Class A convenience retail focused REIT closes fourth deal in the state in the past year
TAMPA, Florida —
Franklin Street, a full-service commercial real estate services firm headquartered in Tampa, Florida, announced it has successfully brokered the closing of four shopping centers to Bond Street REIT in Indiana in the past twelve months. Bond Street REIT is a private real estate investment trust focused on the acquisition and ownership of Class A convenience retail centers across high-growth Southeast and Midwest markets.
“Investing in the Indiana market in affluent, densely populated pockets was a point of emphasis for Bond Street,” John Tennant, managing director, retail investment sales, Franklin Street, said. “Franklin Street helped source and provide expert guidance to our client, offering a tailored approach to help them achieve their goals.”
Franklin Street’s team of Bryan Belk & John Tennant have successfully brokered transactions of this asset class in Florida, Georgia, South Carolina, and Indiana exceeding $175M this year. For Bond Street, the properties included Sunblest Shoppes and Brooks School Plaza in Fishers, Indiana, Oak Ridge Shoppes in Westfield, Indiana, and Orchard Crossing in Fort Wayne, Indiana. Each of these properties were located on major retail corridors near big box retailers and strong economic drivers. The sites were all 10,000 – 25,000 square feet centers facing major thoroughfares with 25,000+ vehicles per day. Tenants across the portfolio included the likes of Dunkin, Sherwin Williams, Starbucks, Aspen Dental, Verizon, Sleep Number, Jersey Mike’s, to name a few.
“Class A convenience retail shopping centers are attractive to investors because the smaller unit sizes can accommodate a variety of tenant categories,” Bryan Belk, managing director, retail investment sales, Franklin Street, said. “Due to the high cost of construction, new inventory being built has slowed since 2020, all while there is heavy retail leasing momentum, which is driving up rental rates. This property type is an opportunity for investors to maintain a high occupancy while realizing the benefits of increasing rental appreciation.”
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
