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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ProtoGroup Daytona Beach Hotel – Site Work Continues [VIDEO]

Posted by admin on May 2, 2017 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

Protogroup is moving right along with site work, drilling cores for the pouring of the concrete pilings that will be the foundation of the hotel tower.


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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 – 749 S. Atlantic Ave, Ormond Beach Oceanfront Land

Posted by admin on December 1, 2016 under by Tim Davis, News Releases | Be the First to Comment

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.

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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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9.2ac Industrial & Flex/Warehouse Land Sale

Posted by admin on under by Tim Davis, daytona beach commercial real estate, News Releases | Be the First to Comment

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.

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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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Cap Rates are reaching Record Lows – Crash soon?

Posted by admin on June 3, 2015 under by Tim Davis, Good Info - Read It | Be the First to Comment

We have written a lot about current cap rates, the low(zero) interest rate environment, and how the commercial real estate sector will adjust once the interest rates move upward.  Below is a nice chart created by Wells Fargo, showing the 5 major property classes of CRE, on a chart with the current 10-year treasury yield. As you can see, the risk premium (or spread) between the CRE products and the treasuries are still wider than they have been for the last 20 years.

Simply put, CRE is still a greater return on investment than treasury bonds by the widest margin in 20 years.  There is room for interest rates to go up, and investors to still have substantial positive leverage on their investments at the current cap rates.

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