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  • Dec 14, 2016
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Sun Point Shopping Center in Ruskin FL is under-going a renaissance

Franklin Street Leads Turnaround of Two Tampa-Area Shopping Centers

Franklin Street, a full-service and vertically integrated commercial real estate firm, has led the turnaround of two previously vacant shopping centers in the Tampa area.  The firm leased out a struggling retail property in Temple Terrace and brought several new tenants to a shopping center in Ruskin.

Franklin Street’s tenant representation team, led by associate Matt Alexander, was hired to handle leasing for both properties.

Located at 3002 College Ave., Sun Point Shopping Center is located near Sun City Center in Ruskin, an age-restricted community with nearly 20,000 residents. While anchored by Big Lots, the Sun Point property had previously underperformed compared to a competing center nearby.

After closely researching and evaluating the area, the Franklin Street team determined the types of businesses that would benefit by relocating to Sun Point.

The Franklin Street retail services team signed leases with Hibachi Express, Pita Kabob, Classic Cuts, Taqueria Don Julio and Cell Tech achieving on average $15 per square foot in rent.  With the Amazon distribution center located next door, restaurants especially saw an opportunity to capitalize on a day-time lunch crowd.

“We knew the plaza had a lot of potential considering the competing property was fully occupied, Sun City is going through a building boom and the 2,000-employee Amazon facility provided a captive group of consumers,” said Alexander. “After evaluating the trends, we figured out which kinds of tenants would benefit from being in the area and went after them.”

Franklin Street is currently working with another prospective tenant to fill one of three vacancies that remain open.

“We are very happy with Franklin Street’s performance in leasing Sun Point Shopping Center. Since we have been on both brokerage and ownership sides, Saglo and Franklin Street make a great team as we are able to close deals that satisfy our investors’ expectations,” said Carlos Guzman, vice president of Saglo Realty. “The Ruskin area has tremendous development plans and we are very excited for what’s to come at Sun Point Shopping Center.”

Franklin Street also achieved great success at the Point Plaza Shopping Center in Temple Terrace. Located at 8707 Temple Terrace Highway, the plaza is anchored by Winn-Dixie and is now fully leased. The team recently added a salon, staffing office and pharmacy to achieve full occupancy.

“We have worked with Franklin Street since August 2015 and since then, they have successfully leased out our center 100 percent,” said Charles Hirsch of Milbrook Properties, which operates Point Plaza. “Franklin Street really listened and found tenants who were a great fit within the center based on their needs and goals. We look forward to a continued partnership with this team.”

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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.

 

http://www.businessobserverfl.com/press/detail/franklin-street-leads-turnaround-of-two-tampa-area-shopping-centers/

About Hue Chen

Hue Chen is the Vice President of Acquisitions for Saglo Development Corporation and is responsible for increasing Saglo’s portfolio of properties. After graduating from the University of Florida in 1999, with a major in Finance, Hue started his career in commercial real estate as a retail leasing associate. He quickly became a top producing leasing agent while working with some of the most prominent owner-developers in south Florida. Throughout his career, he has executed over 250 leases and increased the value of over 40 different shopping center, ground-up and mixed use developments in south Florida and Southwest Florida. Hue attributes his success to a thorough understanding of the major retail markets of Florida, strong relationships with brokers and retailers, and his ability to structure leases that best fit the goals of each investment. In 2012, Hue joined Saglo and brought with him strong proficiencies in finance, mathematics, and ARGUS as well as a real world understanding of retail shopping center leasing and value creation.

Author: Hue Chen

Hue Chen is the Vice President of Acquisitions for Saglo Development Corporation and is responsible for increasing Saglo’s portfolio of properties. After graduating from the University of Florida in 1999, with a major in Finance, Hue started his career in commercial real estate as a retail leasing associate. He quickly became a top producing leasing agent while working with some of the most prominent owner-developers in south Florida. Throughout his career, he has executed over 250 leases and increased the value of over 40 different shopping center, ground-up and mixed use developments in south Florida and Southwest Florida. Hue attributes his success to a thorough understanding of the major retail markets of Florida, strong relationships with brokers and retailers, and his ability to structure leases that best fit the goals of each investment. In 2012, Hue joined Saglo and brought with him strong proficiencies in finance, mathematics, and ARGUS as well as a real world understanding of retail shopping center leasing and value creation.