Beachside Daytona Beach Office Building – Sold

Posted by admin on September 2, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

501 Plaza Blvd in Daytona Beach has sold – the 1700 SF freestanding office building just off of Atlantic Ave, adjacent to Bel Air Plaza closed today for $105,000. The seller was ET Partners out of Knoxville Tennessee, who acquired the building via a bulk note purchase earlier this year which this asset was collateralizing.

The buyer is Timeless Touch Inc. They have no immediate plans for the building and like the investment opportunity the building poses.

Tim Davis of Charles Wayne Properties Inc was the broker of record in the transaction for ET Partners.

 

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200′ Oceanfront Land Parcel – Sold

Posted by admin on August 12, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases, Uncategorized | Be the First to Comment

The 1.28ac parcel at 834 N. Atlantic Ave has sold for $2,200,000. This is just under $40/SF, and now the highest sale per square foot, compared to any of any of the sites 200′ or greater.  The seller was DB Investments of Pinellas, who purchased the site as bank-owned foreclosure in July of 2011. This sale represents the first oceanfront land sale between 2 private parties since late 2007. It is also the first of the formerly bank-owned foreclosed parcels to re-trade from an pure investor to a group with development plans; this is a significant step forward for the beachfront property in Daytona Beach.

During the low part of the recession, there was a fair amount of negative publicity around the outside investment by private equity groups and real estate funds. The fears voiced at that time were that these outside investors would “sit on” the land for a decade or more, and that it would stall redevelopment of Daytona Beach. My counterpoint to those fears; Investors place money in assets seeking a desired rate of return. If that targeted return can be achieved in 20 years or 20 days, that is the event that triggers the sale the investment.

 

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New Listing – Daytona Beach Shores Condo Development Site

Posted by admin on September 13, 2013 under News Releases | Be the First to Comment

The property at 1901 S. Atlantic is under contract – so here is another one  – 3411 S. Atlantic Ave

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Early Reports say Bass Pro Shops in Daytona Beach will be an 80,000 SF model

Posted by admin on August 28, 2013 under by Tim Davis, News Releases | Be the First to Comment

The first question when it comes to the recently announced Bass Pro Shops – “How large will the store be?” There are several size models, down to as little as 30,000 SF. After conversations at the ICSC convention in Orlando, and more in the following week, the general consensus among the retailer’s peer is that the site will be an 80,000 SF example of the retailers operation.

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Vacant Land Parcel Near Hard Rock Hotel Site – SOLD.

Posted by admin on June 21, 2013 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

June 21, 2013. A 11,000 SF vacant parcel has sold on the west side of A1A, near the proposed Hard Rock Hotel development. The parcel is situated on the corner of Frances Ave and Atlantic Ave.  The sale price of $325,000 represents a very high per SF rate for vacant land, and clearly highlights the value placed on surrounding parcels if Bayshore Capital does in fact complete construction on their hotel.

The seller has purchased the property in 2005 when a large condo project was being proposed for the 800 block of S. Atlantic Ave. When that project never materialized, they put the property on the market with little interest. The announcement of the Hard Rock hotel in May sparked new interest, and the property quickly went under contract.

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Int’l Speedway Corp’s “One Daytona” makes its debut at ICSC – 1.1 million SF.

Posted by admin on May 22, 2013 under by Tim Davis, News Releases | Be the First to Comment

From Bisnow:

During this week’s ICSC RECon convention in Las Vegas, Jacoby’s Jim Jacoby and Brian Leary gave an exclusive peek into the firm’s latest mega project—a 1.1M SF mixed-use development directly connected to the Daytona International Speedway called One Daytona. The development—if the partnership can pass municipal muster and round up local incentives—will contain apartments, 500k SF of retail, and two hotels. Over the course of years, ISC assembled 180 acres of land contiguous with the NASCAR racetrack and the firm’s 200k SF HQ. Jacoby already has LOIs from a “major outdoor sporting goods retailer” and a movie theater. Click the video to hear Brian describe one of its three parts.

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Florida adds 134,000 New Jobs – Statewide Unemployment Under National Average

Posted by admin on March 20, 2013 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, Jokers..., News Releases | Be the First to Comment

A report released today from Wells Fargo shows that Florida has added 134,000 new jobs over the 12 months ended January 2013. The annual unemployment drop f 1.4% (to 7.8%) is the largest drop of any state. The only sectors of showing a reduction in job growth still are information and government jobs. Another interesting thought is that when analyzing the data by MSA – Orlando and Tampa are leading the way in job growth.

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17,000 SF Multi-tenant Warehouse – Sold

Posted by admin on March 18, 2013 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Read the First Comment

3/15/13

Deal velocity is continuing to pick up with investment property – This is another one with a quick contract/sale period. This property was never taken to the market, the seller was presented with an opportunity to list the building, or enter into a purchase contract at the same time. The sellers chose to go straight to contract, given the market information we provided them they understood that the offer was solid and in line with the market.

The 17,000 SF building traded for $525,000, however do to a creative deal structure, the buyers net cost of acquisition was $550,00. This gives a corrected sale price of $32.35/SF. The building was 83% leased, and the corrected sale price makes for a 10.2% capitalization rate.

The seller was JJ21 LLC, and the buyer Ptydir LLC. Tim Davis represented both the buyer and the seller in the transaction.

 

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2012 4Q REIS Report Sneek Preview – Industrial Wins

Posted by admin on January 15, 2013 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

Ok, we all know that Multi-family is the winner. But you knew that before you read this. I have a multi-family deal in contract set to close this quarter(hooray for my seller), and a working on bringing some others to market.

There is is the gold lining – now on to the silver lining….

Reis has ushered out their brief sneak previews of the 4th quarter reports today. I’m not going to copy/paste/attach them all here, but if you want a copy of any of them, email me. But here is the spoiler alert –

The Headlines for the big 4 sectors:

  • Retail: “Not-So-Great Expectations”
  • Office: “A Recovery, But Barely”
  • Multifamily: “A Superb Finish to 2012 for the Multifamily Sector”
  • Industrial: “Industrial Sector Improves at a Steady Pace “

We all know that Multi-family is “hot”. That story broke in 2009. Industrial is clearly in recovery for my market, as we have experience a notable change in the temperature of the market. Calling around through my  database of owners and tenants for a mere few hours is yielding many “want to buy/want to expand” conversations. I am personally looking forward to a very interesting 2013 – It is a very interesting time to be in this business

Tim Davis
386-566-4917
tdavis@cbcworldwide.com

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Downtown Daytona Beach Art Deco Building Sells

Posted by admin on December 21, 2012 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, News Releases | Be the First to Comment

After languishing for many years, the former Greyhound bus station at 150 W. ISB has now sold to a private owner with the intention of restoring the property for retail/office use. The building was purchased by Stirling Sotheby’s real estate brokerage out of Winter Park FL, to restore and open as a high-end luxury real estate office in 2006. With the “softening” of the real estate market those plans were derailed and the property sat vacant for several years. In April of this year, Wells Fargo Bank foreclosed on the building, and put it on the market. After only 120 days on the market, it  has sold to its new owners for the princely sum of $170,000.

The building is a famous icon of Downtown Daytona Beach, and has been chronicled by many Art Deco aficionados online. The building was also were Jackie Robinson got off the bus to be the first man to break the “color line” in professional baseball on March 17, 1946 – the game was hosted just 2 blocks away at City Island Ballpark. The ballpark is now know as Jackie Robinson Ballpark.

Tim Davis
386-566-4917

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