What’s in store for SOFLA real estate in 2014?

March 27, 2015

Deme Mekras, regional managing partner, Franklin Street Real Estate Services “The multifamily market will continue to be strong, but it won’t keep up the torrid pace it has enjoyed over the past few years. I believe values will continue to increase in 2014, but at a slower rate than what we’ve seen. We’ll continue to see some rent appreciation in desirable markets such as Coral Gables and Miami Beach but remain somewhat flat in secondary markets.”

Franklin Street Real Estate Services Brokers $2M Sale of Prime Property

Franklin Street Real Estate Services, a full-service commercial real estate firm with offices in Tampa, Atlanta, Jacksonville, and Miami, brokered the sale of one of the few remaining pieces of prime developable land in Coral Gables. Franklin Street’s Deme Mekras represented the buyer, developer Michael Garcia-Carillo, whose company GC3 Development plans on tearing down an existing older apartment building to construct five new luxury townhomes. The sales price for the property was $2.075 million representing $415,000 per lot.

Franklin Street Arranges $7.4M Sale of Metro Miami Office Building

Franklin Street Real Estate Services has brokered the $7.4 million sale of a single-tenant office building at 9480 S. Dixie Highway in the Village of Pinecrest, a suburb of Miami. The property is fully leased to Intermex Wire Transfer, which recently signed a seven-year lease extension. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the buyer, Miami Har LLC, in the transaction. The seller, ATS Intermex LLC, owned the property for a little less than a decade.

Jax Retail Sells at 11% Cap Rate

Blanding Boulevard Shopping Center sold for $300,000 or $60.35 per square foot, at a 10.97% cap rate. Estephan’s Grands bought the Jacksonville, FL retail asset from West East Properties in an all-cash deal.

Tampa Bay 2014 Fast 50

Franklin Street-Tampa Bay Business Journal’s 50 Fastest Growing Companies