Tampa-based Franklin Street has acquired local company Tropical Realty Appraisal Services, marking a notable step in its bid to evolve into a national full-service commercial real estate firm.
The purchase of Tropical prompts the creation of Franklin Street Valuation Advisory Services, which will offer real estate valuation and advisory assistance, including property valuation for federally-insured lenders and larger institutional real estate investors, as well as litigation support involving eminent domain, family law, lease disputes, arbitration, bankruptcy, deficiency and fraud.
Tropical’s president, Marty Engelmann, will head up the new division. He brings to the table a 30-year history in the appraisal business, 23 years of which he spent cultivating his expertise at Tropical.
“This is an important, strategic move for our growing company,” Andrew Wright, Franklin Street CEO & managing partner, said in a prepared statement. “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. Tropical Realty Appraisal Services has an established brand and solid reputation, giving us instant credibility in that service line.”
Formed in 1988, Tropical has built an enviable reputation, providing real estate valuation services across the U.S. via offices in Tampa, Miami, Atlanta and Key West. The transaction permits Franklin Street to establish a footprint in Key West, and expand its existing presence in Tampa, Atlanta and Miami, where it opened an office in 2014.
“In terms of growth, we are looking to expand our geographic reach and market share in markets where we already have a presence,” Wright told Commercial Property Executive. Franklin Street also has offices in Fort Lauderdale and Jacksonville.