Four buildings comprising 66,000 square feet sold in 60 days after listing
DAYTONA BEACH, FL – SVN Alliance principals and senior advisors Chris Butera, Carl Lentz IV, CCIM; Tim Davis, CCIM; and John Trost, CCIM, coordinated the $11.425-million sale of a four-building office portfolio in Daytona Beach. The portfolio, which comprises 66,000 square feet, was sold in 60 days after listing to an undisclosed local private investor. The seller was Consolidated-Tomoka Land Co.
“The portfolio represented a unique investment opportunity in a robust area of Daytona Beach,” Butera said. “The buyer quickly realized the quality of the investment, the excellent tenant mix, and pounced on it, closing in less than 45 days. This investment will provide core asset returns and has great upside as the LPGA Boulevard corridor continues to evolve.”
Butera said the SVN Alliance team took on the assignment with the knowledge that Consolidated-Tomoka preferred to sell all four buildings in bulk and had a targeted closing date required for tax purposes. SVN Alliance was up to the challenge given its extensive database and market knowledge. The team went to the market to quickly source offers on the assets over 60 days and secured a buyer with deal terms that met the seller’s needs.
“Having the team at SVN Alliance handle this asset sale for our company was the best choice for this transaction,” said John P. Albright, CEO of Consolidated-Tomoka. “We always appreciate the great value they add to each deal.”
The portfolio comprised the two-story, multitenant Concierge office building at the northeast corner of LPGA and Williamson boulevards, two buildings on Williamson in the Mason Commerce Center and a building in Williamson Business Park. The buildings were self-developed by Consolidated-Tomoka between 2008 and 2014. The occupancy rate at the time of sale was 100 percent for the entire portfolio.
SVN advisors share commission fees with cooperating brokers to close more deals in less time and at the right value for clients. SVN Florida provides services in more locations than any other commercial real estate company in the Sunshine State.
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized brands based on the annual Lipsey Top Brand Survey. With more than 190 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales, leasing and property management services to more than 5,550 clients worldwide. The Florida team consists of more than 100 advisors serving locations across the state. SVN advisors represent clients in office, multifamily, retail, industrial, self-storage, hospitality, marina, mobile home park and land transactions. All SVN offices are independently owned and operated. For more information on SVN Florida, visit www.svnflorida.com.
Chris Butera, principal, SVN Alliance Commercial Real Estate Advisors / 386-453-4789 / [email protected]
Carl Lentz IV, CCIM, president, SVN Alliance / 386-566-3726 / [email protected]
Tim C. Davis, CCIM, principal, SVN Alliance / 386-566-4917 / [email protected]
John Trost, CCIM, principal, SVN Alliance / 386-295-5723 / [email protected]
Ken Zeszutko, Z-Corp PR and Digital Marketing / 321-213-1818 / [email protected]