Wednesday, March 11, 2015

Franklin Street Closes on the Sale of Two Fort Lauderdale, FL Retail Centers for Nearly $12.5 million

Greg Matus
Fort Lauderdale, FL (March 11,  2015) —Franklin Street announces that it recently completed the sale of two open-air retail centers in Fort Lauderdale for a combined price of just under $12.4 million.

 Franklin Street’s Greg Matus, Regional Managing Partner, and Peter Crane, Investment Associate, represented both parties in each separate transaction.

The team sold a 25,678 square foot, 19-tenant, unanchored retail center at 4300 North Federal Highway between Oakland Park Blvd. and Commercial Blvd on the east side of the street. 

The buyer, HAZ Real Estate Investment, LLC, a private investor from Toronto, Canada, paid $6.247 million for the property which was 95 percent leased with a strong mix of long-term tenants at closing.  

The seller was Gerig Group LLC, a private investor based in Florida.

“The demand for this asset was very high as we had more than 20 offers,” said Matus, who specializes in brokering the sale of unanchored retails centers in South Florida. 

2121 North Federal Highway, Fort Lauderdale, FL
The second transaction involved a 12,300 square foot, unanchored retail center at 2121 N. Federal Highway that sold for $6.1 million. 

The property is fully-occupied by a group of regional and national tenants who all have long-term leases in place. 

The sellers, 2121 Investments LLC, built the retail center in 2013 on land owned by a third party. 

The buyer, Boston Trader 2121, LLC purchased the building as part of a 1031 exchange. 

Two other brokerage firms had previously attempted to market the property prior to Franklin Street getting the listing and closing the transaction.

 “There’s significant investor demand for multi-tenant, unanchored retail centers in South Florida,” said Matus.

“Rising rents and the low cost of capital are driving the market at the moment. If any owners are thinking of selling in the near future, they should consider doing it right now to maximize returns, access their equity and avoid any future economic uncertainties.

“Buyers can lock in great debt and solidify ownership in an investment that they plan to keep long-term—a strategy that many of today’s active investors are employing.”

For a complete copy of the company’s news release, please contact:

Todd Templin or Ashley Fierman, BoardroomPR

Crossman & Company’s John Crossman Elected to Florida A&M University Foundation Board of Directors

John Crossman
TALLAHASSEE, FL – The Florida A&M University Foundation has elected John Crossman, CCIM, CRX, president of Crossman & Company, to its 2015 board of directors.  Crossman joins an esteemed board of 31 business leaders from across the United States.

“John possesses such great passion for universities,” said Thomas J. Haynes, Jr., Ph.D., executive director of FAMU Foundation, Inc.

 “From fundraising to mentoring and hiring students and everywhere in between, he is the type of person and professional every university board would want advocating for them. 

“We also worked very closely with John and his team when we were looking to open a law school campus in the heart of downtown Orlando over 10 years ago.  They led us in the right direction for both placement and exposure.”

Crossman takes that passion on the road with him as he visits nearly a dozen universities annually to share his knowledge and experience in the commercial real estate industry. 

Thomas J. Haynes Jr.
He has been in the business for over 23 years and has personally been involved with more than $1 billion in transactions. 

“To me, it’s very important that we invest in our universities; whether it’s financial, through advocacy or both,” said Crossman. 

“It’s up to us to provide the opportunities and resources to who will be our future employees, which will further help them on the road to success.

“Through action, we generate beneficial partnerships for both parties involved. In the end, the investment will always return 10-fold. I believe in the continued success of FAMU and am thrilled to be a part of their Foundation’s board.”

Crossman is an executive board member for the University of Florida Bergstrom Center for Real Estate, Florida State University (FSU) Center for Real Estate Education and the University of Central Florida’s Dr. P. Phillip School of Real Estate.

Marco Rubio
 He was also appointed by Florida Governor Rick Scott to Valencia College’s Board of Trustees, is a four time appointee by Senator Marco Rubio for the Service Academy Nomination Board and was presented the Underground Railroad Award by the U.S. House of Representatives.

 An FSU alum, he has an endowed student scholarship foundation at FSU in Tallahassee and Bethune-Cookman University in Daytona Beach, Fla., named after his father, the late Reverend Kenneth C. Crossman.

For a complete copy of the company’s news release, please contact:

 Sydnie Cobb
 Crossman & Company