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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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.

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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. 

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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

File_001The 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.

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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.Screen Shot 2017-03-13 at 3.44.57 PM

Graphic courtesy of Wells Fargo Bank NA.

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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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Multi-tenant Industrial Sale – 38,000 SF

Posted by admin on August 17, 2015 under Uncategorized | Be the First to Comment

J&G Industrial Park in Holly Hill Florida has sold. The 38,5000 SF building sold on August 14th, for $1,000,000, or $26.50 per square foot. At the purchase price, the  acquisition cap rate of 9.7%.  The building was 85% occupied by 17 individual tenants at the time of sale. The Seller had owned and operated the industrial park for nearly 30 years, and the sale was driving by the desire to recycling the equity into less management intensive property.

 

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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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