Franklin Street Closes $7.5 Million Sale of Brandon Shopping Center
Franklin Street arranged the sale of a 30,182-square-foot retail center located at 2050 Badlands Drive in Brandon, Florida. Brandon Crossroads is home to a broad mix of national name brand tenants, including Orangetheory Fitness, Amazing Lash, My Gym, Pinot’s Palette and Massage Envy. Franklin Street’s Joe Morrow represented the seller, Kennedy Investments, Inc., on an exclusive basis. The property was acquired by Gulfport, Florida-based Sauteur, LLC, a local private investor, for $7.5 million.
Built in 2006, Brandon Crossroads is the second retail asset transaction that Franklin Street has completed for Kennedy Investments. Franklin Street also represented the same seller in the sale of the North Tampa Shores shopping center for $5.2 million in 2013.
“The market remains strong for well-located assets in established submarkets such as Brandon,” said Morrow, a Retail Investment Associate for Franklin Street. “There was an abundance of interest from buyers who were attracted to the property for its strategic location, well-maintained condition and recognizable destination retailers.”
Franklin Street’s retail leasing team, led by Ryan Derriman, elevated the property from 63 percent to 100 percent leased in three years. Occupancy rates at Brandon Crossroads are the highest they have been since the center opened in 2006.
“The Brandon Parkway transaction began as a leasing assignment and finalized as a successful disposition from our portfolio,” said Jay Kennedy, President of Kennedy Investments. “From leasing the property up to 100% occupancy to closing the transaction, Franklin Street did an excellent job for Kennedy Investments. I could not be more pleased with the service, and more importantly, the results we received from Franklin Street related to this transaction.”
“Our local market expertise enabled us to identify a diverse mix of destination retailers ideal for the trade area and this center,” Derriman said. “Even though the center was over a third vacant when we secured the leasing assignment, there were several name brand tenants that had been in place and successful at Brandon Crossroads for more than five years. Securing Orangetheory Fitness for a highly visible space early on in our leasing efforts helped demonstrate to retailers that Brandon Crossroads was a place they could succeed as well.”
Located at the intersection of Brandon Parkway and Badlands Street, Brandon Crossroads is situated minutes from I-75 and Westfield’s Brandon Town Center Mall area, one of the largest retail trade areas in Tampa Bay.
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.