12,000 SF Industrial & 16,000 SF Investment Sale – Company Relocation from Massachusetts

Posted by admin on November 28, 2017 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

The 12,000 SF building at 1640 Segrave in South Daytona has sold on November 22nd.  The buyer is the Standard Rivet Company, a company relocating here from Massachusetts. (www.standardrivet.com). Standard Rivet was founded in 1888 and after 127 years of continuous business, is the leading manufacturer of quality rivets, staples, machine tools for setting rivets in clothing as well has safety harness and related equipment.

The Seller was PDJM LLC, and family office based in Daytona Beach who had owned the building as an investment for over 30 years. Tim Davis of SVN Alliance represented the Seller in the transaction. The sale price was $540,000 and included Seller concessions of $88,000 for various deferred maintenance. The adjusted sale price would be just over $52/SF; a remarkable sale price for an above grade warehouse with 12′ clear height.

Additionally, Standard Rivet purchased the multi-tenant office building at 1825 Business Park Blvd as an investment property. 16,000 SF Net Leased Office with 6 Tenants. The purchase price was $2,000,000 representing an 8% Cap Rate. Carl Lentz, also with SVN Alliance represented the Seller of this asset, Tempo Company Inc who purchased the asset in 2005 for $1,600,000. Mr Lentz represented both parties in the 2005 transaction as well.

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