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Franklin Street Brokers $8.3M Sale of Regency Point Retail Center in Jacksonville

Excerpted from REBusinessOnline story.

JACKSONVILLE, FLA. — Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville. Franklin Street’s Bryan Belk and John Tennant represented the seller, Phoenix-based Sand Capital, in the transaction. The buyer, which plans to hold the property long-term, is a Jacksonville-based private investor. Built in 1981, the Regency Point shopping center includes tenants such as Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Recent capital improvements to the shopping center include the façade, parking lot and property lighting. Regency Point is situated across the street from Regency Square Mall.

For full story, visit https://rebusinessonline.com/franklin-street-brokers-8-3m-sale-of-regency-point-retail-center-in-jacksonville/

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Buyer snaps up Regency Point retail center — and five other million-dollar deals

Excerpted from Jacksonville Business Journal story.

An unnamed Jacksonville buyer has purchased Regency Point, a 51,381-square-foot retail center in Arlington, for $8.3 million, according to a release from Franklin Street, which brokered the sale.

The center at 9430 Arlington Expressway was built in 1981 and neighbors Regency Square Mall. Tenants include Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Franklin Street represented the seller, Arizona-based Sand Capital.

“Our client was able to upgrade the façade, parking lot and property lighting, which attracted a national tenant lineup to the center,” said John Tennant, senior director for Franklin Street’s Atlanta office.

For full story, visit https://www.bizjournals.com/jacksonville/news/2019/12/18/top-cre-sales-for-the-week-of-dec-18.html

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Regency Point sells for $8.3 million

Excerpted from Jax Daily Record story.

Franklin Street announced Dec. 18 it brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center at 9430 Arlington Expressway, to a private Jacksonville-based investor.

Franklin Street said Bryan Belk and John Tennant represented the buyer, Regency Point of Jacksonville LLC, and the seller, Sand Capital of Phoenix, Arizona in the transaction. 

The deal closed Dec. 10, Franklin Street said.

Franklin Street said the buyer plans to hold the property long-term. The sale doesn’t appear to have been recorded yet with the Duval County Clerk of Court.

Regency Point is along the expressway across from Regency Square Mall, a 1.4 million-square-foot regional shopping center.

Built in 1981, Regency Point was renovated to feature a national tenant mix that includes Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. 

“Our client was able to upgrade the facade, parking lot and property lighting, which attracted a national tenant lineup to the center,” said Tennant, senior director for Franklin Street’s Atlanta office, in a news release.

Belk, senior director of retail investment sales at Franklin Street, said that traditional mall tenants are reevaluating their real estate portfolios.

“In some cases, tenants are deciding that it’s better for them to be in a retail strip center with excellent road visibility like Regency Point, instead of in mall locations where foot traffic is decreasing,” he said.

Foot Locker and Champs relocated to Regency Point from Regency Square Mall.

Belk and Tennant have arranged more than $863 million in retail investment sales transactions nationwide over the past three years, Franklin Street said.

Tampa-based Franklin Street was founded in 2006.

For full story, visit https://www.jaxdailyrecord.com/article/regency-point-sells-for-dollar8-3-million

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Private Jacksonville investor acquires Regency Point shopping center

Excepted from Florida Times-Union story.

A Jacksonville-based private investor is the new owner of the Regency Point retail center across the street from Regency Square mall, according to commercial real estate firm Franklin Street, who represented the seller, Sand Capital of Phoenix.

The sale of 51,381-square-foot retail center at 9430 Arlington Expressway was for $8.3 million. Franklin Street said the unidentified buyer plans to hold onto the property for the long term.

Built in 1981, the newly renovated Regency Point shopping center features a tenant mix including Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile.

“Our client was able to upgrade the façade, parking lot and property lighting, which attracted a national tenant lineup to the center,” said John Tennant, senior director for Franklin Street’s Atlanta office.

“Traditional mall tenants are re-evaluating their real estate portfolios,” said Bryan Belk, senior director of retail investment sales at Franklin Street. “In some cases, tenants are deciding that it’s better for them to be in a retail strip center with excellent road visibility like Regency Point, instead of in mall locations where foot traffic is decreasing.”

For full story, visit https://www.jacksonville.com/business/20191218/private-jacksonville-investor-acquires-regency-point-shoppting-center

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Franklin Street closes DSW retail lease in Fayetteville, Georgia

ATLANTA – Franklin Street arranged a 23,370-square-foot lease for the opening of a new DSW footwear store at the Fayette Pavilion retail center in Fayetteville, Ga., which is situated 22 miles south of Atlanta. Franklin Street’s agency leasing team has signed 117,532 square feet of new retail space at Fayette Pavilion this year, increasing the occupancy rate to 93%. Over the past three years, Franklin Street has brokered $163 million in retail landlord transactions nationwide.

The new tenants include Hopebridge Autism Therapy Center, Burlington Coat Factory, BurgerIm, Shoppers World, T-Mobile and DSW Designer Shoe Warehouse. Franklin Street’s Sam Krueger represented the landlord in the transactions.

“DSW’s new store shows that big-box retailers are still doing deals in the Metro Atlanta area,” said Krueger, senior associate at Franklin Street’s Atlanta office. “This is Franklin Street’s third big-box lease at Fayette Pavilion and our sixth deal of the year overall for the shopping center.”

For full story, visit https://thecitizen.com/2019/12/16/franklin-street-closes-dsw-retail-lease-in-fayetteville/

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Transactions: Who’s paying how much for what – December 5, 2019

Excerpted from Shopping Centers Today story.

$12.8 million
Octave Investments acquired the 70,300-square-foot Ellard Village mixed-use center, in Alpharetta, Ga., from QSA Real Estate, of Alpharetta. Among the almost fully occupied center’s tenants are fitness studios, restaurants and beauty salons, as well as some commercial offices. Franklin Street represented the seller.

For full story, visit https://www.icsc.com/news-and-views/icsc-exchange/transactions-whos-paying-how-much-for-what364

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Franklin Street Arranges $12.75M Sale of Ellard Village in Atlanta MSA

Franklin Street has arranged the $12.75 million sale of Ellard Village, a 70,269-square-foot, mixed-use center located at 8470 Holcomb Bridge Road in the Alpharetta submarket of Atlanta. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the Alpharetta-based seller, QSA Real Estate, LLC, in the transaction.  The buyer, Octave Investments, LLC, owns other commercial properties in the area and plans to hold the asset as a long-term investment. 

Ellard Village is 94.5% occupied and anchored by a CVS Pharmacy. The property features a diverse mix of daily use operators including fitness studios, restaurants, beauty salons, and offices. Built in 2007, the center is surrounded by various national retailers including Kroger, Goodwill, OrangeTheory, Studio Movie Grill, The Zoo Health Club, Starbucks, and Chick-fil-A. With 54,000 vehicles per day on Holcomb Bridge Road, the property had excellent daily traffic in front of the shopping center.  The property also benefited from the strong surrounding demographics with average household incomes above $148,000.

“Buyers continue to be attracted to retail strip centers in well-located areas such as Alpharetta,” said Belk, senior director of investment sales at Franklin Street.  “Many investors prefer retail centers without large anchor tenants such as Ellard Village because it’s easier for landlords to replace tenants in smaller spaces. It also reduces the tenant improvement costs required to re-lease the property.” 

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.

 

For full story, visit https://www.blaujournal.com/franklin-street-arranges-12-75m-sale-of-ellard-village-in-atlanta-msa/

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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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Ask the Expert: Where are retail real estate investors looking for deals?

Ask the Expert: Where are retail real estate investors looking for deals?  

“Investors are looking for deals in areas of population growth. Outside of institutional investors, many retail investors are getting priced out of in-town deals in major markets.  Retail investors, in turn, have chased deals in large metro suburbs or top-tier coastal markets.  The common consensus is that we likely have plateaued on CAP rate levels. So, for value-added investors to pull the trigger on deals in this market, they are looking for projects where there may be leasing upside via filling vacant space or raising below-market rents.  Fully leased deals with rent levels at the top of the market have become harder for sellers to move. The reason is that the buyer pool for those deals has continued to shrink.”
  
Bryan Belk
Senior Director, Retail Investment Sales
Franklin Street
Bryan.Belk@FranklinSt.com 
D: 404.832.1251  

 
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Ask the Expert: What is the top trend shaping Atlanta’s retail investment market?

Ask the Expert: What is the top trend shaping Atlanta’s retail investment market?  

“The latest trend is the limited new retail development supply coming to market. Outside of a few grocery-anchored centers and build-to-suit developments for expanding retailers, Atlanta as a whole is not seeing a lot of pure-play retail developments. Many of the major new developments in the Atlanta metro area have retail components, but they are being driven by multifamily or office components. This set of circumstances has led to a landlord market for existing owners because of the low supply of retail projects, which is keeping vacancy low.”

Bryan Belk
Senior Director, Retail Investment Sales
Franklin Street
Bryan.Belk@FranklinSt.com 
D: 404.832.1251