Multi-tenant Industrial Sale – 38,000 SF

Posted by admin on August 17, 2015 under Uncategorized | Be the First to Comment

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.

 

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Daytona Beach  Walgreens-anchored property sells. 

Posted by admin on June 16, 2015 under Uncategorized | Be the First to Comment

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.

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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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Ormond Beach Retail / Warehouse/Showroom – Sold

Posted by admin on June 5, 2014 under Uncategorized | Be the First to Comment

A Texas based real estate investment group, MDD Enterprises has purchased  the building located at 912 S. Nova Road in Ormond Beach. The 6,000 SF single tenant building has a good local tenant in place, and represented a opportunity for the buyer to purchase a well-located building on a high-traffic arterial roadway. The purchase price represents a comfortable rate of return for an industrial warehouse building with a retail showroom/offices. Long term upside for the buyer lies in the Ormond beach location lending itself to future redevelopment of the site for a more intensive retail use. The buyer was represented by Tim Davis of Charles Wayne Properties.

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Ormond Beach Industrial Continues Run

Posted by admin on June 3, 2014 under Uncategorized | Be the First to Comment

Another building in the Ormond Beach Airport Industrial Park has traded, just 6 weeks after the sale at 30 Aviator. 4 Signal Blvd, totaling 11,600SF,  closed yesterday at $480,000 or just under $42/SF. This one of multiple industrial sales over the $40 SF mark in 2014, demonstrating extended support of this price point. The Buyer is World Color, currently located in the park. They were in the market for additional space to facilitate growth.  The seller was a real estate investment trust, American Environment Foundation. They decided this was an excellent price point for them to recycle their capital.

For other industrial warehouse information and listings – www.daytonawarehouse.com, or 386.566.4917
Tim Davis

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Hard Rock Daytona Beach – VIP Gala at Rolex 24

Posted by admin on January 23, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, investment property for sale in daytona beach, Uncategorized | Be the First to Comment

 

 

 

 

 

 

 

 

 

 

 

 

Last night Bayshore Capital CEO Henry Wolfond asked me if I was excited as him about the Hard Rock hotel coming to Daytona Beach. I laughed and offered that maybe “excited” was a grand understatement in the context of what a project like this means to our city. We circulated around the room last night, looking at al of the Memorabilia on hand, from guitars to clothing worn by the music industry’s greatest acts.

A few years ago, when we were first assigned the task of marketing the land for the previous owner, I had no idea who would be interested in the site. We took on the task in July of 2010, and on one of those following summer afternoons, I went over to the site, and took some photos from teh top floor balcony of the condo to the south, as well as some from the beach, looking back at the seawall. Those shots looking back at the property from the shoreline really struck me – you do not realize the size of that vacant parcel driving by at 40mph.

Over the next year I made hundreds of phone calls to groups from all over the world, and dozens of personal visits to developers and opportunity funds in the northeast. I could see the massive potential in such a massive size parcel. Nearly a linear quarter mile of land, in a developed, mature coastal city, 4 miles from a national airport, and let us not forget the World Center of Racing, Daytona International Speedway.

I applaud the Bayshore team, and look forward to all of their development plans for not only this site, but the other 4 oceantfront properties they own.

Click HERE for This morning’s NewsJournal Story on the VIP Gala

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Daytona Beach Shores Resort Trades for $39+ Million

Posted by admin on January 8, 2014 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, investment property for sale in daytona beach, Uncategorized | Be the First to Comment

Fresh on the heels of a the Belaire Plaza Sale at $21.5mm – New York firm Garrison Investments has purchased the Shores Resort for $39.25mm.

At 211 rooms – this represents a sale price of $186,000 per room. Certainly a premium price for our market, the Shores is considered by many locals to be the hotel with the top amenities in the area. The hotel restaurant and bar – Azure – is a destination for locals and tourists alike. You must make some assumptions that the revenue from the restaurant and multiple pool-area bars is offsetting the per-key price.

At any rate – This is a further validation of the market, and catalyst for other transactions.

Full News Story by Bob Koslow 

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Commercial Financing is back!

Posted by admin on December 18, 2013 under by Tim Davis, daytona beach commercial real estate, Daytona Commercial Real Estate, Uncategorized | Be the First to Comment

Just this week, we have a report from the Mortgage Bankers Association that commercial financing experienced the strongest quarterly increase since 2008.

If financing is back, then marketability is back.

Click Here for the MBA quarterly report

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Hard Rock Hotel & Cafe coming to Daytona Beach

Posted by admin on May 6, 2013 under Uncategorized | Be the First to Comment

Great Story that has finally broke. I really have little to add that the media hasn’t covered already. Feel free to call or email me if you have any other questions.

Tim Davis
386-566-4917

On Friday, a day after Hard Rock International went public with plans to build one of its hotels on the city’s oceanfront, anyone wondering what sort of impact the new development will have on the beachside would have gotten part of the answer sitting in a local real estate executive’s office.

By the end of the workday, Tim Davis, vice president of investment sales for Coldwell Banker Commercial in Ormond Beach, was phone weary.

“Everybody who ever inquired about oceanfront land called today,” Davis said late Friday afternoon. “All the calls start with, ‘is there anything available across the street from the Hard Rock site?’ “

The barrage of calls to Davis — whose company brokered the sale of the 10-acre parcel on S.R. A1A that will become home to the Hard Rock Hotel Daytona Beach by early 2016 — is exactly what local leaders were hoping to see.

They’re expecting the Hard Rock’s 375,000-square-foot development complete with a Hard Rock Café to be a game changer for the beachside, a catalyst that will create about 300 jobs and spur new restaurants, shops, nightclubs, additional hotels and conventions.

Reed Berger, the city government’s redevelopment director, said businesses thinking about making an investment are going to start asking, “Why aren’t we there?”

“Sometimes it takes a Joe’s Crab Shack and a Hard Rock Hotel to get everyone’s attention,” said Berger, who expects the city to get good mileage out of articles in trade publications that will be announcing Hard Rock’s plans. “I don’t think there’s any question that we’re definitely at a turning point.”

“I think it can be an incredible catalyst for us,” agreed Ocean Center Director Don Poor, who likened the new hotel to a strong anchor in a fledgling mall. “It has all the potential in the world to help our area. It’s a powerful brand name everyone recognizes.”

Even behind-the-scenes whispering about Hard Rock coming to town that started before this week’s public acknowledgement had already drummed up interest, said City Manager Jim Chisholm.

An upscale hotel chain started checking out Daytona Beach earlier this year after it caught wind of Hard Rock putting down roots on the World’s Most Famous Beach, Chisholm said. The city manager expects more high-end hotels to follow.

“The confidence of the Hard Rock to attract higher-class clientele helps attract other high-end hotels,” Chisholm said. “Because of the Hard Rock we’ll get more hotels in a number of open properties.”

Daytona Beach has long had the reputation of being a more moderately priced vacation destination, but the upscale hotel and the Hard Rock could be the beginning of the city also attracting “a higher tier of the market,” Chisholm said.

The upscale facilities will also provide new options for wealthier visitors coming to events such as the Daytona 500, he said.

Sean Snaith, a University of Central Florida economics professor, said the Hard Rock might even reel in visitors who might not have chosen Daytona Beach in the past.

“It diversifies your tourism base,” Snaith said.

He also sees it pulling in new businesses.

“If you get a Hard Rock it sends a signal about the region’s economy,” he said.

He also agrees with city leaders that it could become a destination in and of itself, especially if plans come together for a Hard Rock Live concert venue on site.

 

HARD ROCK COMES AT RIGHT TIME

 

 

After years of things going wrong for Daytona Beach — the 2004 hurricanes battering beachside properties, a pair of developers who once held 35 beachfront hotels going bankrupt and the economy crashing — things are starting to go the city’s way, Chisholm said.

“Property values here are reasonable, the economy is pumping again and people are looking for places to put their money,” Chisholm said.

And it doesn’t hurt to be able to say a worldwide chain of nearly 200 music-inspired hotels, cafes, casinos and concert venues located everywhere from Biloxi to Bali chose your city for a $100-million-plus investment.

Investors and developers interested in property right next to or in front of the new Hard Rock will be disappointed to know that Bayshore Capital, the Toronto-based developer that bought the 10-acre Hard Rock site at 801 S. Atlantic Ave., has already purchased much of the available property in the immediate area.

Bayshore bought a lot with a home on it just north of the new hotel site, and several commercial properties across the street, Davis said. There is still one small commercial lot available on the west side of A1A, he said.

There are other properties available along other stretches of A1A, and local leaders are hoping they’re snatched up one by one by developers who want to open new businesses that will complement not only the Hard Rock, but also a Russian company’s oceanfront hotel condo project at Oakridge Boulevard and the Ocean Center.

Poor has high hopes for what the Hard Rock can do for his sprawling building. Although the Ocean Center is located several blocks to the north, he foresees getting a shuttle service going for conventioneers.

The 250 hotel rooms the Hard Rock plans will help get the beachside closer to the 2,000 quality rooms Poor has been saying are vital for large conventions. With some 500 rooms expected from the Russian project that’s slated to break ground this summer, and the 744 at the Hilton Daytona Beach Oceanfront Resort, that 2,000 mark is within reach now.

With 100 condos also planned for the new Hard Rock complex, Poor pointed out that those new permanent residents will create demand for higher-end shops and restaurants.

 

A1A RIPPLE EFFECT

 

 

Berger said the Hard Rock will provide one more sought after push to mobilize a planned entertainment district around the Ocean Center dubbed the e-zone. He foresees improvements to neighborhoods and new businesses moving in along both the south and north ends of A1A.

“I expect A1A will be the beneficiary, not just the immediate property,” Berger said.

Because the Hard Rock is locating in the South Atlantic Redevelopment Area, Berger anticipates the new hotel bolstering the tapped out community redevelopment area fund there that dried up during the economic crash.

Some of those CRA dollars could help the Hard Rock in deals still to be worked out with the city, but some will also help the neighborhood, he said.

Davis, the Coldwell Banker official, said he got “five solid leads” out of his calls from hotel developers and speculators on Friday. City officials now hope they can parlay those queries into more development that will keep the beachside roll going.

Nelson Parker, senior director of development for Hard Rock International, said his company has looked at Daytona Beach over the years but until recently didn’t find the right situation.

When Bayshore Capital came to Hard Rock with the idea about a year ago, things gradually fell into place, Parker said. Hard Rock International is in a growth phase, proposing several new locations, and has had three record earnings years in a row, he said.

“The timing and the group’s vision appealed to us and met our expectations,” said Parker, who works out of corporate offices in Orlando. “There’s also been an enormous amount of momentum in the city and the city government has been wonderful to work with. I also love the location. It was ideal with the large assembly of land near International Speedway Boulevard.”

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Coldwell Banker Global Conference Underway

Posted by admin on April 16, 2013 under Uncategorized | Be the First to Comment

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