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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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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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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235′ Oceanfront Parcel – SOLD

Posted by admin on April 29, 2015 under by Tim Davis, News Releases | Be the First to Comment

The oceanfront land located at 3167 S. Atlantic Avenue, in Daytona Beach Shores has sold for $2,950,000. The site features 235’ of frontage, and 275’ in depth to the seawall. The Seller, Strand Property Partners LLC, purchased the site in 2004 for the purpose of developing a 118 unit condo project. When the economic conditions derailed that project in 2008, the Owners decided to forgo development of the site. The Seller’s listed the property in May 2013 for $3,700,000.

The Buyer is the County of Volusia, who plans to develop the site into a public use facility, providing beach access and parking open to all residents and visitors of Volusia County.

Tim Davis represented the parties in this transaction.

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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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New Convention / Resort Hotel approved by Daytona Beach City Commission

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

I just walked out of a a Daytona Beach City Commission meeting – where MY commission approved a new 605 room convention hotel. This is estimated to be a $120mm project, with at least $30mm worth of infrastructure improvements to Oakridge Blvd, from Halifax to Atlantic Ave.

My experience with these developers goes back to July of 2011, when they called me about a piece of property that I have listed for sale at 1216 N. Atlantic Ave. That site ended up not being an ideal site for them, and the 500 N. Atlantic was.

My team and I have brokered 10 of the 14 vacant land sales on the beach in Daytona since November of 2010. We have sold these parcels of land to foreign investors from Canada, Russia, Uruguay, and more. We have sold 72% of the land parcels in the last 2+ years – and not one parcel of land was sold to a local Daytona Beach buyer. For that matter not one parcel was sold to a US citizen. Our former Mayor has gone on record saying, and I paraphrase here “speculators are buying up our beach front land, we may never get the chance as a community to purchase this land again”.

I can think of no greater endorsement of our community, our city, and its future than to have anyone “speculate” on our city. If anyone feels that our city is a good bet, and they want to place multi-million dollar bets on us – I am happy to have them.

Now who whats to talk about the next hotel – on the entire 800 block of South Atlantic Ave? Bayshore Financial is pulling the trigger in 30 days…..

For now – enjoy the video of our new hotel to come.

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