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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Beachside Multi-Family Apartment Sells in Daytona Beach Shores

Posted by admin on July 8, 2015 under by Tim Davis, investment property for sale in daytona beach, News Releases | Be the First to Comment

The Sea Shell Villa, an eleven unit apartment building at 3760 S. Atlantic Ave in Daytona Beach Shores has sold. The property closed July 6, for $860,000. The property is located on the west side of A1A, with direct beach access. The Seller was Tom Thornton of Lockbourne Ohio, the purchaser was Ramesh Yeluri of Taylor Michigan.

This sale is significant for two reasons; first it represents another transaction by an out-of-state party making a significant investment in a beachside real estate. The Buyer’s interest was driving largely by the exciting pipeline of projects for beachside Daytona Beach. Secondly, the sale price represents a 7.6% capitalization rate. This is a near record low cap rate for a low-rise garden style multi-family property in the Daytona Beach area.

Charles Wayne Properties, Inc. is one of Central Florida’s largest commercial real estate brokers.  It manages, leases or owns in excess of 1,500,000 sq. ft. of retail and office properties, and has offices in Orlando, DeLand, Melbourne, Ocala and Daytona Beach.


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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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Hard Rock Daytona Beach – VIP Gala at Rolex 24

Posted by admin on January 23, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, investment property for sale in daytona beach, Uncategorized | Be the First to Comment

 

 

 

 

 

 

 

 

 

 

 

 

Last night Bayshore Capital CEO Henry Wolfond asked me if I was excited as him about the Hard Rock hotel coming to Daytona Beach. I laughed and offered that maybe “excited” was a grand understatement in the context of what a project like this means to our city. We circulated around the room last night, looking at al of the Memorabilia on hand, from guitars to clothing worn by the music industry’s greatest acts.

A few years ago, when we were first assigned the task of marketing the land for the previous owner, I had no idea who would be interested in the site. We took on the task in July of 2010, and on one of those following summer afternoons, I went over to the site, and took some photos from teh top floor balcony of the condo to the south, as well as some from the beach, looking back at the seawall. Those shots looking back at the property from the shoreline really struck me – you do not realize the size of that vacant parcel driving by at 40mph.

Over the next year I made hundreds of phone calls to groups from all over the world, and dozens of personal visits to developers and opportunity funds in the northeast. I could see the massive potential in such a massive size parcel. Nearly a linear quarter mile of land, in a developed, mature coastal city, 4 miles from a national airport, and let us not forget the World Center of Racing, Daytona International Speedway.

I applaud the Bayshore team, and look forward to all of their development plans for not only this site, but the other 4 oceantfront properties they own.

Click HERE for This morning’s NewsJournal Story on the VIP Gala

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Daytona Beach Shores Resort Trades for $39+ Million

Posted by admin on January 8, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, investment property for sale in daytona beach, Uncategorized | Be the First to Comment

Fresh on the heels of a the Belaire Plaza Sale at $21.5mm – New York firm Garrison Investments has purchased the Shores Resort for $39.25mm.

At 211 rooms – this represents a sale price of $186,000 per room. Certainly a premium price for our market, the Shores is considered by many locals to be the hotel with the top amenities in the area. The hotel restaurant and bar – Azure – is a destination for locals and tourists alike. You must make some assumptions that the revenue from the restaurant and multiple pool-area bars is offsetting the per-key price.

At any rate – This is a further validation of the market, and catalyst for other transactions.

Full News Story by Bob Koslow 

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2014: Will Secondary Markets(and beyond) realize the same gains as Primary Markets have?

Posted by admin on December 23, 2013 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

Reading an article on Globe St this morning about secondary market transaction volume increasing in 2014. We operate in a third tier market (at best) and I wonder if we will see this capital start filtering down to markets our size.

In my commentary last week about the sale of Bellair Plaza, I commented that a fund the size of Nightingale purchasing an asset in our market is indeed an endorsement of our market. I had dinner last night with an old friend that worked for the Wyndam organization here in Daytona Beach for 7 years, and was relocated 2 years ago. He had not heard about the Daytona Beach Hotel & Convention Center, The Hard Rock Daytona Beach – he was impressed with even the announcement of a Hilton Garden Inn for the old Bermuda House hotel across from Bellair Plaza.

It some times takes an outsiders look to help us all see what is developing around us and in front of our eyes.

 

http://www.globest.com/news/12_757/national/acquisitions_dispositions/Push-For-Yield-Will-Lead-to-Secondary-Cities-in-2014-340871.html?ET=globest:e41438:472394a:&st=email&s=&cmp=gst:National_PM_20131218:editorial

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10 Year Treasury Rate Now over 2% – When do Cap Rates Rise?

Posted by admin on June 18, 2013 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

The 10-year treasury Rate has been solidly over 2% for a month now – 2.17% today – quite a solid amount higher than it was last summer when it bottomed out around 1.43% (7/12).

If the risk premium for commercial real estate has traditionally been  4-4.5% over the 10-year rate, and cap rates are as compressed as ever – with Walgreens, CVS, McDonalds – quality STNL trading at sub-6% rates – how long until we see cap rates rising on a national scale?

What becomes of these assets purchased at a 6 cap, with no significant NOI increases in next 5 years?

If you own this property type in your portfolio – seems like time to cash out if you have any plans to in the next 5 years.

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Apartment Sector Stays Super Heated – Another Multi-Family Sale in Daytona Beach

Posted by admin on March 6, 2013 under daytona beach commercial real estate, Daytona Commercial Real Estate, investment property for sale in daytona beach | Be the First to Comment

The Ridgewood Apartments, located at 1101 S. Ridgewood Ave., recently sold for $600,000. The seller was Peter and Deborah Glover and the buyer was JustBAA, LLC. The property consists of 14 apartments and a single family home on 2 acres of land spanning from S. Ridgewood east to S. Palmetto along Francis Parkman Place.  The Glovers had recently remodeled all of the units.  Bob Rand, of Coldwell Banker Commercial Benchmark, represented the buyer and Peter Glover represented himself as the Seller.

 

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How much Distressed Property is still out there?

Posted by admin on March 5, 2013 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

This is a great question, and we get it many times from buyers and bankers alike.

I bring forth 2 examples today. The first, an interview by GlobeSt with Rich Walter of Bank Assetpoint. In the interview,  you can watch here, Rich breaks it out as follows:

$10B in REO
$40B in Non-performing Assets, or Non-accruing Assets
$20B still tied up in Loss-Share
That equates to $70B worth of distressed property.

The chart at left is from Bank of America’s 4Q CRE report, which seems to show approximately $175B in “troubled and REO” While these two measures are far apart, the take away I am focusing on is that they are numbers far lower than what we were facing in 2010.

Email me or leave a comment below with your email if you would like to see the entire report from Wells Fargo.

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Multi-Tenant Warehouse Building – SOLD –

Posted by admin on February 26, 2013 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

Another sale to report – A Multi-tenant warehouse, 9,000 SF – 5 tenants. This building was on the market for 5 days, under contract, and closed in 28 days total. Why so quick? The building was priced correctly,  at just over a 10% return on investment.

Did we just get lucky? The buyer was the second party that we put it in front of(from our database of buyers, not from any result of marketing). Furthermore, during the due diligence period and up until closing we fielded approximately 15-18 more potential buyer inquires from our standard marketing efforts.

More info on the building HERE

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