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Tampa Bay Business Journal Names Franklin Street CEO Andrew Wright to “Power 100”

Franklin Street is pleased to announce that Andrew Wright, Founder and CEO of our company, has been named to the Tampa Bay Business Journal’s 2021 “Power 100” list!

This prestigious list, selected by TBBJ’s editorial staff and publisher, recognizes the region’s most influential business leaders.

The below quote from TBBJ Editor Alexis Muellner explains how this year’s distinguished recipients were selected:

“Narrowing it down was a daunting task, and we considered many individuals from across the Tampa Bay area and spent hours debating and crafting the List. In considering candidates, the team looked to assess not only organizational leadership but those who either visibly or quietly, through philanthropic or institutional means, shape the path and fortunes of the regional business community beyond their own bubble.”

Franklin Street congratulates Andrew and all others named to the “Power 100” on this exciting and well-deserved honor!

See the full list from the Tampa Bay Business Journal.

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Tampa Bay Business Journal: Exclusive: First Watch is coming to Westshore

The developer of Westshore City Center has signed a deal with Florida breakfast-and-brunch chain First Watch.

Westshore City Center — the office park that was known as Austin Center for decades — is in the midst of a multimillion-dollar renovation that includes adding First Watch and a yet-to-be-named New American restaurant by Tampa restaurateur Jeff Gigante to the property.

Two annexes to the building at 1111 N. Westshore Blvd. will be razed to make way for the restaurants. First Watch will occupy a 3,764-square-foot standalone building with a 600-square-foot patio. It is slated to open in early 2022.

Ally Capital Group, controlled by Tampa entrepreneur and real estate investor Andrew Wright, acquired Westshore City Center in early 2019. Wright is also the founder and CEO of Franklin Street, which is handling the property management and leasing of Westshore City Center. Alex Wright, Franklin Street senior director, represented Ally Capital Group in its deal with First Watch.

Franklin Street is also providing project management services for the demolition, shell and site work of the new building.

“Having a quality, casual breakfast and lunch spot on site will add significant value for our tenants as well as those who live and work in the booming Westshore Business District,” Alex Wright said in a statement.

Read the full story from Tampa Bay Business Journal.

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First Watch to Open Location in Westshore City Center

The popular Tampa Bay brunch spot will be first restaurant to open at the Westshore Business District development

TAMPA, FL (Jan. 28, 2021) – First Watch, the popular breakfast, brunch and lunch restaurant with 15 locations throughout the Tampa Bay area, will be the first restaurant to open at Westshore City Center in Tampa, as the 10.4-acre office park transforms into a Class A mixed-use development. The new eatery will occupy a new, 3,764-square-foot stand-alone building at the Westshore Business District property, which is undergoing a $10 million renovation project.

Demolition work is set to start this week at Westshore City Center to prepare the site for First Watch’s restaurant space at 1111 N. Westshore Blvd, which will include a 600-square-foot patio for al-fresco dining. The new, one-story building will replace an existing two-story office structure, which is currently unoccupied. First Watch is slated to open at the beginning of 2022.

Tampa-based Ally Capital Group acquired Westshore City Center in early 2019 and selected Franklin Street to oversee leasing and management for the property. Franklin Street Senior Director Alex Wright represented the landlord in the transaction and arranged the 10-year lease at 1111 N. Westshore Blvd, Suite 100-A. Franklin Street is also providing project management services for the demolition, shell and site work of the new building.

“First Watch has become a staple in Tampa Bay and makes the perfect addition to Westshore City Center as it develops into a true mixed-use destination,” Alex Wright said. “Having a quality, casual breakfast and lunch spot on site will add significant value for our tenants as well as those who live and work in the booming Westshore Business District.”

First Watch specializes in award-winning, made-to-order breakfast, brunch and lunch. A recipient of more than 200 “Best Breakfast” and “Best Brunch” accolades, First Watch offers traditional favorites, such as omelets, pancakes, sandwiches and salads, and unique specialty items like Quinoa Power Bowls, Avocado Toast and the Chickichanga.

“This new project for First Watch marks a crucial step in the redevelopment of Westshore City Center as we welcome our first restaurant tenant to the property,” said Andrew Wright, Franklin Street’s CEO and Managing Partner. “We look forward to making several more exciting announcements about Westshore City Center’s transformation in the coming months.”

Built in 1975, Westshore City Center is comprised of five office buildings totaling 300,000 square feet on 10.4 acres. Under Ally Capital Group’s ownership and Franklin Street’s management, the property has received significant cosmetic and structural improvements to create a modernized aesthetic and greater focus on walkability and outdoor space.

Recent improvements include new landscaping, pavement, and walkways across the entirety of the campus. All buildings have received new exterior and interior paint and new energy efficient windows. By the end of the year, all buildings will have updated common spaces, elevators, and restrooms, with modern fixtures and artwork.

Situated at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd., the property is adjacent to International Plaza and offers convenient access to Tampa International Airport. The location also provides excellent connectivity throughout the Tampa Bay area via Interstate 275, the Howard Frankland Bridge, and the Veterans Expressway.

About First Watch:   First Watch specializes in award-winning, made-to-order Breakfast, Brunch and Lunch. A recipient of more than 200 “Best Breakfast” and “Best Brunch” accolades, First Watch offers traditional favorites, such as omelets, pancakes, sandwiches and salads, and unique specialty items like Quinoa Power Bowls, Avocado Toast and the Chickichanga. First Watch was recognized as one of TripAdvisor’s Best Restaurant Chains for 2019, one of Business Intelligence Group’s Best Places to Work in 2018 and as one of Nation’s Restaurant News’ 2017 Second 100 restaurant brands. First Watch is the largest and fastest-growing daytime-only restaurant concept in the United States with more than 350 restaurants in 32 states, including more than 300 First Watch restaurants and 55 The Egg & I restaurants and one Sun & Fork restaurant. For more information, visit firstwatch.com.

About Ally Capital Group:  Ally Capital Group, LLC (“ACG”), invests in Fee Simple and debt instruments associated with real estate assets.  Since its inception, the Company has acquired a portfolio of properties in multiple asset classes including multi-family, retail, office, and mixed-use.   In addition, ACG has completed commercial real estate development projects and executed on complex distressed opportunities through note acquisitions, recapitalization buyouts, and bankruptcy foreclosures. Learn more about Ally Capital Group at www.allycapitalgroup.com.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focuses 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 media inquiries, please contact public.relations@franklinst.com.

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Jacksonville Business Journal: Corner Lot’s newest commercial project hits 100% occupancy

Four leases recently secured for a speculative retail property being constructed off St. Johns Parkway has brought the property up to full occupancy just prior to its completion.  

Corner Lot Development Group’s Parkway Place at Durbin, a 6,480-square-foot multi-tenant development has reached 100% occupancy after Franklin Street’s Carrie Smith and Ricky Ostrofsky secured leases with Pearle Vision, DEP Nails & Spa, Jeremiah’s Italian Ice and Sadhana Eyebrow Threading. 

“With its frontage along St. Johns Parkway and Racetrack Road, this site was prime for retail development,” Ostrofsky said in a press release. “We are pleased to have worked with Corner Lot to get this property fully leased right on time with its scheduled delivery.”

Jeremiah’s and Sadhana will occupy 1,200 square feet each, while Pearle Vision will occupy 2,280 square feet, and DEP Nails & Spa will occupy 1,800 square feet. 

Located at 1195 St. Johns Parkway, the development is adjacent to Goodwill and Circle K – two recently completed properties also developed by Corner Lot.  

Parkway Place at Durbin is slated to be completed and delivered by the end of the first quarter of this year, according to the release. 

Read more from Jacksonville Business Journal.

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Connect Media: Franklin Street Brokers $14M Sale of Chattanooga Shopping Center

Franklin Street has arranged the $14 million sale of Northtowne Centre, a 257,744-square-foot regional shopping center in Chattanooga.

At the time of sale, the property was 96% occupied by a tenant roster that includes Hobby Lobby, Ashley HomeStore Outlet, American Freight & Mattress, Staples, Dollar Tree, Stockdale’s and Great Clips. The property also features outparcels for Waffle House, McDonald’s and Firestone Complete Auto Care, which were not included in the transaction but provide additional traffic for the shopping center.

John Tennant and Bryan Belk of the Franklin Street’s Atlanta Retail Investment Sales Team represented the private seller in the transaction.

Read more from Connect Media.

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TBBJ: 2021 Economic Outlook: Presentation from Andrew Wright, Franklin Street

For the third consecutive year, Franklin Street CEO Andrew Wright delivered an insightful presentation on what’s in store for the year ahead at Tampa Bay Business Journals’ Economic Outlook Event. Below is an excerpt from Andrew’s virtual presentation:

I talked a lot last year about a secular bull market. Over a 20- or 30-year time frame, things will go up and they go down; they go up and they go down, and no one has any crystal ball. 

But if you look at long-term trends, I said it last year and I say it again today. There’s no better place in the world that I’d rather be than the Interstate 4 corridor. It really is all about population growth.

When you think about the number of people who have been coming and all the things that have happened in 2020 and all the anecdotal stats of people moving here, whether it be businesses or friends of mine that are talking about coming here, welcome to the Sunshine State.

A little more than 1,060 people move to the state a day. That’s a staggering number. 387,000 people moved here between April and April, ending in 2020. I don’t have great statistics on that beyond that. But it’s a pretty strong number. 

When you look at how we compare to the national average, in Florida we’re almost triple the national average in population growth and almost 20 percent higher than population growth in Florida here in the Tampa Bay MSA. So that’s strong by any measure. 

But it’s not just about the growth rate. When you look at our comparison, you look at the other states, you see growth since 2010. You see growth since 2018; so a two-year population trend. 

And of the top 10, you see Florida chimes in there at five. But of particular note is the size of the population compared to those people in front of us. 

It’s one thing for Idaho to grow by 4 percent on 1.8 million, but it’s an entirely different thing for Florida to be growing at over 3.2 percent on a population of almost 22 million.

If you look at it now based on population, to understand people who are of our comparable size, aside from Texas, there’s really nobody close. 

Read more from the Tampa Bay Business Journal or click here to watch a playback of the presentation.

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Franklin Street Arranges Financing for 270-Unit Multifamily Development in Jacksonville, FL

Corner Lot Living is developing the Class A, garden-style community

JACKSONVILLE, FL (January 21, 2021) – Franklin Street has arranged the construction financing and equity placement for Duval Crossing, a 270-unit, Class A, garden-style apartment community in Jacksonville.

Franklin Street’s Laura Gonzales, Director of Capital Markets, Debt and Equity Origination, secured the financing and equity on behalf of developer Corner Lot Living. Based in Jacksonville, Corner Lot Living is a recently formed division of Corner Lot Development Group. Led by Andy Allen, George Leone and Scott Hobby, the division focuses on multifamily development throughout Northeast Florida.

The construction loan was secured through a regional bank relationship that features extremely competitive pricing, interest-only payments throughout the development process and ample time for completion and lease up. In addition to securing the debt financing, Franklin Street leveraged its vast investor network to arrange a joint-venture equity partnership for the developers. The partnership was arranged with a first-class investment firm with substantial experience in the multifamily development arena.

“We are fortunate to have connected and partnered with the amazing developer, equity partner and lender with the common goal of developing a project that meets the needs of the growing Jacksonville community,” said Gonzales. “All parties were aligned on the vision for this project and share a mutual belief in its value potential.”

Duval Crossing, located at 14200 Duval Road, is just west of Interstate 95 and three miles from Jacksonville International Airport. The community, situated on 13.5 acres, will consist of 11 three-story buildings and units will range from one to three bedrooms.

The community’s robust amenities will include a resort-style pool, outdoor summer kitchen with grilling areas, a clubhouse with a fully-equipped gym, and a dog walking path and dog park.

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.

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MultifamilyBiz: Franklin Street Brokers $18.8 Million Sale of 180-Unit Value Add Apartment Community in South Florida Opportunity Zone

BROWARD COUNTY, FL – Franklin Street has arranged the sale of a 180-unit value-add apartment community in South Florida for $18.8 million, or $104,444 per unit. The community is located in a federally identified Opportunity Zone in Lauderhill, just outside Fort Lauderdale.

Franklin Street’s South Florida Multifamily Investment Sales Team of Dan Dratch, Greg Matus, Michael Dolgos and Travis Jones brokered the transaction on behalf of the buyer and seller. The buyer is Miami-based real estate investment firm Treevita, which focuses on value-add commercial and multifamily properties. The seller is an affiliate of KVR Properties, an investment and property management firm headquartered in Fort Lauderdale. KVR originally acquired the asset in 2007 and realized a 32% appreciation in the property’s value with this sale.

The apartment community is located at 5411 NW 27th St., just west of Florida’s Turnpike, with ease of access to I-95, I-595, I-75 and the Sawgrass Expressway. The property sits on 7.19 acres and consists of 18 two-story buildings totaling approximately 175,500 square feet.

Read more from Multifamilybiz.com.

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Jax Daily Record: Parkway Place at Durbin shopping center lands four tenants, is fully leased

The Franklin Street commercial real estate firm announced Jan. 18 it has arranged four leases to fill up the Parkway Place at Durbin speculative retail property before it opens in northern St. Johns County.

Franklin Street said the Class A suburban strip center, owned and developed by Jacksonville-based  Corner Lot Development Group, is scheduled for completion by the end of the first quarter.

The property, at 1195 St. Johns Parkway, is a 6,480-square-foot multitenant building adjacent to a new Goodwill and Circle K, also developed by Corner Lot.

Carrie Smith and Ricky Ostrofsky of Franklin Street’s retail services team, represented Corner Lot Development Group in the four leases, which include local and national brands.

Read the full story from Jax Daily Record.

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Connect Media: Franklin Street Arranges $19M Sale of South Florida MF Community in O-Zone

Franklin Street has arranged the $18.8 million sale of a 180-unit value-add apartment community in South Florida. The community is located in a federally identified Opportunity Zone in Lauderhill, just outside Fort Lauderdale.

The apartment community is located at 5411 NW 27th St., just west of Florida’s Turnpike. The property sits on more than seven acres and consists of 18 two-story buildings totaling approximately 175,500 square feet. The unit mix consists of 40 one-bedroom units and 140 townhome-style, two-bedroom units. Amenities include an on-site leasing office, two swimming pools and two on-site laundry facilities.

Dan Dratch, Greg Matus, Michael Dolgos and Travis Jones of Franklin Street represented the buyer, Miami-based real estate investment firm Treevita, in the transaction.

Read the full article from Connect Media.