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Franklin Street’s John Tennant Recognized as Top Retail Influencer – / Real Estate Forum

Franklin Street is pleased to congratulate John Tennant on being named one of the commercial real estate industry’s top “Retail Influencers” by / Real Estate Forum. As Senior Director of Retail Investment Sales based in our Atlanta office, John is leader and top producer both within our firm and the retail market throughout the Southeast.

Despite 2020 being a challenging year for retail, he remained committed to marketing his clients’ assets and maximizing their value to achieve the best possible outcomes.

Over the course of his career, John has been involved in the development, leasing and investment sale of more than 10 million square feet of retail, primarily in the Southeast. After spending much of his career in development, John came to Franklin Street as a landlord leasing broker in 2010, as one of the first members of our Atlanta office. Since transitioning to retail investment sales in 2016, John has been able to leverage the strong relationships he built in the industry over the years. His success in 2020 was the culmination of decades of experience and relationship-building.

Congratulations, John, on this well-deserved and significant honor!

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That’s So Tampa: Union New American, a 2-floor dining experience, will open at Westshore City Center

Union New American will be the first restaurant concept from Next Level Brands Holdings LLC, a group led by restaurateur Jeff Gigante. The concept will debut at the Westshore City Center.

Jeff Gigante, the visionary restaurateur who has delivered some of the most tantalizing and celebrated restaurants in the entire region, is ready to debut the next big thing in Tampa with Union New American at Westshore City Center.

Demolition work is set to start today at Westshore City Center to prepare the land for the restaurant build-out at 1111 N. Westshore Blvd. The brand new two-story 9,358-square-foot restaurant space will feature indoor and outdoor dining. The build-out for the restaurant will be designed by Atelier Zebulon Perron, showcasing a contemporary and upscale ambiance.

“Located in the heart of Tampa’s booming Westshore district, Westshore City Center is the perfect location for our first restaurant concept with Next Level Brands,” said Gigante. “We are thrilled to be bringing a high-quality, locally owned dining experience to the area and look forward to introducing our New American cuisine and first-class hospitality to the Tampa Bay community.

Preparing for a fall debut

Tampa-based Ally Capital Group acquired Westshore City Center in early 2019 and selected Franklin Street to oversee leasing, management and project management for the property. Franklin Street has hired VCC, LLC for demolition of the existing building.  

The demolition of the Annex B building and existing two-story structure at Westshore City Center marks a crucial step in the project’s multimillion-dollar redevelopment.

“From the very beginning, Ally Capital Group’s vision for Westshore City Center has been to create a true mixed-use destination that blends newly renovated office campus with exceptional retail, dining and entertainment options that attract a regional audience,” said Matthew Chadwick, Director of Ally Capital Group. “It’s also important to us to support local concepts born in Tampa Bay, which makes Union New American an exciting and fitting addition to this property.”

Reimagining Westshore City Center in Tampa

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. 

Read more from That’s So Tampa.

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Tampa Bay Business Journal: Exclusive: Tampa restaurateur Jeff Gigante unveils new concept for Westshore

Tampa restaurateur Jeff Gigante‘s latest venture is Union New American, a two-story restaurant that will rise in the city’s Westshore business district.

Union New American is the first concept from Next Level Brands, a hospitality company Gigante formed with co-CEO Joseph Guggino and Tampa real estate executive Andrew Wright. The restaurant will be built on the site of a former office building at 1111 N. Westshore Blvd. That property, part of office park Westshore City Center, is owned by Wright’s Ally Capital.

The 9,358-square-foot restaurant will offer both indoor and outdoor dining and a “contemporary, upscale ambiance.” The second floor will include private event space and offer live music and dining in an outdoor terrace lounge. It will serve “traditional American fare inspired by global ingredients” and be open for lunch, dinner and weekend brunch.

Union New American is expected to open in fall 2021.

Read more from Tampa Bay Business Journal.

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Jacksonville Business Journal: Strategic Voices: Ricky Ostrofsky of Franklin Street Real Estate Services

The past year has presented numerous challenges to brick-and-mortar retail, but the recent growth Jacksonville has experienced is making its way into the commercial real estate retail sector as well…

To find out more about how the retail sector is reacting to these changes, the Business Journal sat down with Ricky Ostfrosky, senior associate at Franklin Street Real Estate Services, who specializes in retail landlord and tenant representation. 

What are you seeing the market these days?

Generally speaking, it’s a very, very strong market right now. I’d say our firm has been the busiest that we’ve been in a very long time. Starting in Q4 of last year, activity picked up significantly in the retail world, and it has not stopped at all during the first quarter and now going into the second quarter of this year. 

We’re seeing a lot of activity, a lot of national credit tenants that are extremely active in the market — and I attribute a lot of that to their ability to actual tour markets again, whereas earlier on in Covid they were restricted from doing so. 

Another aspect is that sales are doing very well in the market. I’d say we’re seeing a ton of activity, and I’m not seeing any kind of decrease in the rents, which to some people may be surprising. But we’re actually seeing rent growth in several markets. 

Why did you think growth started in the fourth quarter?

In Q4, we really started seeing an uptick just in terms of deal flow. I think a lot of folks in the industry experienced a bit of a stagnant level of activity around the summertime last year, because there was just so much uncertainty with the pandemic and how retail would perform.

Starting in October of last year, we saw a very sharp increase in activity and deal flow, and we had our strongest December in our leasing team’s history. That did carry through to the beginning of the year, and it was a very strong first quarter with the number of leases executed and number of land sales closed. 

If you’re looking at historical numbers, they’re at all-time high land prices for those transactions. 

Read the full interview from Jacksonville Business Journal.

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Franklin Street CEO Recognized as One of’s 2021 “Best Bosses”

Franklin Street is pleased to congratulate Andrew Wright on being named one of the commercial real estate industry’s Best Bosses by / Real Estate Forum! The 2021 award program honored leaders based on “their business acumen, how well they treat their employees and the type of culture and environment they set at their firms.”

Here are just some of the reason Andrew is one of the best bosess in the CRE business:

As the CEO of Franklin Street, Andrew Wright wears many hats. He is known as a driven and successful entrepreneur—he established the firm in 2006—and a storied industry veteran that has led the firm to close $5 billion in transactions, including $1 billion in 2019 alone. He also leads 250 employees, providing strong leadership in seven business divisions—investment sales, tenant and landlord representation, capital advisory, insurance, property management and project management. As the leader of the firm, he promotes a collaborative work environment and embraces new ideas. “Andrew truly considers Franklin Street and its employees as family and is dedicated to maintaining a good culture and the welfare of each and every team member. To Andrew, Franklin Street is personal, not just business, especially when it comes to its team members. He knows that without them, there wouldn’t be a Franklin Street,” says Kerrie Edington, executive assistant to the CEO. Other employees also commend Wright’s mentoring and willingness to foster internal growth. “Andrew is able to recognize talent and positive traits in people that they may not otherwise see in themselves, and that is a sign of a good leader in and of itself,” says Carrie Smith, managing director of retail at the firm.

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Southeast Real Estate Business: IMG Sells Apartment Community in Port St. Lucie, Florida for $41.6M

Waterleaf Townhomes and Apartments is located on the east side of Florida and is situated 6.9 miles from Jensen Beach and 47 miles from West Palm Beach.

PORT ST. LUCIE, FLA. — Investors Management Group Inc. has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie. Covenant Capital Group purchased the property for $41.6 million. Darron Kattan of Franklin Street’s Atlanta office represented IMG in the transaction.

Waterleaf Townhomes and Apartments is located on the east side of Florida and is situated 6.9 miles from Jensen Beach and 47 miles from West Palm Beach.

Read more from Southeast Real Estate Business.

Featured Deal Featured News In the News Investors Management Group Sells Florida Multifamily for $41M

Investors Management Group Inc. has sold a 230-unit multifamily community in Port St. Lucie, Fla., to Covenant Capital Group for $41.6 million.

The apartment community, Waterleaf Townhomes and Apartments, is located at 1900 SE Hillmoor Dr. in the southern Florida city.

IMG will exchange the proceeds of the sale with its investors, as part of a long-term multifamily investment strategy.

IMG originally acquired the property in 2017 for $26.8 million, prior to investing $3.1 million in the property for renovations in the townhome’s interiors, the fitness center, the pools, sports park and other common-area amenities. The renovations and upgrades implemented by IMG secured an average $200 premium from renters.

Franklin Street’s Darron Kattan represented IMG in the recent disposition.

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Tampa Bay Business Journal: Pat Kelly sees Westshore as uniquely positioned for a post-Covid world

For Pat Kelly, taking the helm at the Westshore Alliance feels like a full-circle moment.

Kelly, regional managing partner of Franklin Street, was named president of the board of directors at the alliance’s annual meeting in late February. 

Kelly has been involved with the district since the early 1980s, when Florida was requiring any large-scale development to seek a status known as development of regional impact or DRI. At that time, the DRI review process was meant to ensure local and state governments worked together to manage growth, and every new building proposed in Westshore would have been designated a DRI. Instead, Kelly and other real estate leaders joined forces to form the alliance and have the entire district certified as one DRI.

“Our primary reason for coming together was to create some efficiency,” Kelly told the Tampa Bay Business Journal. 

Now, Kelly is working with the alliance on several initiatives to improve pedestrian access and connectivity throughout the business district, which has seen an influx of residential development in recent years. He spoke with the Business Journal about Westshore’s post-pandemic future. This interview has been edited for brevity and clarity.

Congratulations on the new post. In terms of taking on the leadership of the alliance — why now? We are coming out of a cycle that was as interesting as we’ve ever seen in our industry, meaning the pandemic. When I look at all of the walkability factors we need to implement, it’s all about creating a place where people want to be and walkability. I just think it’s appropriate. Our day is now. As you’re well aware, most of the emphasis last cycle was on downtown, and now I think Westshore is going to be perfectly positioned for the next cycle.

Read Pat’s full interview from the Tampa Bay Business Journal.

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Business Observer: Tampa groups give awards, establish leaders

The Westshore Alliance has named veteran commercial real estate professional Patrick Kelly to be president of its board for 2021.

The group, with more than 400 business and community members, works to promote and enhance the Westshore Business District in suburban Tampa.

Kelly, who has four decades of CRE experience working with Franklin Street, Redstone Commercial, Grubb & Ellis and Vantage Cos., was a founding member of the alliance in 1983. He has also worked on some of Westshore’s most prominent office and mixed-use projects.

“Westshore has experienced incredible growth over the years, going from an office district to what is now a nationally known hub for high-quality retail, dining, entertainment and hospitality, as well as an increasingly popular place to live,” Kelly says, in a statement.

Kelly says the group’s focus throughout 2021 will be to improve connectivity and walkability and advocate for better transportation infrastructure.

The district is home to more than 4,000 businesses, over 250 restaurants, 350 retail stores, 7,000 hotels rooms and 15,000 residents. There are also more than two dozen new projects underway with a total investment exceeding $1 billion.

In addition to Kelly, a regional managing partner at Franklin Street, a pair of other area real estate executives have been named to the group’s executive committee.

Andrew Wright, Franklin Street’s CEO, and Cousins Properties’ Patrick Gehm are two of nine executive committee members for the next year.

Read more from Business Observer.

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Now Habersham: TJ Maxx, Bealls to locate in old Cornelia K-Mart

There aren’t any more blue light specials, but there could be plenty of good deals coming soon to the old Kmart shopping center in Cornelia.

A commercial real estate firm in Atlanta announced this week that TJ Maxx and Bealls Outlet are opening up shop in the Habersham Village Shopping Center off of Highway 441. The discount retailers will rent two of the four 22,000-square-foot stores subdivided from the original Kmart space.

Vanguard Associates owns the property. Franklin Street Director Sam Krueger represented Vanguard Associates in both leases, while Senior Vice President Monetha Cobb arranged the lease for Bealls Outlet.

Bealls Outlet is expected to open this fall, and TJ Maxx plans to open in the spring of 2022. With an existing lease by Planet Fitness, Habersham Village has one junior anchor space available to accommodate a tenant between 10,000 and 18,000 square feet.

Read more from Now Habersham.