Franklin Street has acquired Tropical Realty Appraisal Services.
Franklin Street has acquired a local company, a move that will add a new line of services for the Tampa-grown firm.
Franklin Street said Wednesday that it has acquired Tropical Realty Appraisal Services, which is based in Tampa and has offices in Miami, Atlanta and Key West. With the acquisition, Franklin Street will offer real estate valuation and advisory services.
“We are now able to seamlessly offer our clients timely and high-quality valuation services in-house, allowing us to be even more competitive in the marketplace,” Andrew Wright, Franklin Street CEO, said in a statement.
Terms of the deal were not disclosed.
The acquisition will add 15 employees to Franklin Street. Tropical Realty President Marty Engelmann, who has been with the company since 1992, will lead the new division for Franklin Street.
Tropical Realty completed 350 appraisals in the Southeastern U.S. last year and more than 6,500 in more than 15 states since its inception in 1988.
In 2014, Franklin Street‘s total revenue was $17.1 million, up from $13.1 million in 2013. The company offers real estate brokerage, property management, arranging debt and equity financing and insurance. Strategic Property Partners, the real estate company formed by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, has hired Franklin Street to oversee the leasing and management of Channelside Bay Plaza.
Franklin Street‘s brokerage business handled more than $200 million in sales and leases in 2014, according to Tampa Bay Business Journal data.