The Franklin Street Solution
The property was purchased for $1,995,000 from a special servicer with occupancy at 55% by Alpha Opportunity Fund I, LLC, an investment fund created and overseen by Sandor Development to purchase distressed shopping centers across the country that were impacted by the 2008 Recession. Franklin Street took over leasing the center and the owner implemented much needed capital improvements including painting the façade, monument sign, and restriping the parking. During ownership’s 3 year hold period, our team signed 6 new deals totaling 19,260 SF. With the property at 100% occupancy, Franklin Street’s investment sales team took the center to market and it was sold for $4,100,000 ($152.00/SF). Our work directly resulted in the owner more than doubling the price of the center in roughly 3 years.