Yield Pro: IMG announces the sale of a 230-unit townhome property in South Florida for $41.55 million

Investors Management Group, Inc. (“IMG”) announced that it has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie to Covenant Capital Group for $41.55 million. IMG and its investors will exchange the proceeds as part of a long-term multifamily investment strategy.

IMG acquired the property in 2017 for $26.75 million. The Company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park, and other common-area amenities. IMG’s renovations attracted renters who paid an average $200 premium for the upgrades.

Darron Kattan of Franklin Street represented IMG in the transaction.

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Shopping Center Business: Lenders Bearish on Retail Sector Except for ‘Prime’ Assets, Says Expert Panel

Since the onset of the COVID-19 pandemic, retail and restaurant space has been severely impacted by government-mandated shutdowns. While some stay-at-home orders have been lifted, the sector has struggled to return to its pre-pandemic norms. As a result, lenders have shied away from retail, whether it be construction, refinancing or acquisition loans, according to an expert panel assembled by France Media, Inc.

Retail has “lost a lot of favor” with lenders, said Pierce Mayson, managing principal of SRS Real Estate Partners, during a webinar panel titled “Southeast Retail Investment Outlook: Will Retail Investment Activity Bounce Back in 2021?” Southeast Real Estate Business and Shopping Center Business jointly hosted the webinar on Monday, Nov. 16.

“There is still some money out there for retail, but it’s few and far between,” said Mayson.

Joining Mayson on the panel were Fred Victor, vice president of capital markets and investment sales at Transwestern; Greg Matus, senior vice president of investment sales at Franklin Street; Jeff Enck, associate director of capital investments at Stan Johnson Co.; and moderator Craig Thompson, partner at accounting firm Carr Riggs & Ingram.

One telltale sign that banks are bearish on the retail real estate sector is the fact that they are requiring borrowers to bring more equity to the table. Some national banks are capping deals at 50 percent loan-to-value (LTV) for acquisition and development financing. According to Matus, pre-pandemic LTV ratios were approximately 60 or 70 percent.

“A lot of owners are trying to refinance properties that have problems, so banks are running scared,” said Matus. “It’s just a really tricky market when it comes to debt.”

Read the full recap and watch the webinar playback here.


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.

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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

Featured Deal In the News Uncategorized

Tampa Bay Times: Clearwater’s Heritage Insurance announces move, expansion to West Shore

Heritage Insurance, a homeowners insurance company started in Tampa Bay, announced Tuesday that it’s moving its headquarters from Clearwater to Westshore City Center in Tampa. The move will nearly double the company’s current office space and represents its desire to continue to add jobs, CEO Bruce Lucas said.

Lucas said he expects the company, which currently has 350 employees, to have around 400 employees by early next year, and close to 700 in five years.

“It’s become clear to us for quite a while that we have space constraints,” Lucas said. “We’re seeing record growth across the company.”

He added that the company’s goal is to finish moving by April, with the firm deadline of June 1, when hurricane season begins.

This announcement comes at a time when economists have speculated that many companies will reduce their office space long-term as a result of the pandemic forcing them to do a trial run of their employees working from home.

Andrew Wright, a partner in Ally Capital Group, which owns Westshore City Center, and the CEO of Franklin Street, which manages the property, said that this decision shows how companies have realized the difficulties of remote work as the pandemic has dragged on.

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Franklin Street Welcomes Andy Zahn as Chief Financial Officer

Zahn brings extensive experience overseeing financial operations for fast-growing companies 

Tampa, Fla. (October 2, 2020) – Franklin Street is pleased to welcome Andy Zahn as Chief Financial Officer. To his role, Zahn brings more than 20 years of financial experience with a variety of businesses, including many in high-growth situations. 

With Franklin Street, Zahn, who is based in Tampa, presides over the accounting, financial planning and analysis, tax, and risk management functions of the organization. He also focuses on executing Franklin Street’s long-term growth plans by helping guide expansion initiatives, optimizing the capital structure for sustained growth, and enhancing the firm’s systems, processes and analytics. 

“Andy’s experience working with a number of major companies in critical periods of growth make him a great match for our company,” said Andrew Wright, Franklin Street’s Founder and CEO. “We are happy to have him on our executive team, and we look forward to his contributions.” 

Most recently, Zahn served as the CFO of a large, growth-oriented restaurant chain where he successfully expanded the company’s capital structure, oversaw acquisitions and dispositions, and dramatically improved the transparency of the company’s financial performance for both operators and investors. Prior to that, he served as the CFO and executive vice president of corporate development for a newly established business services organization where he helped grow business by 10x over a seven-year period.  

“I was attracted to Franklin Street not only for its reputation as one of the Southeast’s most highly respected and fastest-growing commercial real estate companies, but also for its people-first cultural values, which I immediately felt aligned with,” said Zahn. “I look forward to working with this exceptionally talented team and helping this organization build upon its strong foundation for long-term success.” 

Earlier in his career, Zahn was the managing director of a boutique consulting firm that specialized in business strategy development and capital formation for high growth firms across an array of industries. He has also worked for a “Big 4” accounting firm.  

Zahn is a licensed CPA and received a Bachelor of Science in Accounting from Indiana University’s Kelley School of Business.

For Franklin Street press inquiries, please contact

Featured Deal Uncategorized

Franklin Street Negotiates Lease Renewal for Liberty Mutual in Tampa, FL

Global insurer to remain in Tampa’s Temple Terrace submarket

Tampa, FL. (August 4, 2020) Franklin Street has negotiated a 20,774-square-foot office lease renewal for Liberty Mutual, a Boston-based global insurer, at 12906 Tampa Oaks Blvd in the Temple Terrace submarket of Tampa.  Liberty Mutual signed a long-term lease to occupy the space at Tampa Oaks II, a Class A suburban multitenant office.

Franklin Street’s Chad Rupp, Managing Director and Matt Alexander, Senior Associate, represented the Landlord, TerraCap Management, in the transaction.  Cushman and Wakefield, represented the tenant, Liberty Mutual in the transaction.

Located at 12906 Tampa Oaks Blvd, Tampa Oaks II is a Class A suburban multitenant office building in Temple Terrace, FL.   Built in 2008, Tampa Oaks II is a 104,082- square-foot property that spans over 10 acres.


Mixed-use Project to Rise Near Parramore

Excerpted from Orlando Business Journal

A new project featuring retail, residential and hotel uses may rise along Colonial Drive and west of Interstate 4 near downtown Orlando. 

Office, entertainment and residential developments in Parramore will spur more demand for retail in the area, said Terrence Hart, senior director at Franklin Street of Orlando, who handles retail leasing and is not involved with the deal.

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Franklin Street Brokers $1.25M Sale of Park Place Apartments in Clearwater FL

Franklin Street Brokers $1.25 M Sale of Park Place Apartments in Clearwater FL

Tampa, FL (July 2, 2020) – Franklin Street has brokered the sale of Park Place Apartments, a 14-unit apartment community located in the city of Clearwater, Florida.

Franklin Street’s Tampa multifamily investment sales team, Avery JordanMark SavareseDarron Kattan and Zach Ames represented the seller, 600 Park Place, LLC and the buyer, Beatrice Properties, LLC in the $1,250,000 transaction.  The buyer paid $89,286 per unit.

“We were able to generate 13 property tours and 11 competitive offers in a two-week marketing period despite the current circumstances of the COVID-19 pandemic,” said Avery Jordan, senior associate in Franklin Street’s Tampa office. “We closed at 93.9% of our list price to an out-of-state 1031 exchange buyer. We anticipate 1031 exchanges from New York and California will continue to be a driving force for multifamily values in Florida. The property traded at a 5.60% cap rate based on tax-adjusted in-place income which is representative of the insatiable investor demand for value-add apartment properties.”  

Park Place Apartments is located at 600 Betty Lane in Clearwater, Florida.  Built in 1971, Park Place Apartments is comprised of 10,950 SF of living space on a well-kept 0.38 acre lot. Park Place Apartments is conveniently located 1 mile from Downtown Clearwater & 3.6 miles from Clearwater Beach – Voted the #1 beach in America (TripAdvisor, 2019).


Franklin Street Arranges $12.4M Financing for Medical Facility

Franklin Street Arranges $12.4M Financing for Medical Facility in Baton Rouge

Excerpted from REBusiness Online

BATON ROUGE, LA. — Franklin Street has arranged the $12.4 million acquisition and renovation financing for Physicians Medical Center, a 76,370-square-foot medical office and hospital campus in Baton Rouge. The three-story facility features a hospital on the first floor and 44,984 square feet of leasable medical office space at the time of sale. The buyer, New Era Cos., plans to implement property renovations. Following the project, Oceans Healthcare Outpatient Services will anchor the property.

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