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Franklin Street to Lease New Mixed-Use Center in Atlanta’s Historic Sweet Auburn

Franklin Street has been selected to provide retail leasing for The Front Porch at Auburn Avenue, a new mixed-use redevelopment project located within the historic Sweet Auburn District in the Old Fourth Ward, just east of downtown Atlanta.  The project will feature 38,000 square feet of rentable retail space, along with 13,000 square feet of apartment rentals and an additional 18,600 square feet of multifamily space for sale in the heart of the Auburn Avenue Corridor.

Franklin Street’s Sam Krueger, senior associate, and K.B. Yabuku, managing director for New York-based developer Hart Lyman Co., will lead retail leasing for the property. The brokerage team is actively seeking chef-driven restaurants, regional boutique retailers and fitness concepts for the mixed-use center, which is set to open in Fall of 2021. The neighborhood revitalization effort is being driven by Atlanta’s Historic District Development Corporation, and the Partnership for Southern Equity is spearheading the community engagement.

“This unique commercial development will transform the heart of downtown Atlanta’s historic Sweet Auburn District by bringing new amenities, jobs and housing to the area,” said Krueger. “The Front Porch will weave innovative urban agriculture features into the project, offering an unparalleled opportunity for high quality farm-to-table dining and retail operators that can amplify the local southern culture that is so apparent within this community.”  

Located in the exceptionally diverse residential neighborhood of Sweet Auburn between Hilliard Street and Jackson Street, The Front Porch is one of Atlanta’s premier ‘equity projects,’ incorporating equitable development and sustainability principles from start to finish. The project will provide a gathering place that promotes economic prosperity and environmental sustainability through the continued improvement of the neighborhood. The property is located along the Atlanta Streetcar line and is just steps away from the Martin Luther King, Jr. National Historic Park, the Atlanta BeltLine Eastside Trail, and Georgia State University.

“HDDC is proud to continue our legacy of strengthening, revitalizing and preserving the identity and history of our communities through equitable and sustainable development,” said Chenee Joseph, executive director of HDDC.   “As the developer of projects such as Studioplex on Auburn, Dynamic Metal Lofts and most recently the Haugabrooks Event Space on Auburn Avenue, we have a solid track record in the neighborhood. We are excited to continue our commitment to the revitalization of the Sweet Auburn and the Old Fourth Ward with the development of the Front Porch, which we hope will quickly become the gathering place for our community.”

For more information on The Front Porch at Auburn Avenue, visit their page on LoopNet. For more information on Franklin Street, visit FranklinSt.com.

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.

About HDDC: Founded in 1980, HDDC is one of Atlanta’s oldest surviving community development corporations and the only non-profit organization specifically dedicated to preserving the availability of affordable housing in the Old Fourth Ward. For nearly four decades, HDDC has been a catalyst for equitable urban revitalization in Atlanta. 

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Franklin Street Brokers $6.7M Sale of Retail Center in St. Petersburg, Fla.

Franklin Street has arranged the $6.7 million sale of Shoppes on Fourth, a newly built, 9,030-square-foot shopping center located at 1300 4th Street N in the St. Petersburg submarket of Tampa Bay. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Indianapolis, Ind.-based Crescent Lake Fourth Street, LLC, in the transaction.  The buyer, Fleming Island, Fla.-based Reinhold Corporation, plans to hold the trophy asset for long-term investment.  

The retail center is 100% occupied with a strong mix of national tenants including: Zoe’s Kitchen, Pearle Vision, Rubio’s Coastal Grill, and AT&T. Built in 2018, Shoppes on Fourth is well-situated on 4th Street, a main retail artery near downtown St. Petersburg. 

“We continue to see national credit tenants wanting the highest-profile retail sites with exceptional traffic counts,” said Belk, senior director of investment sales at Franklin Street.  “This transaction had one of the top price-per-square-foot values for the St. Petersburg market. As investors continue to trade into better-positioned, recession-proof assets, cap rates are being driven down for this asset class.” 

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.

 
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Back from the dead: 2 restaurant chains reemerge in metro Orlando

Excerpted from Orlando Business Journal story.

Perhaps one of the spookiest experiences in retail real estate is chains disappearing from Central Florida.

Two of those restaurants — the Tex-Mex eatery Lime Fresh and the Italian chain Fazoli’s — have shown signs of re-opening locations in the Orlando area.

Lime Fresh shuttered here after Rubio’s Restaurants Inc.’s $6.3 million acquisition of eight Lime Fresh Mexican Grills from Ruby Tuesday Inc. in 2016. However, a $900,000 building permit was filed Oct. 25 for a new Lime Fresh location in Lake Nona at 13052 Narcoossee Road.

It’s unknown when Lime Fresh will open the 2,800-square-foot eatery as the company wasn’t available for comment. A general contractor wasn’t listed on the permit. The chain currently has about a dozen locations in South Florida.

Still, Lime Fresh will need to separate itself from other fast-casual chains in Central Florida, said Terrence Hart, senior director at Franklin Street of Orlando, who handles retail leasing and is not involved with Lime Fresh. That’s because there’s stiff competition in the market from San Diego-based Qdoba Mexican Eats, Atlanta-based Moe’s Southwest Grill and Newport Beach, California-based Chipotle Mexican Grill Inc. (NYSE: CMG).

“If they have traction and get enough business going, of course they can expand,” Hart said.

For full story, visit https://www.bizjournals.com/orlando/news/2019/11/01/back-from-the-dead-2-restaurant-chains-reemerge-in.html

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Inside the Derby closure: Why an iconic Five Points restaurant has closed down once again

Excerpted from Jacksonville Business Journal story.

Just four months after its first day of business, the Derby House Diner – formerly known as Derby on Park – announced it would be closing its doors permanently.

The announcement came just two weeks after Derby House Diner celebrated its grand reopening on Sept. 28 and 29, but owner Michael Schmidt said the restaurant hadn’t generated the amount of business necessary.

“It’s unfortunate. We just weren’t seeing the people coming into the door to cover overhead,” said Schmidt.

Located on the corner of Park Street in Five Points, restaurant ownership has changed hands several times in recent years. The original owners, Cheryl and Neil Corrado, sold the Derby on Park concept in 2018 to Jonathan Cobbs and Dwayne Beliakoff, owners of The Bread and Board on Oak Street. Several months into that operation, Cobbs and Beliakoff closed down the restaurant.

By January 2019, Schmidt and co-owner Chad Munsey, who also own The Bearded Pig and Rec Room, purchased the restaurant. After pouring several hundred thousand dollars into the project, renovating the interior and creating an entirely new menu, the pair opened the restaurant on June 17.

Schmidt said that their operation’s staff and menu were functionally great, and even received numerous positive reviews on social media; however, he said they made a “conscious decision, a business decision,” to close down.

“All the appreciation in the world to our staff,” said Schmidt. “We had a great menu, food quality was great. We just weren’t getting the numbers of people that we needed.”

When asked if he was considering opening a new concept in the same location, Schmidt said they would not be and instead would focus on their other concepts. He added he would be working the landlord to figure out how to handle the remainder of their lease.

Ricky Ostrofsky, a senior associate with commercial real estate broker Franklin Street, said he was surprised to see the sudden closure, adding that the previous iteration of the restaurant was a staple of Jacksonville.

“For so many years, Derby on Park was a favorite of the locals,” he said. “It’s something that everyone knows about.”

Being familiar with the Five Points area, Ostrofsky said that despite the restaurant closing yet again, the area holds strong in terms of commercial value.

“That market is just booming,” said Ostrofsky. “There’s no doubt about it, if you have the right concept and operator on that corner, it will be successful. It’s a staple of Jacksonville. That corner is excellent real estate. I would call it iconic for that part of town.”

For full story, visit https://www.bizjournals.com/jacksonville/news/2019/10/08/inside-the-derby-closure-why-an-iconic-five-points.html

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6 retailers head to Baldwin Park as its occupancy hits ‘critical mass’

Excerpted from Orlando Business Journal story.

Terrence Hart has turned away retailers from Baldwin Park in recent months.

That’s because the roughly 190,000 square feet of retail space is about 96% leased at the mixed-use development near downtown Orlando. Hart, senior director at Franklin Street of Orlando, handles leasing for Dallas-based landlord Tabani Group along with Senior Associate Tim Rogers.

Hart first started leasing the property in 2016 when retail occupancy was about 80%. Now, he said he can’t squeeze in all the fitness concepts and boutique restaurants that want to open there. The remaining space may host a bridal boutique and computer educational concept.

“It’s become like a Park Avenue or a College Park,” Hart said. “Before, it hadn’t gotten to that point. It hadn’t hit that critical mass of retailers.”

For full story, visit https://www.bizjournals.com/orlando/news/2019/09/12/6-retailers-head-to-baldwin-park-as-its-occupancy.html

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Ask the Expert: How have the characteristics of the most targeted retail tenants changed?

Ask the Expert: How have the characteristics of the most targeted retail tenants changed?

“Historically, power retail has been all about the anchor tenant(s).  When I started in the retail real estate services industry, we used to talk about the “big 6” anchors, which included Walmart, Target, Home Depot, Lowe’s, Kroger, and Publix, when trying to decipher how to help our clients strategize their roll-outs.  As the initial four of those tenants started to slow down, the industry searched for its new darlings, which included the TJX brands, sporting goods users such as Dick’s Sporting Goods and Academy, as well as other ‘treasure hunt’ retailers such as Ross, Burlington, Five Below, Beall’s Outlet and more.

More and more, landlords we talk to are focusing on tenants that can still draw customers to their centers, despite the changes in consumer shopping patterns due to the internet.  A colleague of mine, Harold Schumacher of The Schumacher Group, accurately referred to this grouping of tenant’s as “the Four ‘F’s’” in a recent conversation we had.  These are:  food, fitness, furniture and fun. 

Restaurants and fitness providers, in particular, are the new daily needs players alongside grocers.  Today, landlords have to work hard to curate the right mix of tenants to bring their target customers to their centers multiple times throughout the week, for different purposes each time, and to get those customers to stay for long periods of time.”

Greg Eisenman
Senior Director, Retail Tenant Services
greg.eisenman@franklinst.com 
FRANKLIN STREET REAL ESTATE 
404.832.1250 x 0495  

 
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Great Places & Spaces: Sparkman Wharf Update

Excerpted from Tampa Bay Business and Wealth story.

Strategic Property Partners unveiled new renderings of the ongoing development of Sparkman Wharf in downtown Tampa.

The existing park and dining garden opened in late 2018, which is now home to 10 restaurants, the Fermented Reality Biergarten and Splitsville.

Additional enhancements are currently under way, including replacing the existing security fence along the wharf and improving pedestrian facilities along Channelside Drive.

The ground floor will accommodate approximately 10 new retail stores, while the second floor will have 150,000 square feet of leasable, creative, office space.

SPP will relocate its company headquarters at Sparkman Wharf, including approximately 30,000 square feet of office space for staff and space for an interactive marketing center.

Franklin Street is handling the office leasing at Sparkman Wharf, Colliers is handling retail leasing and the renovation of the building is being led by Walbridge Construction.

For full story, visit https://tbbwmag.com/2019/07/03/great-places-spaces-sparkman-wharf-update/

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Ask The Expert

Ask the Expert: Will new food concepts expand into suburban markets across the Southeast?

Ask the Expert: Are new food concepts seeking to expand into suburban markets across the Southeast? 

“Yes, there are many restaurant and bar concepts that have risen out of urban markets, and those that are willing to grow and expand are considering options in suburban markets.  The rise of mixed-use projects and the efforts to renew historical downtowns found in suburban areas seem to be favored targets.  The key ingredient and similarity to urban concepts and suburban mixed-use is a walkable district that has daytime population density, foot traffic and a sense of place.   More and more developers and landlords are turning towards local concepts in order to bring some authenticity and uniqueness to their projects.  These developers are now, more than ever, willing to chase local chefs to open within their project vs. national chain restaurants, sacrificing credit in order to land the next hot restaurant or bar.” 

Brian Bern
Senior Director of Retail Leasing
Franklin Street
Brian.Bern@FranklinSt.com
813.839.7300 x 0303 
 

 
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Lote Group to Renovate Shopping Center in North Florida

Excerpted from Shopping Center Business story.

Jacksonville, Fla. — Lote Group plans to completely renovate the Shoppes of Northshore, a 17,000-square-foot shopping center in Jacksonville’s Atlantic Beach submarket. The renovations are expected to include giving the center a modern look while preserving the beach-style architecture of the area. Renovations are expected to be complete by the end of this year. Whitney Butler of Franklin Street is leading the leasing efforts on behalf of the owners. Local restaurants, boutique retailers and fitness and wellness concepts are being targeted for the project. Shoppes of Northshore is located four blocks from the beach and 15 miles east of downtown Jacksonville.

For full story, visit https://shoppingcenterbusiness.com/lote-group-to-renovate-shopping-center-in-north-florida/

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Atlantic Beach Landmark Shopping Center Announces Renovation

Lote Group, a Gainesville, Fla.-based development and property management firm, is pleased to announce plans for a complete renovation of the Shoppes of Northshore, a neighborhood landmark in the heart of the Atlantic Beach submarket of Jacksonville, Fla. 

“We purchased this property with the vision of re-establishing it as a historic landmark, where 3rd Street and Atlantic Boulevard intersect at the center of Beaches Town Center,” said Taraz Darabi, president and CEO of Lote Group.  “We are excited to refresh and re-merchandise the center to extend and complement the walkable, pedestrian-friendly, boutique-style shopping and lifestyle experience of Beaches Town Center.”

“Shoppes of Northshore and Beaches Town Center is a high-energy locale in heavy demand due to the sense of community that is created by the restaurants and boutiques – it is the gathering spot for the beaches,” said Whitney Butler, director of retail leasing for Franklin Street, a full-service commercial real estate firm that serves as the exclusive retail leasing agent for the roughly 17,000-square-foot shopping center. 

The renovation will begin this summer and is scheduled to be completed by the end of 2019. The  makeover will give the Shoppes of Northshore a more modern look, but still in keeping with the Florida beach-style architecture of the area, along with a variety of new merchants, restaurants and boutiques. The leasing team, led by Butler, is actively seeking local restaurants, boutique retailers and fitness and wellness concepts for the project.

“This shopping center has been a fixture of the Atlantic Beach community for over 25 years,” said Butler. “The new owner is continuing that tradition by bringing in a new group of experiential retailers to better serve neighborhood residents and tourists alike. We’re seeking tenants that will fit the year-round, active lifestyle of both current and future residents.”

Located at 363 Atlantic Boulevard,  Shoppes of Northshore boasts some of the best customer demographics of any retail center in Duval County. The property is situated within a 10-minute drive of $1.96 billion of consumer retail spending, including a resident mix of affluent retirees, young professionals, and college-educated families. The Atlantic Beach population enjoys one of the highest average household incomes of any neighborhood in the Jacksonville MSA. 

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.