Jones Lang LaSalle Inc.

09/13/2021 | Press release | Distributed by Public on 09/13/2021 12:08

Infill retail center in Daytona Beach sells for $12.2M

ORLANDO - Sept. 13, 2021 -JLL Capital Markets announced today that it has closed the $12.2 million sale of Volusia Square, a 204,185-square-foot shopping center located on the dominant retail corridor in Daytona Beach, Florida.

JLL marketed the property on behalf of the seller. Lamar Companies in a venture with Real Capital Solutions acquired the asset.

Volusia Square was originally built in 1986 and renovated in 2010. The center's diverse mix of tenants include Restaurant Depot, Buffalo Wild Wings, Arby's, LensCrafters and Dollar Tree. The property also features a non-owned Home Depot and Speedway Indoor Karting.

Located at 2455 West International Speedway Blvd., Volusia Square is adjacent to the internationally recognized Daytona Speedway and Daytona International Airport, drawing substantial traffic from outside the area. Daytona Beach features a diverse employment base with three strong academic institutions attracting 27,000 students annually to support the higher-paying jobs that are being created in the expanding metro area. The five-mile area surrounding the property is home to 106,029 residents with an average annual household income of $54,714.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Coler Yoakam and Brad Peterson, Senior Director Whitaker Leonhardt and Associate Tommy Isola.

'Daytona Beach is booming right now, with lots of new residential development geared towards active adults seeking the wide amenity base and quality of life the area offers,' said Leonhardt. 'However, I think there are many investors who don't know the magnitude and pace with which Daytona is changing, and those that invest now will be rewarded in a big way.

'International Speedway Boulevard is the hub of the area, and Volusia Square, with its prime positioning located right off of Interstates 95 and 4, will attract lots of tenant interest that listen to the story of what is going on in the area,' he added. 'I am excited to see what Volusia Square 2.0 looks like!'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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