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Did You Hear? Boyd Joins Franklin Street in Atlanta

Excerpted form CoStar News story.

Bob Boyd, a 30-plus-year veteran of commercial real estate who has run regional offices for major brokerage firms, has seen several real estate cycles in his career, and the longevity of the current one continues to impress him.

“I’m encouraged by what I’m seeing,” said Boyd, who is several months into his new job specializing in equity placement at commercial real estate services firm Franklin Street. “As long as the Fed keeps interest rates down, this cycle will continue for some period of time.”

Boyd is one of the bigger names in Atlanta commercial real estate. He’s a past president and chairman of the Atlanta Commercial Board of Realtors and founder and past chairman of the Realtors Commercial Alliance of the National Association of Realtors.

For more than a decade in the late 1990s, he served as the district manager of the former Grubb & Ellis’ Atlanta office. He left Grubb & Ellis, now part of Newmark Knight Frank, in early 2000 to kick off the corporate services group of St. Joe Co.’s Advantis Real Estate Services. Later, at JWB Realty Services, Boyd secured capital for investment in and development of retail, residential and industrial properties. In Doraville, Georgia, he helped finance Peachtree Pavilion, a 167,488-square-foot shopping center adjacent to the Assembly mixed-use development that is home to the new Serta Simmons Bedding headquarters. He has represented institutional and private clients including American Express, Capital One, Bank of Montreal and Reynolds Aluminum.

Boyd joined the Atlanta office of Florida-based Franklin Street as a director on its capital markets team in October, after working eight years at competitor Bullock Mannelly Partners. Boyd said he made the move to Franklin Street because of the additional opportunity it presents.

“It just made sense to bring my skills to a bigger group,” Boyd said in an interview.

Boyd’s been busy at his new job helping raise capital for development and investments. The challenge is finding ample opportunities for clients, he said. Investor appetite is especially high for student housing and senior housing and for certain retail, hotel-and-resort, office and industrial properties, he said.

“There’s plenty of money in the system, but there are fewer quality developments and fewer quality transaction opportunities,” Boyd said. He expects to complete his first deals at Franklin Street in the next two or three months.

As for Atlanta, the city’s population and job growth have flipped investors who in the past bypassed the metro area, Boyd said. “Now they’re asking, ‘What do you have there that we can take a look at?'” Boyd said.

For full story, visit https://product.costar.com/home/news/shared/70564257

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Franklin Street Closes Atlanta Rental Community Sale

Franklin Street has arranged the sale of Ponce Student Suites, a 50-unit student housing facility located in the heart of Atlanta’s Beltline district.  Jake Reid and Roger Schoerner with Franklin Street’s Atlanta multifamily investment sales team represented the seller, Nazar Holdings, LLC, a local private investor, in the transaction. The purchase price was not disclosed. The locally-based private buyer plans to eventually renovate Ponce Student Suites into a 112-key hotel with a bar and restaurant. . In 2014, the property had been converted from a dilapidated 1930s-era hotel into modern student housing at 551 Ponce De Leon Avenue.  

“The strong level of interest we received in the building reflects the robust desire Investors have for multifamily product along the Ponce corridor and near the Atlanta Beltline,” said Reid, senior director of multifamily investment sales for Franklin Street.  “The new owner recognizes the multitude of opportunities for an iconic property in one of Atlanta’s most desirable locations.” 

The Ponce Student Suites are located on Ponce De Leon Avenue adjacent to major economic catalysts including to the Atlanta Beltline and Ponce City Market.  The property is ideally positioned on a major thoroughfare between Midtown and Old Fourth Ward, two of Atlanta’s strongest residential markets.  

Ponce Student Suites is situated within a few miles of the campuses of over 80,000 college students including Georgia State University, Emory University, Atlanta University Center, and Georgia Institute of Technology (Georgia Tech).  Along with being located along a public transit route, the property is within walking distance to top level shopping, restaurants and over one million square feet of existing and planned Class A office space.  

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

Read article at https://www.blaujournal.com/franklin-street-closes-atlanta-rental-community-sale/

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Class A Multifamily: Too Much of a Good Thing?

Excerpted from GlobeSt.com story.

TAMPA — A Franklin Street broker who recently completed the sale of a “workforce” housing complex here explains the several factors behind continuing investor demand.
“This includes a fear of oversupply in the Class A+ new constructions, a lack of construction in apartments and single family for the workforce segment, and a lower perceived downside risk.” Darron Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office, tells GlobeSt.com.

“The common thought is that there are only so many young professionals making six-figure salaries and willing to pay the rents at the newest communities, but there is no shortage of the masses of people looking for clean and reasonably priced living,” he adds.

For full story, visit https://www.globest.com/2019/01/03/class-a-multifamily-too-much-of-a-good-thing/

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Fifties-era Candler Park complex sets sales record along Freedom Park trail

Excerpted from Curbed Atlanta story.

It might lack a bike boutique, hot-yoga studio, and other bells and whistles associated with Atlanta’s new apartment stock, but a dearth of competitor inventory, walkability, and “strong demographics” convinced investors to pay a record price for an older apartment community in Candler Park.

Built in 1957, the Maple Place North Apartments complex along North Avenue has sold for $4.7 million, according to Franklin Street officials, who represented the seller, a private Atlanta investor.

The 33-unit community fronts Freedom Park and the PATH Foundation’s Stone Mountain Trail, a few blocks from Little Five Points.

The sale—at about $225 per square foot—marks a record price for 1950s multifamily property around Candler Park, per Franklin Street officials.

With one and two-bedroom flats, Maple Place joins only few other rental communities in Candler Park, and recent updates have addressed plumbing and electrical, said Jake Reid of Franklin Street’s Atlanta multifamily investment sales team.

For full story, visit https://atlanta.curbed.com/2018/10/17/17990286/candler-park-apartments-freedom-park-trail

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Fortress pays $20M for Tiffany building on Worth Avenue

Excerpted form The Real Deal story.

Fortress Investment Group just bought a gem on Palm Beach’s Worth Avenue.

A Madden Family Associates partnership sold the Tiffany & Co. building at 259 Worth Avenue to Fortress for $20 million. The 16,374-square-foot building sold for $1,221 per square foot after nearly two years on the market.

Greg Matus of Franklin Street represented the buyer and seller, according to a press release. Franklin Street’s Lisa Jesmer will provide property management services for the building.

For full story, visit https://therealdeal.com/miami/2018/10/03/fortress-pays-20m-for-tiffany-building-on-worth-avenue/

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Tiffany & Co. building on Worth Avenue sells for $20M

Excerpted from South Florida Business Journal story.

Fortress Investment Group has acquired the Tiffany & Co.-leased building on Palm Beach’s upscale Worth Avenue for $20 million.

Madden Family Associates, managed by Daniel Madden in West Palm Beach, sold the 16,374-square-foot building at 259 Worth Ave. to an affiliate of Fortress (NYSE: FIG). The seller was represented by Greg Matus of Franklin Street.

The price equated to $1,221 a square foot. Worth Avenue is one of the nation’s most expensive retail streets.

For full story, visit https://www.bizjournals.com/southflorida/news/2018/10/03/tiffany-co-building-on-worth-avenue-sells-for-20m.html

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Expensive Breakfast at Tiffany’s

Excerpted from GlobeSt.com story.

Palm Beach, FL–Tiffany & Co. was the lead tenant in a rare sale of a 16,374-square-foot building on famed Worth Avenue in Palm Beach.

Greg Matus, senior vice president of investment sales for Franklin Street, negotiated the transaction on behalf of the seller, Madden Family Associates, and the buyer, Fortress Investment Group LLC, a New York Stock Exchange-listed investment management firm. In addition to handling the sale, Franklin Street’s Lisa Jesmer will also provide property management services for the asset.

For full story, visit https://www.globest.com/2018/10/03/expensive-breakfast-at-tiffanys/

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Franklin Street Arranges $2.5 Million Sale of Newly-Constructed Bojangles’ in Central Georgia

ATLANTA – Franklin Street has arranged the $2,507,463 sale of a newly-developed Bojangles’, a Southeastern U.S. regional chain of fast food restaurants, located at 850 Highway 96 in the city of Warner Robbins in Central Georgia. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, WR Bojangles, LLC of Marietta, Georgia, in the marketing of the 3,808-square-foot restaurant. The buyer was a private investor from Kingsport, Tennessee, who plans to hold the property for long-term investment. The restaurant is situated off of the heavily trafficked Highway 96 and will share access to the property with a new Lidl supermarket under development.

“There continues to be a strong buyer demand for stabilized, steady returns from single-tenant properties,” said Tennant, senior director of retail investment sales at Franklin Street. “We were able to leverage our national contacts and market expertise to place the property under contract within one month after marketing the asset.”

For more information on Franklin Street, visit FranklinSt.com.

About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Management and Valuation – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

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Franklin Street Arranges $2.5M Sale of Bojangles’ Restaurant in Central Georgia

ATLANTA  – Franklin Street has arranged the $2,507,463 sale of a newly-developed Bojangles’, a Southeastern U.S. regional chain of fast food restaurants, located at 850 Highway 96 in the city of Warner Robbins in Central Georgia. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, WR Bojangles, LLC of Marietta, Georgia, in the marketing of the 3,808-square-foot restaurant. The buyer was a private investor from Kingsport, Tennessee, who plans to hold the property for long-term investment. The restaurant is situated off of the heavily trafficked Highway 96 and will share access to the property with a new Lidl supermarket under development.

“There continues to be a strong buyer demand for stabilized, steady returns from single-tenant properties,” said Tennant, senior director of retail investment sales at Franklin Street. “We were able to leverage our national contacts and market expertise to place the property under contract within one month after marketing the asset.”

For more information on Franklin Street, visit FranklinSt.com.

About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Management and Valuation – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com. 

 
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Tampa apartments sold for $31 million in quick value-add flip

Excerpted from Tampa Bay Business Journal story.

A New York investor that bought a Northeast Tampa apartment complex in 2017 has sold it after making several improvements to the property.

River View Apartments has been sold for $31 million or $104,729 per unit to River View Apartments LLC, which is tied to Radwan Nassri. The seller, New York-based River View Tampa LLC, paid $23.4 million in 2017.

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Tampa-based Franklin Street represented both the buyer and the seller in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services for the property.

For full story, visit https://www.bizjournals.com/tampabay/news/2018/08/24/tampa-apartments-sold-for-31-million-in-quick.html