Franklin Street Adds Valuation Business Through Acquisition of Tampa-Based Tropical Realty Appraisal Services
Franklin Street has taken another major step toward their tactical growth plan of being a national, full-service commercial real estate firm. The company will now offer real estate valuation and advisory services to its growing client list through the acquisition of Tropical Realty Appraisal Services based in Tampa. Tropical Realty Appraisal Services has been in business since 1988 and provides real estate valuation services throughout the United States with offices in Tampa, Miami, Atlanta and Key West.
“This is an important, strategic move for our growing company,” said Andrew Wright, Franklin Street CEO and managing partner. “We are now able to seamlessly offer our clients timely and high-quality valuation services in-house, allowing us to be even more competitive in the marketplace.” Wright continued, “Tropical Realty Appraisal Services has an established brand and solid reputation, giving us instant credibility in that service line. Everyone at Franklin Street is excited for this next chapter in our firm’s history.”
The new division will be led by Tropical Realty Appraisal Services’ president, Marty Engelmann, MAI, MRICS who is bringing more than 15 employees to Franklin Street. Engelmann has more than three decades of experience in the appraisal business and has led Tropical Realty Appraisal Services since 1992.
“Integrating into the Franklin Street family makes a lot of sense for both companies,” said Engelmann. “We have similar goals, objectives, passion, culture and a legacy of excellence. We will be able to share information, ideas, experience, strategies, market data, development trends and activity, which will only add to Franklin Street’s already deep industry knowledge.” Engelmann noted that the integration of both companies will perpetuate the collaborative synergy already present among the current business lines.
Franklin Street Valuation Advisory Services will provide property valuation for federally-insured lenders and larger institutional real estate investors such as REITS, life insurance companies and pensions. It will also provide litigation support involving eminent domain, family law, lease disputes, arbitration, bankruptcy, deficiency and fraud.
“Franklin Street is a dynamic company and we are thrilled to now be a part of their team and help reach their business objectives,” said Engelmann.
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About Franklin Street: Franklin Street is a family of full-service real estate companies 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—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.
About Tropical Realty Appraisal Services: In 2014, Tropical Realty Appraisal Services completed 350 appraisals in the Southeastern U.S. and over 6,500 in more than 15 states during its 27 years in business. Tropical Realty Appraisal Services will integrate its Tampa, Miami and Atlanta offices in with Franklin Street’s offices in those cities, but maintain its office in Key West.
