21,000 SF Multi-Tenant Income Warehouse Park – Sold

Posted by admin on October 31, 2017 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, investment property for sale in daytona beach, News Releases | Be the First to Comment

The 21,300 SF Fern Business Park located on Sixth St, directly across from the News Journal has sold. The Seller was Phyllis Oevermann, who was the developer of the business park. The land was purchased in 1972 and construction on the four buildings spanned into the mid-1980’s. A former Mainland High School teacher, Oevermann purchased the land and developed the buildings to facilitate here post-teaching career; she started and ran Shoreline Silks in the park for over 25 years.

The property was marketed by Tim Davis of SVN Alliance on and off for the last decade, and was placed back on the market in July of 2016. The park was 94% occupied at the time of sale, with a sale price of $782,500. This represents a sub-9% cap rate, and well in line with the current market for non-credit investment property.

The business park is best know for it’s long-term tenants. Notably Gina’s Deli, which has been in operation for 14 years at the location, with their predecesor Louis’ Deli was there for over 10 years. PJ Sign Systems, has been in the business park for over 15 years.

The Buyer was Fern Street LLC, and group represented by Len Marinaccio of Ormond Beach. The immediate plans are to operate the park as it is, and make some minor improvements and beutification along the way.

For any questions about the details of this sale (or other industrial properties in the market) do not hesitate to call Tim Davis with SVN Alliance.

Tim Davis, Partner
SVN Alliance
386-566-4917
tim.davis@svn.com

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