MIAMI—With commercial real estate investment getting more competitive in South Florida, more investors are looking further north. Justin Spiller, the newly-minted associate director of retail investments at Franklin Street, is bullish on Jacksonville, FL.

“Jacksonville can still offer investors an attractive cap rate that's higher than other parts and larger cities in Florida,” Spiller tells GlobeSt.com. “We are seeing an influx of additional investment capital in the market because of these strong indicators.”

Spiller came on board at Franklin Street in a new position in the firm's growing Jacksonville office. Spiller specializes in representing investors in the sale and purchase of both single-tenant net lease and multi-tenant retail properties throughout North Florida and the Southeast.

(Does this retail market have untapped potential? Some brokers think so.)

In this role, he works with his clients to maximize returns on commercial real estate investments. His commercial real estate law background helps him negotiate and manage retail investment transactions.

“Jacksonville and North Florida are seeing some positive growth in several areas, bucking the national trends,” Spiller says. “Specifically, Jacksonville's employment rate is growing by a rate of 3.1%, more than double the national average.”

According to Spiller, this leading to several dynamics in Jacksonville's commercial real estate market. First, there's a growing number of companies locating in the North Florida City. Amazon has announced three major facilities coming online in the market. It's also driving increasing rental and leasing rates in both residential and commercial properties as well as a reduction in vacancies in retail areas and shopping centers.

Prior to joining Franklin Street, Spiller was a founding member of Tiktin Real Estate Investment Services, where he served as senior investment sales associate. He has over a decade of experience providing commercial real estate solutions to his clients, beginning his career as an attorney at Rogers Towers, P.A.

Spiller focused his law practice on commercial real estate, representing various shopping center developers, national homebuilders and global lenders. Previously, he served as an investment associate for the national retail group at Marcus & Millichap in Miami, where he worked with and advised high-net-worth clients in the sale of commercial retail investments.

(Jacksonville is experiencing the same trends that have been creating sought-after and thriving neighborhoods in cities across the country.)

(Does this retail market have untapped potential? Some brokers think so.)

Prior to joining Franklin Street, Spiller was a founding member of Tiktin Real Estate Investment Services, where he served as senior investment sales associate. He has over a decade of experience providing commercial real estate solutions to his clients, beginning his career as an attorney at Rogers Towers, P.A.

(Jacksonville is experiencing the same trends that have been creating sought-after and thriving neighborhoods in cities across the country.)

Instant Insights /

The Florida City That's Bucking National Trends

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