ATLANTA—As part of our ongoing series profiling up-and-comers across the commercial real estate industry, Real Estate Forum has selected a group of standout young professionals in the retail field. Of those, a handful shine especially bright and have therefore been chosen for a closer look on GlobeSt.com. Get to know these Emerging Retail Leaders, and check out the entire roster here.
JUSTIN BERRYMAN, 28
What sets Justin Berryman apart from his counterparts is his varied and deep understanding of Atlanta retail properties. He recently took over the role of Director for Franklin Street Real Estate Services to head up the Atlanta office’s landlord representation line of business from an industry vet with more than 25 years of experience, and has already grown the portfolio by adding a wide variety of clients and properties. With such success at a young age, Justin understands the importance of a strong mentor and has taken the time and effort to serve as a tutor to other young people in Franklin Street’s Atlanta office, teaching them the ins and outs of the real estate business. Berryman’s professional success, paired with his commitment to helping build the business, led him to receive Franklin Street’s 2014 Rookie of the Year award. Recipients of the award are required to meet a minimum gross commission amount and to demonstrate commitment to the company and the industry above and beyond their counterparts. He was the only recipient out of the 200-person company.
Berryman serves as director for Franklin Street Real Estate Services, specializing in retail leasing, outparcel sales, and landlord representation with more than 3 million square feet of retail space throughout Georgia, eastern Alabama and southern Tennessee. He works with a variety of local, regional and national clients, including Kimco, Westwood Financial, Armstrong Development and Sandor Development.
Berryman started working for a private developer in 2008 handling all aspects of the business. In 2010 while the real estate business was in decline, he spotted an opportunity to take advantage of the market and created a fund and raised money to invest in distressed residential and multifamily real estate around Atlanta. The fund achieved an 18% return while limiting risk with zero debt on the properties. Justin has been responsible for the turnaround of many retail centers, including a 105,000-square-foot property with multiple junior anchor vacancies filled within six months of Justin taking on the project.
“The retail market is changing in a positive way as the excess retail space that was built before the recession is steadily becoming occupied,” says Berryman. “Because of the lack of new construction, there is limited supply of class A and B spaces and the demand for this space has driven rental rates up. Class C properties are feeling the benefits of the occupancy demand as well, filling spaces that previously struggled to find a tenant. As tenants continue to grow and expand, new development opportunities will arise to take advantage of the lack of supply.”