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.
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.
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.
The half acre site at the corner of Dahlia & Atlantic Ave in Daytona Beach Shores as sold. The purchase price was $350,000, and the sale closed January 2nd 2017 The Buyer was SA2011 LLC, and Houston based development company. The immediate plans are to develop an oceanfront condo nearby, and this will be utilized for for additional parking and support for that project. The site is directly across the street from a new County beach access parking lot. The Seller was the Benny Parsons Family Trust, and Nancy Thornton of Ohio. Tim Davis of SVN Alliance represented both of the parties in the transaction.
The 95′ x 220′ parcel of vacant land at 749 S. Atlantic Ave has sold. This is the first outright oceanfront land sale since August of 2015. The sale price of $975,000 represents just over $10,000 per front foot, and $45/SF. Both metrics are inline with other oceanfront sales in the last 2-3 years.
The seller was the Busby family trust of North Carolina, and the buyer was the Georgian Inn Condo Association. Tim Davis of SVN Commercial Real Estate Advisors represented the Sellers in the transaction.
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.
SVN Alliance is pleased to announce the closing of this 9.2ac development site. featuring over 2200′ of frontage on Parque Drive the site is located just behind the Publix shopping center on S. Yonge Street in Ormond Beach. The sellers were the Hardesty family who were original developers of nearby historical projects.
Ohio industrialist Walter C. Hardesty began developing land along what is present-day Calle Grande Street in the early 1900’s. In 1923 he built the 120-room Riviera Hotel as part of a proposed Rio Vista Resort that would stretch along canals to the west. A golf course began operating on Calle Grande Street after World War II and was expanded in 1955 into the present-day Riviera Country Club.
“It is neat to see infill locations such as this sell after a family has owned them for over 100 years. The original family members would purchased the land had grand plans, and it is good to see those carried out by someone after all these years” – Tim Davis
Tim Davis of SVN Alliance represented the Sellers in the transaction.
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.
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.
A retail building occupied by Walgreens located at 537 N. Atlantic Avenue in Daytona Beach has sold. The property closed Friday May 29th, for $4,550,000. The Seller was a local entity, GKM Investments LLC, who purchased the property in 2007 for investment purposes. The purchaser a California company 20th Street Development LLC, based in Beverly Hills. In addition to the Walgreens, the sale includes a second 7,200SF building leased to a gift shop.
Walgreens, CVS, and Rite-Aid drugstores continue to be desirable investment vehicles for commercial real estate investors seeking stable cash flow at well above bond market returns. The current six-month average cap rate on a Walgreens with 5 years or less remaining on the lease is 7.24%.
Tim Davis of Charles Wayne Properties Inc represented the parties in this transaction.