HFF closes $31 million sale of a portion of a 350,000-square-foot retail community center in Daytona Beach, FL

   

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of a portion of Volusia Square (top left photo), a 349,544-square-foot retail community center in Daytona Beach, Florida.

The HFF investment sales team was led by managing director Brad Peterson (top right photo) who represented the seller, Retail Planning Corporation of Atlanta.

 Cole Real Estate Investments purchased the property for $31 million free and clear of debt.  This is HFF’s fourth sale of a property to Cole in 2010.

Volusia Square is shadow-anchored by Home Depot, Toys R’ Us and Babies R’ Us.  Anchor tenants at the 203,909-square-foot portion of the shopping center that was sold include Hobby Lobby, HH Gregg and TJ Maxx. 

The portion of Volusia Square that was sold totals 22.4 acres and is located at 2455 West International Speedway Boulevard (US Route 92) close to Interstate 95, the Daytona International Speedway and the Daytona International Airport (middle left photo).  Renovated in 2010, the property was 97.6% leased at the time of sale.

“Volusia Square has a dominant regional location that attracts shoppers from a 30-mile radius and services the communities of Ormond Beach and Palm Coast to the north, Port Orange and New Smyrna Beach to the south and Deland to the west," stated Peterson.

"As a result, the International Speedway Boulevard retail submarket is a ‘must-have’ location for top-tier national retailers, which is evidenced by the high occupancy in the area and the recent tenancy by strong national tenants such as Hobby Lobby and Dicks Sporting Goods,”

“The interest level in Volusia Square was very strong.  More than 100 investors evaluated the offering and approximately a dozen offers were submitted. 

"This high level of interest is part of a growing trend of investors seeking high-quality, anchored retail without a grocery-anchor in order to get a little more investment yield,” Peterson added.

This is the third, non-grocery anchored community center that HFF has sold in Florida over the past 120 days.  HFF sold Riverplace Shopping Center (lower right photo), a 258,359-square-foot center anchored by Stein Mart, Sears, TJ Maxx, Staples, Books A Million, Michaels and Petco in the Mandarin area of Jacksonville in late August. 

Also, HFF sold Pablo Plaza, a 151,660-square-foot community center anchored by HomeGoods, Marshalls, and Office Depot in Jacksonville Beach in September.

Retail Planning Corporation was established in March of 1989 with the contribution of two grocery-anchored centers owned by its principal. 

 The “hands on” business philosophy, the experienced executive and management personnel, and a recognized reputation for excellence has propelled Retail Planning Corporation to the forefront of the retail leasing, management and development industry in and around the southeast. 

 Presently, Retail Planning Corporation manages over 50 shopping centers totaling over five million square feet.

Founded in 1979, Cole Real Estate Investments is one of the most active investors and owners of core real estate assets, managing one of the country’s largest portfolios of retail properties.

Today, Cole owns or manages 37 million square feet of commercial real estate in 46 states with a combined acquisition cost of approximately $7 billion.

Contacts: 

Brad Peterson, HFF Managing Director, (407) 286 5224, bpeterson@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com