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Franklin Street Secures Buyer for 638-Unit Multifamily Community in Atlanta

Franklin Street’s Chad DeFoor and Dan Phelan, of the firm’s Atlanta based multifamily investment sales team, recently helped secure a buyer for a 638-unit apartment asset in the northeastern Atlanta suburb of Doraville. TerraCap Management LLC, a privately held investment firm headquartered in Naples, Florida, acquired the community, called Forest Cove Apartments.

The garden-style apartment complex sits on 78 acres and features one, two and three-bedroom units. The property’s amenities include a pool, a fire pit, a grilling area, a dog park, two playgrounds and two soccer fields.

TerraCap plans to reposition Forest Cove by investing into both the interiors and the exteriors of the property.  The asset already has proven value-add potential, with a previous renovation program achieving premiums over $200. 

Read more about this deal in TerraCap’s official announcement.

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Franklin Street Named Leasing Agent for Clearwater Mall

The 301K SF power center is Tampa Bay’s top retail destination based on annual visits

CLEARWATER, FL (February 24, 2021)Brixmor Property Group has selected the Franklin Street Retail Leasing Team of Alex Wright and Jonathan Holubik to serve as the exclusive leasing agents for Clearwater Mall, a 300,929-square-foot, Class A power center in Clearwater, Florida.

The 7.5-acre property is anchored by Lowe’s, Super Target and Costco. Other top national retailers within the shopping center include Ross, Ulta Beauty, Michael’s, PetSmart and Burlington. The property currently has availabilities ranging from 1,400 to 14,981 square feet.

Situated at the prominent intersection of U.S. Highway 19 N. and Gulf to Bay Boulevard, two of Clearwater’s primary thoroughfares, the property sees a traffic count of approximately 175,000 vehicles per day. Further, the center attracts 6.56 million visits per year, or 18,000 visits per day, which makes it the top retail destination within the 50-mile surrounding trade area, according to Franklin Street research.

“Clearwater Mall is home to a wide variety of retailers, all of which are best-in-class brands,” said Wright. “We are delighted to be working with Brixmor Property Group to maintain the integrity of this incredible asset by diligently selecting high-quality tenants that improve the overall customer experience.”

Clearwater Mall is located at 20505 U.S. Highway 19 N.

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.

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Southeast Real Estate Business: Franklin Street Secures 136,000 SF Industrial Lease with Trailer Manufacturer in Deland, Florida

Franklin Street has secured a 136,000-square-foot, full-building warehouse lease with trailer manufacturing company ALCOM LLC. The property is located at 2526 W. New York Ave. in Deland. Franklin Street’s industrial team negotiated the lease on behalf of the landlord, Blackmore Family Trust.

ALCOM’s new facility is approximately 40 miles north of Orlando and is close to major highways such as State Road 44, Interstate 75, Interstate 95, Florida’s Turnpike and Interstate 4. The facility features 24-foot clear heights, 3,600 square feet of office space, 21 dock doors and upgraded electricity and lighting. 

Read more from Southeast Real Estate Business.

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Franklin Street Surpasses $1.1 Billion in Sales Volume for Second Consecutive Year

Full-service commercial real estate firm continues to grow, despite hurdles in 2020

TAMPA, FL (February 2021) — Franklin Street is pleased to announce it has surpassed $1.1 billion in transaction in volume for the second consecutive year. Despite 2020’s unforeseen challenges, the Franklin Street team rose to the occasion, putting the client first in every situation, across all business lines.

Recognized as the fastest-growing commercial real estate company in the Southeast, Franklin Street has always valued innovation and flexibility. These values proved extremely useful over the past year while helping clients pivot and adapt to a “new normal.”

“One of the unique benefits Franklin Street provides its clients is the ability to be nimble with tailored services that meet any real estate, insurance, capital, or management need that arises. This ability was put to the ultimate test in 2020, resulting in another record year for our firm and serving as a great advantage to our clients,” said Andrew Wright, CEO & Managing Partner.

Franklin Street is also proud to have avoided any layoffs, furloughs or pay cuts as a result of COVID-19, due in part to its highly diversified, well-integrated business lines. The firm has continued to grow, while actively recruiting and hiring at all experience levels throughout the Southeast and beyond.

“As the market rebounds, we look forward to helping our clients navigate a much brighter 2021, while welcoming top new talent to our firm,” Wright added.

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.

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Franklin Street Arranges $10.1M Sale of Value-Add Apartment Portfolio near Tampa

Transaction marks first ever trade for the two 1970s-built Plant City properties

TAMPA, FL (February 19, 2021)Franklin Street has arranged the sale of Georgetown Apartments and Cynthia Gardens, two adjacent apartment communities in Plant City, Florida, approximately 25 miles east of Tampa. The 104-unit, value-add portfolio sold for $10.1 million, or approximately $97,100 per unit.

The two properties have been owned by their original developer since they were completed in 1974 and 1978. The buyer, Peacock Capital, LLC, plans to build additional units on the Cynthia Gardens property, which includes 4.5 acres zoned for up to 58 units. The buyer is also planning significant renovations at both existing properties.

Franklin Street’s Tampa-based multifamily investment sales team of Zach Ames, Darron Kattan, Avery Jordan, and Mark Savarese arranged the transaction on the behalf of the seller.

“With some of the largest units in the submarket and coupled with some of the lowest rents, the buyer will be able to implement a value-add program where they will see strong rent growth very quickly,” said Ames. “The Plant City market and the I-4 corridor have seen strong overall growth with the industrial / distribution boom over the last few years, and I don’t see that slowing down anytime soon. Polk County’s population growth is outpacing every other county in the state of Florida, and in turn is outpacing the supply of housing.”

Georgetown Apartments features 56 units and Cynthia Gardens features 48 units. Both properties offer one- and two-bedroom residences ranging from 750 to 1,100 square feet. The portfolio was 99% occupied at the time of sale. Both properties feature sparkling swimming pools and laundry facilities.

At 603 N. Dort St. and 505 Whitehall St., the properties are conveniently located one mile from Interstate 4, providing easy commutes to both Tampa and Lakeland.

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.

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Franklin Street Arranges Sale of 88-Unit Apartment Asset in Sarasota, FL for $9.6M

Buyer plans to implement significant renovation program at the 1972-built property

SARASOTA, FL (February 19, 2021) Franklin Street has arranged the sale of Executive House Apartments, an 88-unit, value-add asset in Sarasota. The property, which has not traded hands in over 30 years, sold for $9.6 million, or approximately $109,000 per unit.

Franklin Street’s Tampa-based multifamily investment sales team of Zach Ames, Darron Kattan, Avery Jordan, and Mark Savarese arranged the transaction on the behalf of the seller. The buyer plans to implement an extensive value-add program, which includes significant interior and exterior upgrades.

“Executive House Apartments presented a rare opportunity to acquire a property that has been under the same ownership for decades and hasn’t kept up with the surrounding market,” said Ames. “It is prime for both interior and exterior renovations, which will allow the new owners to increase rents to market rates and add scale to their already established Sarasota portfolio.”

Built in 1972, Executive House Apartments comprises nine buildings on approximately six acres. The property includes a mix of 48 one-bedroom, one-bathroom units averaging 685 square feet and 40 two- bedroom, two-bathroom units averaging 865 square feet. The community was 93% occupied at the time of sale.

On-site amenities include a fitness center, large sparkling pool, laundry facilities, a scenic lake, a clubhouse with activity center and 24-hour emergency maintenance. In units, residents enjoy oversized closets, lake views, private patios and dishwashers.

At 1000 N. Lockwood Road, the property is located minutes from downtown Sarasota and near several major employers and points of interest including The Mall at University Town Center, The Ringling Museum of Art, the University of South Florida Sarasota-Manatee and Sarasota Bradenton International Airport. It is also convenient to several award-winning beaches including Sarasota Beach, Siesta Key, Lido Key, Long Boat Key Beach and Anna Maria Island. 

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.

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Orlando Business Journal: Breaking: Maine trailer manufacturer Alcom to open new DeLand facility and create jobs

A Maine trailer manufacturer plans to open a new facility in Volusia County, which will add jobs to the region.

Winslow, Maine-based Alcom LLC signed a 136,000-square-foot lease to occupy the entire building at 2526 W. New York Ave. in the DeLand area. Franklin Street’s industrial team represented the landlord.

Industrial real estate is red hot in Orlando as the region’s growing population creates demand for more manufacturing, warehouse and distribution space. “There’s a steady demand for buildings,” Franklin Street Senior Director Larry Kahn said.

The manufacturer may create more than 200 jobs, but a specific number wasn’t known, said Nick Conte, economic development manager of the city of DeLand. Alcom is hiring for a plant and production manager, a logistics supervisor and a buyer planner in DeLand…

Read more from Orlando Business Journal.

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Franklin Street Secures 136K SF Industrial Lease with New-to-Market Manufacturer in Central Florida

Winslow, Maine-based ALCOM, LLC will open a trailer manufacturing facility in Deland

ORLANDO, FL (February 17, 2021) Franklin Street has arranged a 136,000-square-foot, full-building warehouse lease in Deland, Florida, with trailer manufacturing company ALCOM, LLC. The lease marks the Winslow, Maine-based tenant’s entrance to the Florida market, with potential to create dozens of jobs in Central Florida. Franklin Street’s Industrial team negotiated the lease on behalf of the landlord, a private owner.

At 2526 W. New York Ave. in Deland, Volusia County, ALCOM, LLC’s new facility is approximately 40 miles north of Orlando and enjoys connectivity throughout Central Florida via State Road 44, I-75, I-95, Florida’s Turnpike and I-4. The facility features 24-foot clear height, 3,600 square feet of office space, 21 dock doors and upgraded electricity and lighting. Previously occupied by a cabinet manufacturer, the property is currently being renovated to accommodate ALCOM, LLC’s trailer manufacturing needs.

“Volusia County is an excellent location for manufacturing with its diverse workforce, central location, great road network and expanding customer base,” said Larry Kahn, Senior Director of Industrial for Franklin Street. “As a whole, Central Florida’s industrial market continues to expand, and has grown from being a spoke at the end of the I-4 industrial corridor hub to a hub in and of itself.”

ALCOM is expected to take occupancy of the property this month. Founded in 2006, the manufacturer is known for producing the most diverse, highest quality aluminum trailer line in the industry. The company currently serves over 500 dealerships in 51 states and provinces, as well as in China, India and Kuwait.

Franklin Street’s five-member, Orlando-based Industrial Real Estate Services Team handles the leasing and sale of industrial property throughout Florida.

About ALCOM, LLC    

ALCOM LLC  produces the most diverse, highest quality aluminum trailer line in the industry. With operations based in Winslow, Maine, since 2006, the company has grown from a staff of three full-time employees, working from a 10,000 square foot facility, to a team of more than 500 dedicated craftsmen, sales associates and office personnel. Learn more at www.Alcomusa.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.

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Top 7 Takeaways from Franklin Street’s 2021 Tampa Bay Economic Outlook Report

CEO Andrew Wright predicts the region’s staggering population growth will provide significant opportunity for investors and occupiers

TAMPA, FL (February 15, 2021) – Franklin Street, one of the largest commercial real estate companies in the Southeast, is pleased to share its 2021 Economic Outlook Report for the Tampa Bay market. The detailed report takes a look at how Florida and Tampa Bay’s diverse economic and real estate sectors compare to the rest of the country, while offering key insights for the year ahead. Here are seven key takeaways from the report:

1. The big picture for Florida and Tampa Bay is population growth.

Over 1,060 people move to the state a day and a staggering 387,479 people moved to Florida from April 2019 to April 2020. Florida’s population is growing almost three times as fast as the national average and Tampa Bay specifically is growing at a rate 20% higher than the state average. Florida is the fifth fastest-growing state in the country, preceded by Idaho at No. 1, then Utah, Washington, and Nevada. 

“Of particular note is the size of Florida’s population compared to the states that are growing faster than ours,” says Franklin Street CEO Andrew Wright, “It’s one thing for Idaho to grow by 4% 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. In terms of both size and growth rate, no other state aside from Texas is even comparable.”

2. There’s no better place than the I-4 Corridor. 

Breaking the state’s population growth down by county, the two largest counties with the two largest growth rates are both within Florida’s “I-4 Corridor,” the region connecting Tampa Bay to Orlando via Interstate 4. Wright says this bodes well for Tampa Bay’s future. “There’s no place I’d rather be in the world, as someone who is involved in real estate, than the I-4 corridor.”

3. Strong homes sales signal a healthy market.

Home sales are another positive indicator for Tampa Bay’s future. Absorption is up across the spectrum, especially within the $200,000 to $500,000 range, and new homes are being bought faster than they can be built. With construction rates up, putting constraints on new construction, new home supply is expected to remain limited, creating a seller’s market. 

“These home sales are a signal that population growth is going to keep accelerating and more and more people are going to continue moving here,” says Wright. “Tampa Bay homebuilders have a bright future going into 2021.”

Although homes prices are up, the tight inventory paired with record-low interest rates has created strong demand from buyers.

4. Multifamily remains top investment sector. 

On the commercial side, multifamily continues to be the best-performing asset class for investment. Franklin Street expects the number of multifamily sales to slow in 2021, but the total dollar volume to increase as investor appetite rebounds. Rent growth and new development will likely slow, but steady population growth and the need for affordable housing, especially with home prices on the rise, will continue to fuel demand for apartments both from renters and investors.

5. Office vacancies could lead to favorable terms for tenants. 

Tampa Bay’s office market saw rents flatten in 2020, while vacancies rose for the first time in five years. This is happening at a time when Tampa Bay is adding a few million square feet of new office product, while more sublease space is also becoming available. These factors are likely to create an oversupply in the near term, which could present opportunities for tenants to secure more attractive lease terms. 

6. Retail properties will look different.  

Retail, which was already under attack by ecommerce, suffered another hard blow from COVID-19 in 2020. As bankruptcies and foreclosures continue, landlords will look for creative ways to re-tenant buildings, likely with some non-retail uses. Similarly, developer will look for ways to repurpose older malls and shopping centers into mixed-use projects. Medical use in retail, aka “medtail” will also be a notable trend this year. 

7. Tampa Bay will see no shortage of opportunities in 2021.

Overall, Franklin Street predicts 2021 will be turbulent, yet full of opportunity as the market rebounds and investors regain confidence.

“Tampa Bay’s rapidly expanding population combined with strong GDP growth, record low interest rates and limited inventory due to supply constraints are a perfect recipe for economic recovery and success in 2021,” Wright says, “There’s going to be a lot of opportunity here in 2021 for the real estate space.”

Download Franklin Street’s full 2021 Economic Outlook report here.

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.

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South Florida Business Journal: Wilton Manors apartment complex sells for $11M

The Camelot West Apartments in Wilton Manors sold for $11 million, a big gain from its last trade six years ago.

Tamuz-Camelot 2625 LLC, managed by Ronen Dagan of Tamuz Real Estate in Miami, sold the property at 2625-2647 N. Andrews Ave. with 66 residential units and seven commercial units to Wilton Pointe Apartments LLC, a Boca Raton-based company managed by Vinod Kulhari and Paul Hassebroek. The buyer obtained a $7.15 million mortgage from Orix Real Estate Capital, with backing from Fannie Mae.

The seller was represented by Dan Dratch Ryan WoldGreg Matus and Travis Jones of Franklin Street. The Franklin Street team of Evan SeacatRyan Cassidy and Alec Laetham helped the buyer obtain property insurance. The buyer was represented by Doug Shavel of Signature Commercial Real Estate.

The property last traded for $6 million in 2015. Tamuz Real Estate renovated the apartments to enhance their value. It is 96% occupied.

Read more from South Florida Business Journal.