Avison Young Completes $20.65M Disposition Of Multi-Anchored Retail Center In Daytona Beach

Jul 03, 2017 No Comments by

Avison Young’s Capital Markets Group brokered the $20,650,000 sale of Volusia Marketplace, a 131,361-square-foot multi-anchored neighborhood shopping center located at 2400 W. International Speedway Boulevard in Daytona Beach.

Within three months of marketing the asset, Avison Young’s John K. Crotty, CCIM, Principal; Joshua Ladle, Associate; Steve Tanner, Senior Vice President; and Ray Hayhurst, Senior Vice President; successfully sold the 100 percent occupied retail center boasting eight nationally recognized tenants to Festival Properties, Inc., on behalf of the seller.

Volusia Marketplace’s diverse tenant roster includes publicly-traded companies Big Lots, Cost Plus World Market, T-Mobile, Panera Bread, and Chipotle, and privately-owned Ashley Furniture HomeStore, Jo-Ann Stores, and Batteries + Bulbs. The property has experienced no turnover since 2010. Each tenant also has multiple fixed-rate options to extend their leases.

 

“Tremendous demand in the immediate market has driven the big-box vacancy rate down to practically zero percent, and centers in the immediate trade area are over 97 percent occupied at rental rates above the Daytona market averages, confirming the strength and extended draw of the submarket,” said Crotty. “Volusia Marketplace is poised for resilience during economic downturns due to its diversity in retail tenancy. Located at one of the major retail hubs in Daytona, the property presents excellent in-place income and stable long-term cash flow for the buyers.”

The asset is positioned on Daytona Beach’s busy east/west corridor of International Speedway Boulevard directly across from the Daytona International Speedway, an enormous 480-acre motorsports complex that recently underwent a $400 million renovation in 2016 and hosts thousands of visitors.

The Avison Young team was split between South Florida and Central Florida.

 

“Effectively communicating between offices, we collectively drove the most potential buyers to the deal and ultimately executed a swift sale of the shopping center on behalf of our client,” added Crotty.

 

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Industry News, NA, Retail
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