Categories
Featured Deal Featured News In the News

The Real Deal: Investment firm buys Lauderhill apartments in Opportunity Zone

Real estate investment firm Treevita bought 180 apartments in Lauderhill for $18.8 million.

The buildings are in a federal Opportunity Zone, and located at 5211 to 5458 Northwest 27th Street and 5411 Northwest 25th Court, according to records.

Franklin Street’s Dan Dratch, Greg Matus, Michael Dolgos and Travis Jones represented the buyer and seller.

New Colony apartments brings in $2.4 million in annualized income and net operating income of $1.5 million, according to marketing material.

The deal includes units at the New Colony apartments at 5420 Northwest 27th Street. An online listing shows an 800-square-foot, one-bedroom apartment for $1,150 a month, and a 1,000-square-foot, two-bedroom available for $1,350.

North Miami Beach-based Treevita is led by Hugo Cascavita.

The seller was an affiliate of KVR Properties, which paid $14.2 million for the apartments in 2007. Arvind Reddy leads KVR.

Read more from the The Real Deal.

Categories
Featured News In the News Trends

Florida Trend: Southwest Florida’s economic forecast for 2021

Florida Trend asked Florida’s top business leaders for their insight on the state’s economy heading into 2021. Here’s what Franklin Street CEO Andrew Wright had to say:

“Despite 2020’s challenges, I am very bullish on the outlook for 2021. Florida remains one of the fastest-growing states, as residents from the Northeast and other high-density regions move here in search of better economic opportunity and quality of life. Although there is some uncertainty in the short-term, we can expect the state’s strong population growth to create significant opportunity in the commercial real estate space going forward. Occupiers and investors may proceed with caution in the first quarter of 2021, especially those in retail and hospitality.

However, as unemployment levels out and businesses determine what their new normal looks like, I expect the state’s economy to be back on track by the second quarter. At Franklin Street, we’ve benefited from having a diverse range of services. Our insurance business has remained especially robust, and we have continued to close leases and sales across all asset types. Notably, we expect the state’s Amazon-driven industrial sector to remain white hot, while population influx from out of state continues to propel demand for affordable multifamily housing.”

Read more from Florida Trend.

Categories
Featured Deal Featured News

UrgentVet Opens New Pet Clinic in Gainesville, FL

Franklin Street helped the growing veterinary clinic secure space for its sixth location

GAINESVILLE, FL (December 14, 2020) – UrgentVet, a rapidly expanding pet urgent care provider in the southeastern U.S., has opened a new clinic in Gainesville, Florida. Franklin Street’s Abby Walsh and Carrie Smith, of the firm’s Jacksonville retail services team, represented UrgentVet in the 2,000-square-foot lease at 2689 Clark Butler Blvd.

“UrgentVet is very enthusiastic about the opportunities in the state of Florida, and Gainesville in particular. Gainesville is a wonderful community of pet lovers with many dog-friendly businesses,” said UrgentVet Founder Jim Dobies. “We are confident that UrgentVet’s value proposition of affordable, convenient after-hours veterinary care will resonate with pet parents in Alachua County.”

UrgentVet is modern, technology-driven, and client-focused veterinary clinic that serves as a hybrid between a regular vet and an emergency vet. Clinics are open 365 a year with extended hours, and most visits are completed in an hour or less. No appointments are necessary, but clients can secure their spot in line via UrgentVet’s website for added convenience.

“This location off Butler Boulevard provides UrgentVet with a highly visible end-cap location and access to an area with a strong need for veterinary care,” said Franklin Street’s Walsh. “We’re excited to see UrgentVet continue to grow in Florida and bring its exceptional, convenient care to new markets.”

Franklin Street represents UrgentVet throughout Florida, where the company is actively expanding. 

“Franklin Street has enhanced the UrgentVet business model by helping us refine our site selection process. The combination of Franklin Street’s retail expertise and UrgentVet’s analytics has resulted in busier grand openings, better revenue and more pets and pet parents cared for. We can also identify opportunities and open clinics in new markets faster than ever before,” Dobies added.

Gerardo Aguinis with The Zall Company arranged the Gainesville lease on behalf of the landlord, Butler Enterprises.

About Franklin Street:

Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide.  Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com

For press inquiries, please contact public.relations@franklinst.com.

Categories
Featured News In the News

OBJ: Baldwin Park owner buys shopping center near downtown with redevelopment plans

The owner of Baldwin Park’s retail real estate purchased a more than 50-year-old shopping center southwest of downtown Orlando — a signal that the shopping center may undergo changes in the future.

…The property is expected to increase in value once the nearby Holden Avenue extension is completed, connecting the upscale Millenia area to Southgate Shopping Center, said Terrence Hart, senior director at Franklin Street of Orlando, which was hired to market the shopping center. In the near term, Tabani and Franklin Street are seeking groups to fill empty spaces, including the 15,000-square-foot recently vacated Value Pawn.

It’s not known when the Holden Avenue extension is expected to be completed, and an Orange County representative wasn’t immediately available for comment.

“It’s a long-term hold and redevelopment play,” Hart said. “In the next 3-5 years, this could be a very different market.”

Read the story from Orlando Business Journal.

Categories
Featured News In the News

Fox35: Winter Park Village slated for major redevelopment 

Real estate experts say their developers have a multimillion-dollar plan to redevelop the Winter Park Village shopping complex.

Franklin Street’s Terrence Hart represents The Bar Method, a dance studio that is a tenant at the complex.

“We’re trying to renew one of the tenants there,” Hart said, “It’s pretty significant, overall.”

While there was no exact timeline yet for the redevelopment, Hart said the multi-million dollar plan should give the shopping center a significant upgrade.

See the full story from Fox 35.

Categories
Featured News In the News

Healthcare Real Estate Insights: Franklin Street Represents One Medical in Securing Third Atlanta Office

Franklin Street has represented One Medical, a national, technology-powered and human-centered modern primary care practice, in securing space for its third primary care office in the Atlanta market. Located at Terminus 100, 3280 Peachtree Road, in Buckhead, the location boasts unparalleled visibility at one of Atlanta’s most notable intersections.

Franklin Street’s Greg Eisenman, Senior Director, and Jessica Branch, Senior Associate, negotiated the 4,939-square-foot lease on behalf of One Medical. The landlord is Cousins Properties, a publicly traded, Atlanta-based REIT focused on trophy class office space.

The Franklin Street team also represented One Medical in leasing its first two Atlanta offices at ICON Midtown and The Battery earlier this year.

“One Medical, with its membership-based, tech-integrated and consumer-focused primary care platform, is a leading innovator in the primary care field and is growing its footprint nationwide,” Eisenman said. “This third location, at the intersection of Peachtree Road and Piedmont Road, provides One Medical with incredible visibility from what is arguably the most prominent intersection in Atlanta, as well as unbeatable convenience for those who live and work in Buckhead.”

Read more from Healthcare Real Estate Insights.

Categories
Featured Deal Featured News

Franklin Street Represents One Medical in Securing Third Atlanta Office

The tech-powered, human centered primary care practice will open at Terminus Atlanta in Buckhead in December

ATLANTA (December 10, 2020) – Franklin Street has represented One Medical, a national, technology-powered and human-centered modern primary care practice, in securing space for its third primary care office in the Atlanta market. Located at Terminus 100, 3280 Peachtree Road, in Buckhead, the location boasts unparalleled visibility at one of Atlanta’s most notable intersections.

Franklin Street’s Greg Eisenman, Senior Director, and Jessica Branch, Senior Associate, negotiated the 4,939-square-foot lease on behalf of One Medical. The landlord is Cousins Properties, a publicly traded, Atlanta-based REIT focused on trophy class office space.

The Franklin Street team also represented One Medical in leasing its first two Atlanta offices at ICON Midtown and The Battery earlier this year.

“One Medical, with its membership-based, tech-integrated and consumer-focused primary care platform, is a leading innovator in the primary care field and is growing its footprint nationwide,” Eisenman said. “This third location, at the intersection of Peachtree Road and Piedmont Road, provides One Medical with incredible visibility from what is arguably the most prominent intersection in Atlanta, as well as unbeatable convenience for those who live and work in Buckhead.”

Consumer memberships are $199 per year, but One Medical is increasingly an employee benefit sponsored by employers, covering membership fees for their workforce. Memberships include 24/7/365 virtual care services through the provider’s mobile app – featuring on-demand video visits, secure provider messaging, “Treat Me Now” digital assessments for common health concerns, medical record access, prescription renewals and proactive reminders for follow-up care – providing a seamless experience for any health concern. Members can also use the app to book same or next-day appointments at nearby One Medical offices.

One Medical’s Terminus Atlanta location is expected to open by the end of the year. The mixed-use development features over 1.2 million square feet of Class A office space, as well as street-level retail, five-star dining, luxury condominiums and array of amenities.

About One Medical:

One Medical is a membership-based primary care platform with seamless digital health and inviting in-office care, convenient to where people work, shop, live and click. One Medical’s mission is to transform health care for all through a human-centered, technology-powered model. One Medical’s vision is to delight members with better health, better care, and lower costs.

Headquartered in San Francisco, 1Life Healthcare, Inc. (Nasdaq: ONEM) is the administrative and managerial services company for the affiliated One Medical physician owned professional corporations that deliver medical services in-office and virtually. 1Life and the One Medical entities do business under the “One Medical” brand. For more information, please visit onemedical.com.

About Franklin Street:

Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide.  Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.

For press inquiries, please contact public.relations@franklinst.com.

Categories
Featured News In the News Trends

GrowthSpotter: Rapid shifts in the retail industry will change how malls are reconstructed

Farewell old malls and hello reinvention.

The age-old department store model that places one or more big-box retailers inside large regional malls with even larger parking lots and finicky infrastructure is going under, if not down already.

That’s according to a panel at this year’s National Association of Real Estate Editors 2020 Conference, which included experts in the industry and architects currently working on grand mall reconstruction projects throughout the nation.

Terrence Hart, a senior director at Franklin Street who’s active in Florida, said he’s optimistic about the future of retail.

“Retail doesn’t go away, it gets smaller from a square footage stand point, so these bigger box concepts are not as relevant as they used to be,” Hart said. Retail will evolve, and the tenants will change. “But at the end of the day the retail need is always there.”

ABC Fine Wine & Spirits, has seen sales increase nearly 50% since the pandemic, he said. The privately held alcohol retailer is now expanding, and retrofitting some of its older locations across Florida.

They spent about $2 million renovating its former store in Orlando’s Hourglass District, he said.

Its ABC liquor store at 3097 Curry Ford Road, at the corner of South Crystal Lake Drive, was divided into smaller retail bays. Just recently, Black Rooster Taqueria and Floyd’s Barbershop announced they would be opening a location at the former liquor store.

“The innovation there is a matter of keeping up with the tenants that are successful and recreating their profits to keep up with times,” Hart said.

Read the full article on GrowthSpotter.com.

Categories
Featured News In the News Trends

GrowthSpotter: Innovation and communication will shape the post-COVID office building

With demand for new office space at historic lows, developers and landlords are turning to technology and innovative design to lure employers back to the workplace.

Upgraded air filtration systems, touchless doors and bathroom fixtures and UV antiviral lighting are just a few of the features Patrinely Group is building into the new Hewlett Packard Enterprises headquarters in Houston as a response to the coronavirus pandemic. CEO Robert Fields told a panel at the National Association of Real Estate Editors 2020 Conference this is the cost of doing business after COVID.

Yvonne Baker, managing partner for Franklin Street in Orlando, told GrowthSpotter that while some markets are rebounding, she doesn’t expect to see any new spec office construction in Central Florida in the near future.

“In real estate there’s always winners and losers,” Baker said. “Texas is a big winner in this thing. A lot of companies are moving from California and New York to these other markets like Houston and Austin.”

Some Orlando users are returning to the office. Baker said Franklin Street is now back in its office at 20 N. Orange Ave., and she just signed a lease for 3,400 square feet in the same building.

But several large office users are canceling their leases. “Liberty Mutual is giving back 100,000 square feet. And Disney had one building in Celebration is was leasing. It was 100,000 square feet, and they’re giving it back,” she said. “When you have huge pockets like that, you can’t justify building a new building.”

Read the full story on GrowthSpotter.com.

Categories
Featured News In the News Trends

Fox 35: Golden Corral owner talks about closing, selling restaurants

ORLANDO, Fla. – The lights were on, but nobody was at the Golden Corral on South Semoran Blvd. in Orlando on Thursday. Even though the sign was covered and gone from the building, you could tell it used to be a Golden Corral.

It was one of two that were going up for sale in central Florida. The owner, Eric Holm, was selling them and closing three others. “I don’t think it feels good,” Holm said, “but God has never given us anything we couldn’t handle.”

Real estate analyst Terrence Hart, from Franklin Street Real Estate, said the locations getting closed or sold were in prime spots, especially in the tourist district. He said it presented a rare opportunity for future business.

“Those will get picked up pretty quick,” Hart said, “I don’t think they’ll utilize the space as it is today, I think it’ll be an interior renovation at the minimum, they might even scrape and build something new, but those are markets that are extremely tight and rarely can you find anything for sale.”

See the TV clip and full story from Fox 35 here.