
Franklin Street brokers sale of Wild Pines of Naples
Multifamily workforce housing property has value add potential for investor NAPLES, Florida — Franklin Street announced it has successfully brokered the sale of the Wild
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Multifamily workforce housing property has value add potential for investor NAPLES, Florida — Franklin Street announced it has successfully brokered the sale of the Wild
March 27, 2015
“I don’t know if there is another place in Atlanta better-suited to accommodate this type of concept from Whole Foods,” said Monetha Cobb, a managing director with real estate services firm Franklin Street.
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Vinik won the ground lease to the property on Aug. 19 and tapped commercial real estate firm Franklin Street and Tampa developer Anthony Everett to take the lead on renovating the plaza. Franklin Street CEO Andrew Wright said the group is working with Alfonso Architects in Tampa on a design for the property that could be finalized within 45 days.
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The cost to rehabilitate just the Channelside complex isn’t disclosed yet, but Channelside will be a major entertainment anchor for developing the overall mixed-use neighborhood — a project with a budget that could top $1 billion.
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“The real successful retailers today, they’re communities,” said Brian Bern, senior director with Franklin Street in Tampa.
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“There’s significant investor demand for multitenant, unanchored retail centers in South Florida,” Franklin Street’s Greg Matus said in a statement. “Rising rents and the low cost of capital are driving the market at the moment.”
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