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.

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

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

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.

Waffle House Strikes Again – closes on fourth Daytona Location

Posted by admin on May 18, 2017 under by Tim Davis, Commercial Real Estate Definitions | Be the First to Comment

Waffle House restaurants has completed the purchase of 319 Seabreeze Blvd, making the fourth location added in the last year. 319 Seabreeze Blvd is a 1.1 acre site located on the corner of Seabreeze and Oleander Ave. Two locations in Port Orange, a location in Daytona Beach Shores was purchased earlier this month, and now in Daytona Beach. The Seller was Steiner Inc, out of Palm Beach Gardens. Tim Davis of SVN Alliance represented by the Seller and Waffle House in this transaction.

Waffle House Continues Expansion – New Daytona Beach Shores Location

Posted by admin on April 24, 2017 under by Tim Davis, News Releases | Be the First to Comment

4/24/17

Waffle House Restaurants is continuing the aggressive expansion into Volusia County with the acquisition of the 3200 S. Atlantic Ave in Daytona Beach Shores. The site was a former restaurant that was closed 3 years ago. Waffle House plans to demolish the existing structure and building their newest prototype store. The purchase price was $435,000.

In the last year Waffle House has purchased and constructed a new store at  3740 S Nova Rd in Port Orange, and continues to look at attractive sites in the market.

Tim Davis of SVN Alliance Commercial Real Estate Advisors represented the Seller and Buyer in this transaction. 

9,000 SF Industrial Warehouse Sale, Local Company Expanding

Posted by admin on March 21, 2017 under by Tim Davis, News Releases | Be the First to Comment

The 9,000 SF industrial warehouse located at 6 Aviator Way in the Ormond Airport Industrial Park has sold. The sale date was March 17th, for the sum of $500,000. The seller was a family trust based in Kentucky, but more importantly the buyer has a user for the building immediately. Another company in the industrial park will be expanding operations. Details on that have not yet been disclosed, but stay tuned for more.

Florida Labor Market adds 54,300 jobs in January

Posted by admin on March 13, 2017 under by Tim Davis, Commercial Real Estate Definitions, News Releases | Be the First to Comment

A Labor report from Wells Fargo economists shows that Florida added 0.6% of new non-farm employment in January for a total of 54,300 jobs. The research shows that 10,700 of these are construction jobs, with the balance consisting of professional services, wholesale trade, and manufacturing sectors. The year over year gain is now at 3.2%. The charts below shows the unemployment rate holding at near 5% statewide.

Graphic courtesy of Wells Fargo Bank NA.

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.

Ormond Beach Retail / Warehouse/Showroom – Sold

Posted by admin on June 5, 2014 under Uncategorized | Be the First to Comment

A Texas based real estate investment group, MDD Enterprises has purchased  the building located at 912 S. Nova Road in Ormond Beach. The 6,000 SF single tenant building has a good local tenant in place, and represented a opportunity for the buyer to purchase a well-located building on a high-traffic arterial roadway. The purchase price represents a comfortable rate of return for an industrial warehouse building with a retail showroom/offices. Long term upside for the buyer lies in the Ormond beach location lending itself to future redevelopment of the site for a more intensive retail use. The buyer was represented by Tim Davis of Charles Wayne Properties.