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Heritage Insurance to Relocate Corporate Headquarters to Westshore City Center

From left: Andrew Wright, Franklin Street; Bruce Lucas, Heritage Insurance; Mayor Jane Castor, City of Tampa; Ernie Garateix, Heritage Insurance; Ann Kulig, Westshore Alliance

The 89KSF, full-building lease is Tampa Bay’s largest office deal of the last several years

TAMPA, FL (October 6, 2020) – Heritage Insurance, one of largest homeowners insurance companies in the U.S., has announced it will relocate its corporate headquarters to Tampa’s Westshore City Center. The publicly traded company will fully occupy an 88,643-square-foot building at the Westshore Business District office park, which is currently undergoing a $10 million renovation project.

Tampa-based Ally Capital Group acquired Westshore City Center in early 2019 and selected Franklin Street to oversee leasing and management for the property. Franklin Street Director Matt Alexander and Managing Director Chad Rupp arranged the 10-year lease at 1401 N. Westshore Blvd.

Heritage Insurance, currently headquartered in Clearwater, specializes in homeowners insurance in 16 states and is the 20th largest homeowners insurer in the U.S. Founded in 2012, Heritage has quickly become one of the fastest-growing insurance companies in the country, with over $1 billion in gross written premiums and over 500 employees.

Bruce Lucas, CEO of Heritage Insurance, said, “Heritage is experiencing record growth and plans to grow an additional 50% in the next five years. As a result, we have outgrown our current location and selected Westshore City Center due to its central location in the heart of Tampa Bay.” 

Franklin Street’s Alexander added, “By relocating its HQ to Westshore City Center, Heritage Insurance is gaining an excellent location in the Westshore Business District, Florida’s largest office submarket. Securing a tenant of this caliber demonstrates the Westshore market’s continued strength and desirability, as well as the excitement building around Westshore City Center.”

Westshore City Center is now 85% leased, up from 35% when Ally Capital Group first acquired it.

Built in 1975, the property comprises five office buildings totaling 300,000 square feet on 10.4 acres. Under Ally Capital Group’s ownership and Franklin Street’s management, the property has received significant cosmetic and structural improvements to create a modernized aesthetic and greater focus on walkability and outdoor space.

Recent improvements include new landscaping, pavement, and walkways across the entirety of the campus. All buildings have received new exterior and interior paint and new energy efficient windows. By the end of the year, all buildings will have updated common spaces, elevators, and restrooms, with modern fixtures and artwork.

Further plans include introducing new dining and retail concepts to create a mixed-use environment that reflects the surrounding market.

Situated at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd., the property is adjacent to International Plaza and offers convenient access to Tampa International Airport. The location also provides excellent connectivity throughout the Tampa Bay area via Interstate 275, the Howard Frankland Bridge, and the Veterans Expressway.

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Franklin Street Named One of Largest Orlando Property Management Firms

The Orlando Business Journal ranked commercial property management firms by total Central Florida square feet managed.

Rank Address
Telephone
Total C Fla. SF for Properties Managed  Industrial space managed Office space managed Retail space managed
#25 Franklin Street

20 N. Orange Ave. #610
Orlando, FL 33801
407-458-5400

FranklinSt.com

779,868 110,455 62,1652 47,761

View the original story here: https://www.bizjournals.com/orlando/subscriber-only/2017/11/27/largest-central-florida-property.html

 
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When is urban, not urban?

July 2017 – With some of the most respected universities in the U.S., an abundance of well-paid IT jobs and an arts and leisure sector to rival any other major city, Atlanta is seeing a large influx of young professionals. With this changing demographic has brought new opportunities for the real estate sector. However, the image of classic white picket fence with a car in the driveway is disappearing as professionals want to be closer to their place of work, amenities and areas of social activity.

In January 2017, the City of Peachtree Corners, part of Gwinnett County in North Atlanta, saw the breaking ground of a 300-unit, 39-acre mixed-use development. Once completed, the Overlook at Twin Lakes project, developed by Brand Properties, will feature modern retail, cyber cafes, a pool, a gym and dog park. Accommodation will be mainly 2-bed apartments. The main impetus behind the development is to house the young professional demographic, many of whom are attracted to the area because of the nearby Technology Park, a mixture of IT companies and coworking opportunities.

“The new trends in coworking environments mean that office development is mixed with hospitality and residential. Companies are using the new generation of offices as a way of attracting and retaining the best talent,” Kurt Hartman, senior managing director – Atlanta for Hines told Capital Analytics.

The development is part of a growing trend across the U.S. that recognizes the differing requirements of young professionals, or “millennials”. In a poll conducted by National Association of Realtors and the Transportation Research and Education Center at Portland State University the 18-35 age group showed a strong preference to walking over driving as a method of transport. The gap of 12 percentage points of 71 percent for driving to 83 percent for walking suggests that environmental and health concerns are influencing the way people want to travel. With demographics in Atlanta shifting towards the 18-35 age range, these are facts that developers and agencies need to take into consideration.

“The corporate relocations have been a big deal for Atlanta. Young professionals are coming into the workplace and want to live in dense, urban communities,” Kirk Demetrops, principal of MidCity Real Estate Partners told Capital Analytics.

However, although an increase in employment opportunities drove a net increase of 10 percent for renters in the urban areas of Atlanta from 2010-2015, according to rentcafe.com, the high price points are still turning off the younger demographics. “Affordability is going to be a huge issue as we head into the future. If you look at Midtown, the apartments are reaching unprecedented highs. Millennials will not be able to keep up with $2,000 for rent. We want to focus on projects that have density and affordability,” Brent Story, president of Avalon Real Estate told Capital Analytics.

The same survey suggested an increase of 26 percent for the same time frame for suburban areas. In 2017, average rents for suburban vs urban saw a difference of around $200 per months with urban asking $1,277 and suburban, $1,006. This is a difference in line with areas such as Chicago and Los Angeles. All this points to the rise of the mixed-use development in an attempt to create urban feel and convenience in a suburban setting, with Alpharetta, Roswell and Tucker all becoming places of attraction.

With slower wage growth, the trend of starting a family later and an emphasis of flexibility means the 18-35 age group are leaving it longer than ever before to buy homes, creating investment opportunities for letting agencies and driving rent prices, although Atlanta still offers great value. “Atlanta is still considered to be affordable. New industries and increase in job growth will keep rents at the current price levels, but the increase in prices won’t be as fast as it was before,” Jeffrey Graham, managing partner of the Graham Group told Capital Analytics.   

The Atlanta real estate market was one of the worst hit by the recession of 2008, with unemployment peaking over 10.5 percent in 2010, 0.8 points above the national rate of 9.7 percent. The growing demographic of young professionals points towards a decade of healthy recovery, and is one welcomed both by the real estate sector, as well as the Atlanta area as a whole.

“People in Atlanta are vested in making this a place of prosperity. This is evident by the growing number of graduates staying in Atlanta,” Monetha Cobb, managing director of Franklin Street told Capital Analytics.

With so much investment going into new-style developments, it seems likely that growth will continue.

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Southside Office Space Trades At Significant Market Premium

Pablo Oaks Office Park on Jacksonville’s Southside, has traded hands. The office park sold for $177.50 price per square foot, which is significantly above the Jacksonville average of $78.50 per square foot for class A office space.

Franklin Street brokered the sale of a high-end suburban office building. The seller is Triad Financial—whose real estate entity is Cardon Pablo Oaks, LLC. The buyer is Loyalsock, LLC, DBA Capital Staffing Florida. The commercial real estate property sold for $1.78 million.

For full story, visit http://www.globest.com/sites/jenniferleclaire/2017/09/26/southside-office-space-trades-at-significant-market-premium/

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Franklin Street Brokers Sale of Office Building in South Jacksonville

Franklin Street has brokered the sale of a high-end suburban office building in the Pablo Oaks Office Park on Jacksonville’s Southside. The seller is Triad Financial (whose real estate entity is Cardon Pablo Oaks, LLC) and the buyer is Loyalsock, LLC, DBA Capital Staffing Florida. The property sold for $1.78 million. 

The Class A building, located at 4336 Pablo Oaks Court near the Mayo Clinic, is a two-story office with 10,000 square feet, internal elevator and second-story patio built in 1999. The building has 52 parking spaces and numerous upgrades, including floor-to-ceiling glass in most offices and a lush landscaping in the Pablo Oaks Park setting. It is intended to be used by Capital Staffing for office space and operations after the company rapidly grew, doubling its size. Triad Financial moved its operation in March of this year after doubling in size as well. Triad Financial had been at this location since 1999. 

“This sale shows that companies are growing and suburban office space is very much in demand,” said Monte Merritt, senior director at Franklin Street, who brokered the deal. “Pablo Oaks Office Park is an excellent location on the Southside, which is reflected in the above-market sale price.”

The deal closed on September 1st and equated to a $177.50 price per square foot, which is significantly above the Jacksonville average of $78.50 per square foot for Class A office space. The property was listed by Franklin Street’s office and industrial division in January. 

Local land prices have jumped from $5 per square foot to nearly $14 per square foot this year alone, driven by the growing demand for office space in South Jacksonville. 

“Nearby Mayo Clinic, which is expanding and was recently named the top ranked hospital in the state of Florida, has helped increased values in this area,” said Merritt

 
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Office tower owner in Downtown Orlando plans 28k SF of ground-floor retail

Excerpted from GrowthSpotter article on 20 N. Orange Ave. office building in Orlando, Florida.

Yvonne Baker, regional manager partner of Franklin Street, has been leasing agent for the building’s office space, working in concert with Schooler and Steelbridge’s plans for the new retail. 

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Franklin Street ranked among top commercial property management firms in South Florida

The South Florida Business Journal ranked commercial property management firms by square feet managed locally.

Rank Address
Telephone
Total SF Managed Locally %
Office
%
Retail
%
Industrial
#19 Franklin Street
900 S. Pine Island Rd.
Suite 310
Plantation, FL 33324
954-640-1100

FranklinSt.com

2,378,615 33 16 51

View the original story here: https://www.bizjournals.com/southflorida/subscriber-only/2017/08/25/commercial-property-management-firms.html

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See inside The Morrison mixed-use development in South Tampa

A new mixed-use development in the heart of Tampa’s most walkable corridor is now leasing its residential units.

The Morrison includes 46 two-bedroom apartments, 13,890 square feet of retail space and 6,950 square feet of office space. Its apartments range from 1,270 square feet to 1,331 square feet, and monthly rents range from $2,667 to $2,795.

The retail space on the ground level of the Morrison has been fully leased since March. Zoe’s Kitchen opened its first location in the Tampa Bay region there earlier this year.

Developments like the Morrison — small-scale, mixed-use buildings — are key to building the urban density that most of the Tampa Bay region lacks.

Tampa-based Franklin Street is leasing and managing the property. Tampa Bay Lightning owner Jeff Vinik is an investor in the project, which broke ground in 2015.

“Urban mixed-use properties are seeing success as real estate continues its drive toward experience-based demand,” Andrew Wright, Franklin Street CEO, said in a statement. “With retail, office and apartment options all located in the same property, live, work and play takes on a whole new meaning.”

Click through the photos for a tour of the property.

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Franklin Street to lease new mixed-use Tampa scheme for Metis

The Metis Property Group has tapped Franklin Street to lease the residential portion of its newly completed mixed use project, The Morrison. Located in the urban core of the Hyde Park neighborhood of Tampa at the intersection of S. Howard and West Morrison avenues, the five story property will feature 46 units ranging in size from 1,270 to 1,331 square feet. Overall the scheme will encompass 13,890 square feet of retail, 6,950 sqf of office space with anchor tenants including Zoe’s Kitchen, Club Pilates and Bulla Gastrobar occupying an 1,800 sqf of rooftop space. Tenants are expected to open in the third quarter of 2017. Franklin Street will also serve as management representative for the property.

“Urban mixed-use properties are seeing success as real estate continues its drive toward experience-based demand. With retail, office and apartment options all located in the same property, live, work and play takes on a whole new meaning,” says Andrew Wright, CEO and managing partner of Franklin Street. “Hyde Park is one of the most desirable places to live within the Tampa Bay area. Residents will find The Morrison especially appealing because of its urban-style amenities, modern design and high-quality shopping and entertainment options.”

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The Morrison Opens for Residential Leasing in Tampa

The Morrison, a brand new mixed-use development, is now available for residential leasing in the urban core of the Hyde Park neighborhood of Tampa. Located at 936 S. Howard Ave at the intersection of South Howard and West Morrison avenues, The Morrison is within walking distance to award-winning dining, shopping, and entertainment. Franklin Street, a full-service, vertically-integrated commercial real estate firm, is the exclusive leasing and management representative for the property.

The Morrison offers designer-inspired two-bedroom floor plans ranging from 1,270 square feet to 1,331 square feet.  Each apartment features ultra-modern décor and finishes, spacious walk-in closets and private terraces with picturesque views. Rental rates are between $2,667-$2,795 per month.

The Morrison lifestyle amenities include: Resident-reserved off-street parking, controlled access to building, resort-style pool on a spacious sundeck with pool-side daybeds, outdoor kitchen with gas grills and built-in coolers, poolside social lounge with flat screen TV and entertainment kitchen, poolside and terrace fire-pit lounges, roof-top sundeck, sauna, and a strength training and cardio fitness center.  The Morrison is a pet-friendly community.

In celebration of the grand opening, Franklin Street will be hosting an invitation-only VIP event on Thursday, September 7, 2017 from 4:00 p.m. to 7:00 p.m. The private event will feature complimentary cocktails, hors d’ourves and entertainment.

“Urban mixed-use properties are seeing success as real estate continues its drive toward experience-based demand. With retail, office and apartment options all located in the same property, live, work and play takes on a whole new meaning,” says Andrew Wright, CEO and managing partner of Franklin Street. “Hyde Park is one of the most desirable places to live within the Tampa Bay area. Residents will find The Morrison especially appealing because of its urban-style amenities, modern design and high-quality shopping and entertainment options.”

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.

About The Morrison: The Morrison is a five-story, mixed-use lifestyle development project in the Soho Corridor of Tampa that features 13,890 square feet of retail, 6,950 square feet of office space and 46 apartments. Anchored by Zoe’s Kitchen and Bulla Gastrobar, the property will be home to a diverse mix of restaurant, retail, office and multi-family tenants.  Centrally located and within walking distance to award-winning restaurants, shopping and events, The Morrison’s lifestyle amenities, include: Controlled access building, resort-style pool on a spacious sundeck with poolside daybeds, outdoor kitchen with gas grills and built-in coolers, poolside social lounge with flat screen TV and entertainment kitchen, Poolside and terrace fire-pit lounges, roof-top sundeck, sauna, and strength training and cardio fitness center. For more information on The Morrison, visit www.themorrisonsoho.com. For leasing opportunities, visit www.franklinstreetrs.com.