Two Net-Leased Assets Bring $32 Million

Oct 13, 2014 No Comments by

Marcus & Millichap announced the sale of two centers in Port Orange.

The first property, a BJ’s Wholesale Club and BJ’s fuel center, sold for $15,131,194 or $175 per square foot.

The second property is Altamira Village shopping center anchored by a 45,000-square-foot LA Fitness and 18,000 square feet of small shops. The LA Fitness-anchored center sold for $17,142,680 or $271 per square foot. The combined sales price for the two assets is $32,273,874.

John Nuzman, a vice president investments in Marcus & Millichap’s Detroit office, represented the seller, Collett, a North Carolina-based development company. Robert Horvath and Todd Tremblay, both vice presidents investments in the firm’s Boston office, represented the buyer. Kirk Felici, first vice president in Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

“These two net-leased assets are adjacent to each other on the same parcel within the Altamira Village shopping center,” says Nuzman. “The BJ’s has a 20-year lease that began in September 2013 and the LA Fitness has a 15-year lease that started this year.”

 

“Net-leased properties remain a popular target for commercial real estate investors as both a capital preservation vehicle and steady cash-flow investment,” adds Horvath.

The 163,000-square-foot Altamira Village shopping center is located near the intersection of Interstate 95 and Dunlawton Avenue, State Route 421, south of Daytona Beach in Volusia County, Port Orange. Other Altamira Village tenants include CVS, Golden Corral and the small shop space on two out-lots. Situated across the street is a Lowe’s and Super Target. The Pavilion at Port Orange is an outdoor lifestyle center anchored by Belk’s, Hollywood Theatres, Marshalls, HomeGoods, and Michaels. The Pavilion is located at the Interstate 95 and Taylor Road interchange.

 

 

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Industry News, NA, Retail
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