ORLANDO—Terrence Hart is now hanging his hat at Franklin Street. He joins the firm as senior director of retail leasing.
Hart will work primarily with institutional owners and developers as a tenant and landlord representative. He will oversee leasing client properties across Central Florida and focus on business development initiatives to expand the division’s geographical footprint and client base.
Hart comes to Franklin Street with more than 14 years of commercial real estate experience in the Central Florida market. He has tenant representation and agency leasing experience and works to help clients maximize each property’s full potential through management, acquisition, and disposition.
“We are in a full redevelopment phase in Central Florida right now,” Hart tells GlobeSt.com. “The retail market returned very quickly starting in 2012 bouncing off a hard recession that allowed little development for about five years. This caused a short term shortage of quality retail which is now seeing its correction. Unfortunately, the cost of redevelopment land and construction has been pushed so high that rents are being pressed into the $40 to $50 per square foot range, which this market hasn’t seen even in the pre-recession boom.”
Hart has worked his entire commercial real estate career in Central Florida. Most recently, he was vice president in the retail division at JLL. Before that, he spent several years at Forness Properties as vice president of leasing and sales, focusing on a portfolio of more 18 retail centers in Florida. He closed on deals valued over $28 million in 2014-2015 through leasing and tenant representation.
Franklin Street opened its Orlando office in early May, hiring Melissa Hazlewood as vice president of property management. Since then, the company announced that it had secured a contract to manage more than a half-million square feet of office assets for Starwood Capital in Orlando and Tampa.