Ally Capital’s managing partner.

“With Heritage, we couldn’t have dreamed of a tenant like them,” Wright adds.

“Securing a tenant of this caliber demonstrates the Westshore market’s continued strength and durability, as well as the excitement building around Westshore City Center,” Matt Alexander, a director with commercial real estate brokerage Franklin Street who together with firm Managing Director Chad Rupp negotiated the Heritage lease, says in a statement.

Read the full article from the Business Observer.

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TBBJ: CFO Insights: Andy Zahn with Franklin Street

Andy Zahn is an Illinois native, but Tampa is where he and his family have put down roots. Whether it’s working for a Big 4 accounting firm and traveling around the world to assist in complex litigation cases and claims, or working alongside a dynamic entrepreneurial team at a private company, Zahn isn’t afraid to jump into a high-energy, fast-paced working environment. He joined the Franklin Street team as CFO earlier this year, where he utilizes his 20 years of financial experience, his business acumen and analytical mind to help execute the company’s long-term financial goals and develop strategies that yield results.  

Tell us about yourself, both personally and professionally. I’m a native of Calumet City, Illinois, born and raised on the south side of Chicago in the same house my mother grew up in. I played just about every sport I could during my formative years, but really developed a passion for golf, largely based on playing and being coached by my father. I then attended school at Indiana University and studied accounting because I thought it gave me the best opportunity to put my analytical mind to work in the business world.

After moving back to Chicago after college, a miserable Chicago winter started to settle in. My fiancée at the time (and now wife) and I decided it was time to move to a warmer climate and after studying all the cities in the Southeast, we eventually selected Tampa for its proximity to her family, the growth the city was experiencing and its abundance of palm trees. 

I was lucky enough to find a job with a Tampa consulting firm, Tunstall Consulting, where I worked closely with the owner and my mentor, Gordon Tunstall, who taught me the ins and outs of developing strategies for high-growth companies and how to help these organizations capitalize their balance sheets in order to execute on these concepts. I worked with Gordon for about 10 years when I was tapped on a shoulder by a friend of mine, John Wilson, who founded and was the driving force behind a fast-paced business services company based in Tampa. He was looking for a CFO. That was my first foray into working within a private company, and in my time there, I helped develop private equity financing that allowed the company to grow substantially, making investments and serving businesses across the world. Ultimately, we grew the workforce by more than 10 times over a seven-year period. 

After a brief stint in the restaurant industry working with Paul Avery, another icon of the Tampa business and philanthropic community, I was fortunate enough to have an opportunity to get back into the professional services industry with another great entrepreneurial team here at Franklin Street, led by another great entrepreneur, Andrew Wright.

What has stood out to you the most in your role as CFO at Franklin Street since beginning work there? The culture is really-well-defined and there is a great balance between the confidence and humility needed to be successful in any line of business. I am also really impressed with the thoughtfulness that has gone into the development of the strategy and organizational structure. We’ve really got some clear-cut advantages vs. the competition for our employees and clients.

How do you achieve objectives in a fast-paced environment? I stay organized using a combination of pen and paper and Microsoft’s suite of tools. I’m always prioritizing and re-prioritizing tasks to ensure I’m clear on deadlines, working backward to know what I need to do today. There is never a shortage of things to do in a growing company, and you need to be able to communicate with your team(s) to be impactful.

Read the full interview from the Tampa Bay Business Journal.

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Bay News 9: Mayor Castor Helps Welcome Heritage Insurance to Tampa

Heritage Insurance, one of largest homeowners insurance companies in the U.S. announced it will relocate its corporate headquarters to Tampa’s Westshore City Center. On Oct. 6, Mayor Jane Castor joined representatives from Franklin Street, Ally Capital Group and the Westshore submarket to welcome Heritage to its new 89,000-square-foot office space. Hear the mayor share why she is excited for this move in the Bay News 9 clip below:

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Connect CRE: Franklin Street Brokers $19M Sale of 482-Unit MF Portfolio in Montgomery

Franklin Street has arranged the $18.5 million sale of the Fields Portfolio, a 482-unit, value-add multifamily portfolio in Montgomery, AL.

The portfolio consists of two communities, the Fields One Center and the Fields Carriage Hills. The portfolio is made up of 52, two-story buildings across 36 acres. Units average 970 square feet and range in size from one- to three-bedroom units as well as townhomes with private courtyards and covered carports. Amenities include three swimming pools, two clubhouses, a fitness center, storage space and laundry facilities. At the time of sale, the portfolio was 72% occupied. Monthly rents average $634.

Read more on Connect CRE.

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CRE-Sources: Franklin Street Expands Presence In Central Florida, Hires Industrial Specialist

Franklin Street has expanded its presence in the Central and Northeast Florida industrial market with the addition of Matthew Weinberger as Director of Industrial Advisory & Transaction Services. He brings a strong background representing owners, investors and occupiers in the disposition, acquisition, development and leasing of flex and industrial assets throughout the Southeast U.S.

Weinberger comes most recently from Millenia Partners, a full-service commercial real estate firm based in Orlando, where he served as Vice President. Prior to that, he worked for Lincoln Property Company where he focused on office and industrial leases and sales.

In addition to representing clients in transactions, he has significant experience in site selection for new warehouse and distribution center locations, consulting on owned real estate assets and portfolios, and assisting industrial real estate users and investors with development and investment strategies.

Read more from CRE-Sources.

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GlobeSt.com: Heritage Insurance Takes 89,000 SF in Tampa Office

Heritage Insurance plans to relocate its corporate headquarters to Tampa’s Westshore City Center from its current headquarters in Clearwater. The publicly traded company will fully occupy an 88,643-square-foot building at the Westshore Business District office park, which is currently undergoing a $10 million renovation project.

Tampa-based Ally Capital Group acquired Westshore City Center in early 2019 and tapped Franklin Street to oversee leasing and management for the property. Franklin Street’s Matt Alexander and Chad Rupp arranged the 10-year lease at 1401 N. Westshore Blvd.

Westshore City Center is now 85% leased, up from 35% when Ally Capital Group first acquired it.

The Heritage Insurance lease should give it a further boost, according to Alexander. “Securing a tenant of this caliber demonstrates the Westshore market’s continued strength and desirability, as well as the excitement building around Westshore City Center,” he said in prepared remarks.

Read the full article on GlobeSt.com.

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St. Pete Catalyst: Clearwater strip center sells for $5 million

October 13, 2020 – Clearwater Town Center, a privately held company in Belleair, has bought a 14,880-square-foot strip shopping center at 511 S. Fort Harrison Ave. in Clearwater. The purchase price was $5 million, according to a deed filed Monday in Pinellas County.

The sellers were Dauphine Clearwater LLC and Maov Clearwater LLC.  Franklin Street, a commercial real estate firm, was key to the transaction. Franklin Street’s investment sales team of Greg MatusAnthony SuarezRyan Derriman and James Rea represented the seller in the deal and the firm’s capital markets team provided the buyer with financing.

Read more from St. Pete Catalyst.

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Industrial Specialist Matthew Weinberger Joins Franklin Street

Weinberger serves as Director of Industrial Advisory & Transaction Services in Central and Northeast Florida

ORLANDO, FL (October 13, 2020) – Franklin Street has expanded its presence in the Central and Northeast Florida industrial market with the addition of Matthew Weinberger as Director of Industrial Advisory & Transaction Services. He brings a strong background representing owners, investors and occupiers in the disposition, acquisition, development and leasing of flex and industrial assets throughout the Southeast U.S.

Weinberger comes most recently from Millenia Partners, a full-service commercial real estate firm based in Orlando, where he served as Vice President. Prior to that, he worked for Lincoln Property Company where he focused on office and industrial leases and sales.

In addition to representing clients in transactions, he has significant experience in site selection for new warehouse and distribution center locations, consulting on owned real estate assets and portfolios, and assisting industrial real estate users and investors with development and investment strategies.

“As Franklin Street continues to grow its business in Central and Northeast Florida, the booming industrial sector is a key focus,” said Yvonne Baker, Regional Managing Partner for Franklin Street in Orlando and Jacksonville. “Matthew brings deep market knowledge and valuable relationships that are vital as we represent clients in a historically strong and in-demand industrial market.”

Weinberger said, “It’s a great time to be involved in the Florida industrial real estate market, especially with a growing team like Franklin Street’s where the opportunities are infinite.”

Weinberger earned a B.A. in Business Management and Entrepreneurship from the University of Central Florida. He is a member of NAIOP Central Florida, the UCF Alumni Association and the Winter Park Chamber of Commerce.

For Franklin Street press inquiries, please contact Public.Relations@Franklinst.com.