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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New Oceanfront Condos Finally Break Ground in Daytona Beach

Posted by admin on August 18, 2017 under by Tim Davis, Daytona Commercial Real Estate, News Releases | Be the First to Comment

Two projects have now broken ground in Daytona Beach Shores. Dimucci Development is underway with their 26 unit Dimucci Tower project at 3797 S. Atlantic Ave.

Greenpointe Development has also closed on the land at 3721 S. Atlantic, and Peck Construction has wrapped the property with banners. The Aruba Condo has been pre-selling units for some time and is ready to go.

Still in the conceptual stage (but with a recent 26′ height variance granted) is Max Daytona by Bayshore Development. This project is on the very northernmost parcel in Daytona Beach Shores, 1901 S. Atlantic Ave. More details will be coming soon on this one.

www.maxdaytona.com

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Daytona Beachfront Hampton Inn Trades at Record 162k/key

Posted by admin on July 24, 2017 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

On June 22,  the 91-key Hampton Inn owned by Summit Hospitality traded at a significant price. The buyer was Driftwood Hospitality out of Miami who purchased the hotel located at 1024 N. Atlantic Ave for $14.8 million dollars, or $162k per key. This sale is very strong for the area and is the highest per key sale in over 10 years for a select service hotel in Daytona Beach.

Summit is the developer of the Hard Rock hotel set to open this winter at 900 N Atlantic Ave.

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ProtoGroup Daytona Beach Hotel – Site Work Continues [VIDEO]

Posted by admin on May 2, 2017 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

Protogroup is moving right along with site work, drilling cores for the pouring of the concrete pilings that will be the foundation of the hotel tower.


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Sold – 1620 S. Atlantic Ave Land Sale, Daytona Beach .64 ac

Posted by admin on September 22, 2016 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

9/12/16

A 0.64 acre site on the west side of South Atlantic Ave has sold. The site at 1620 S. Atlantic is directly across from the Holiday Inn Beach Resort, and is the site of the former Steve’s Famous Diner and later Marco’s Italian. The structure has fallen into what is believed to be irrecoverable condition over the last few years, and the sale price of $600,000 demonstrates this was a land-value only transaction.

The seller was an investment company from Orlando, Humphrey Investments who purchased the property several years ago as an investment in the recovery of Daytona’s beachside. The recent sale of the neighboring Holiday Inn Beach Club for $27M certainly proves that growth. The buyer was a related company to the Nautilus Inn just north of the site. They plan to redevelop the site for some other retail use and to provide additional parking for the hotel.

Tim Davis of SVN Alliance represented the Buyer and Seller.

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Beachside Daytona Beach Office Building – Sold

Posted by admin on September 2, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

501 Plaza Blvd in Daytona Beach has sold – the 1700 SF freestanding office building just off of Atlantic Ave, adjacent to Bel Air Plaza closed today for $105,000. The seller was ET Partners out of Knoxville Tennessee, who acquired the building via a bulk note purchase earlier this year which this asset was collateralizing.

The buyer is Timeless Touch Inc. They have no immediate plans for the building and like the investment opportunity the building poses.

Tim Davis of Charles Wayne Properties Inc was the broker of record in the transaction for ET Partners.

 

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200′ Oceanfront Land Parcel – Sold

Posted by admin on August 12, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases, Uncategorized | Be the First to Comment

The 1.28ac parcel at 834 N. Atlantic Ave has sold for $2,200,000. This is just under $40/SF, and now the highest sale per square foot, compared to any of any of the sites 200′ or greater.  The seller was DB Investments of Pinellas, who purchased the site as bank-owned foreclosure in July of 2011. This sale represents the first oceanfront land sale between 2 private parties since late 2007. It is also the first of the formerly bank-owned foreclosed parcels to re-trade from an pure investor to a group with development plans; this is a significant step forward for the beachfront property in Daytona Beach.

During the low part of the recession, there was a fair amount of negative publicity around the outside investment by private equity groups and real estate funds. The fears voiced at that time were that these outside investors would “sit on” the land for a decade or more, and that it would stall redevelopment of Daytona Beach. My counterpoint to those fears; Investors place money in assets seeking a desired rate of return. If that targeted return can be achieved in 20 years or 20 days, that is the event that triggers the sale the investment.

 

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New Listing – Rare Ormond Beach Automotive-Use Building

Posted by admin on May 28, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, New Listings | Be the First to Comment

Very Rarely do you find high-quality automotive service buildings available for sale or lease in Ormond Beach – There are so few areas with the requisite zoning for these uses in Ormond – the opportunity to capitalize on a very clean second generation location could be very lucrative.

3,680 SF, with 5 service bay doors, on busy nova Road with over 29,000 cars per day. The property is available for lease at $18/SF Modified Gross – or for outright purchase at $750,000. A purchaser would also receive the Billboard income as an additional revenue stream.

Tim Davis – Charles Wayne Properties
386-566-4917

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Industrial Warehouse Sale – Ormond Airport Industrial Park

Posted by admin on April 24, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate | Be the First to Comment

A 10,560 SF industrial building has traded – 30 Tower Circle in the Ormond Airport Park. At $430,000, the sale represents a transaction price of just under $41/SF, showing increased recovery in the industrial warehouse subsection of the market.

For other industrial warehouse information and listings – www.daytonawarehouse.com, or 386.566.4917
Tim Davis

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Florida’s Economy Continues to Outpace the U.S.

Posted by admin on March 17, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, investment property for sale in daytona beach | Be the First to Comment

 

 

 

 

 

 

 

 

 

 

 

 

From Wells Fargo’s Economic Group today, news that Florida’s unemployment rate fell 0.2 percentage points in January to 6.1 percent. Nonfarm employment figures were revised modestly higher and show Florida adding jobs at a pace well ahead of the nation. Florida has added a net of 244,000 new jobs over the trailing twelve months.

Read the full Wells Fargo White Paper HERE

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