The 20,000 square foot industrial building located at 7 Otis Stone Hunter Road in Bunnell, FL was purchased for $2,650,000. This brand new tilt-wall construction building was built as a spec building to attract businesses to Flagler County. The sale included a finished building pad for a second 20,000 square foot building on the 4 acre parcel.
Tim C. Davis, CCIM and Chris Butera with SVN Alliance Commercial Real Estate Advisors represented both the buyer and the seller in this transaction.
SVN Alliance recently negotiated the sale of a 5.3 acre
development project previously known as Spring Hollow in Deland, FL for $315,000. The site is
located at 1480 S Adelle Ave and had been previously engineered for 60 residential units.
Chris Butera, Principal at SVN Alliance, negotiated the transaction representing the Central
Florida based seller, The Vincik Group, LLC. The buyer, Jouko Paavola, is an international
investor in real estate and development projects and was represented by Al Collins.
The site is ideally positioned as a workforce housing development. Paavola intends to partner
with a local builder to develop and build out this community.
New dealership facility to be built south of Auto Mall on Tomoka Farms Road
The row of auto dealerships along North Tomoka Farms Road that includes the 1.5-mile-long Daytona International Auto Mall is about to get even longer.
Local auto dealers Glenn Ritchey Sr. and Ted Serbousek on Oct. 3 closed their $2.1 million purchase of nearly 13 acres just south of the recently opened new dealership facility for Gary Yeomans Honda.
The seller was Consolidated-Tomoka Land Co.
The newly acquired property along the west side of North Tomoka Farms Road is set to become the new home for Ritchey and Serbousek’s Subaru of Daytona, which is currently in a smaller building on Nova Road.
Serbousek said he and Ritchey plan to build a 20,400-square-foot showroom/service center for their Subaru dealership that would be more than twice the size of its present facility.
They also plan to build a 4,320-square-foot facility that would house a Ritchey Autos used-car operation.
Both buildings are expected to be completed by mid-year 2019, possibly as early as April or May, Ritchey said.
The estimated cost for the complex is “north of $10 million, including the cost of the land,” Ritchey said.
The property includes space on the south end for a potential third building that would be 12,000 square feet in size.
That portion of the property is being set aside for now but would be available to accommodate another auto dealership should the opportunity present itself to buy another franchise, Ritchey said.
“We needed more space,” said Ritchey of the reason for building a larger facility for the Subaru dealership, Serbousek said the Subaru dealership which opened in July 2010 has seen a steady increase in sales over the years, reflecting the Japanese auto maker’s growing popularity not only locally but also nationally.
Last year, sales of Subaru vehicles in North America rose to nearly 648,000, up from 263,820 in 2010.
Serbousek said he and Ritchey plan to increase the number of employees at Subaru of Daytona when it moves to its bigger facility to 50, up from 35 at present.
“We’re excited to be out there (on Tomoka Farms Road),” he said. “It gives us a presence there.”
Ritchey and Serbousek plan to keep the Nova Road property which will become an expansion site for the growing used car portion of Ritchey’s nearby Jon Hall Chevrolet dealership.
Daytona of Subaru is managed by Larry Kelly, who also is general manager of Ritchey Cadillac Buick GMC at 932 N. Nova Road.
Ritchey Autos, which is currently at 998 N. Nova Road, is managed by Serbousek’s son, Brett.
Both dealerships are also co-owned by Ritchey and Serbousek who also are partners in the Subaru of Melbourne dealership in Brevard County.
The future home of Subaru of Daytona is across the street from a 19-acre site bordered by Interstate 95 on the east where Winter Park-based Holler Classic Automotive Group plans to build a used-car dealership.
The sale of the future Subaru of Daytona site was brokered by Chris Butera and Carl Lentz IV of SVN Alliance Commercial Real Estate Advisors who represented both Consolidated-Tomoka and Ritchey and Serbousek.
The stretch of Tomoka Farms Road where the Subaru and future Holler dealerships are planned is south of both the west end of the Dunn Avenue overpass as well as the Auto Mall. That stretch, known as the Interstate CommercePark, is also home to a LaMesa RV dealership, a Furniture Row store, and a used-vehicle CarMax dealership.
“They all benefit from being on Tomoka Farms Road with all the massive marketing the Auto Mall is doing without the cost of being in the Auto Mall,” Butera said of the growing number of auto dealerships south of Dunn.
Advisors from SVN Florida Land Alliance managed a $16 million transaction involving 6,300 acres in the cities of Edgewater and New Smyrna Beach, Fla. The property is on the west side of Interstate 95 in a rapidly growing part of Florida’s east coast.
This major land deal took only 35 days from contract to closing. The seller of the expansive acreage was NC CS Hammock Creek, LLC.
“The speed at which this closed is almost unheard of for a land deal, especially one of this size,” said Ashley Barrett Bloom, National Land & Development Services Product Council chairman for SVN. “It’s a major success for SVN Land Alliance. We had Land Alliance advisors from across the state teaming up and coming through with such a fast-closing deal. We couldn’t have asked for a better result.”
The SVN Land Alliance team worked in concert on a local, regional, and national basis to market and complete the deal. The Volusia County transaction was typical in that SVN Florida Land Alliance professionals collaborated within the team to assemble the most qualified advisors to market and complete the deal.
“I am very proud of the collaboration that our advisors put in play to meet the objectives of this seller,” said Jerry Anderson, CCIM, executive managing director of SVN Florida Commercial Real Estate Advisors.
The acreage in Volusia County is an approved Development of Regional Impact for residential and commercial development, including the construction of up to 8,500 residential units. The land is situated conveniently for population growth, close enough to Brevard County to attract residents who can commute to work in the space industry.
“This property is a blank canvas in the hands of a single owner who can create a picture of the future growth in Volusia County,” said Chris Butera, SVN principal advisor. “The county and city are both growing and we’ll see this area develop quickly over the years. Someday, I’ll be able to look around and tell my grandchildren I had a hand in that.”
About SVN
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized and powerful brands based on the annual Lipsey Top Brand Survey and Commercial Property Executive Magazine. 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. For more information on SVN Florida, visit www.svnflorida.com.
Ormond Beach, FL (August 28, 2018) — SVN Alliance Commercial Real Estate Advisors recently negotiated the assemblage of approximately five acres of land along Granada Boulevard for the second phase of the Shoppes On Granada, a new shopping center to be built in Ormond Beach. Working on behalf of the buyer, real estate developer and investment company The Ferber Company, the SVN Alliance team of expert advisors successfully secured a number of off-market commercial and residential parcels in order to allow this new phase to occur. The total price of the land assemblage was more than $2,000,000.
It’s anticipated that The Ferber Company will begin immediate construction with plans to open the second phase in 2019. New tenants announced thus far include Aldi and TD Bank. The first phase of The Shoppes On Granada opened in 2015 and includes such tenants as Chipotle, Panera Bread, Petco and Mattress Firm.
“This is an exciting development for the Ormond Beach market and community,” said Chris Butera, principal at SVN Alliance. “The area continues to grow and attract top retail, restaurant and industrial businesses,” continued Butera, who represented The Ferber Company in the transaction.
Assembling such a wide variety of off-market properties can be a lengthy and complex challenge. “The Ferber Company and their team stayed focused throughout the process and provided us the support we needed to get the job done,” said Butera. “Now that the transaction is completed, I can tell you that all the parties involved—the Ferber Company and the sellers—we’re pleased with how the process culminated.”
Well-known in the Daytona-Ormond Breach market, Butera focuses on land and development opportunities in Central Florida and has completed a number of substantial off-market acquisitions during his career.
ORMOND BEACH, Fla. (Aug. 10, 2018) – SVN Alliance principals Chris Butera and John Trost, CCIM, collaborated on the sale of Pineland, a fully entitled, 192-lot single-family home subdivision site in Ormond Beach. The 157-acre tract, which borders Interstate 95 on the east and is just north of Airport Road, sold for $2.5 million.
The seller was Ormond Pineland LLC, a Volusia County investment group, and the buyer was Forestar (USA) Real Estate Group, an affiliate of national homebuilder D.R. Horton.
“This property is in a high-growth area with upscale subdivisions being developed by national, regional and local homebuilders,” said Trost, who has more than 30 years of experience in commercial real estate transactions. “A key factor for the buyer was that this land is ready for immediate construction.”
The inventory of single-family lots in this corridor is depleting quickly and no new development is coming, Trost said. The average house/lot price for new construction in the area is greater than $275,000, with some topping $1 million, he added.
Contacts
John Trost, CCIM, principal, SVN Alliance Commercial Real Estate Advisors / 386-295-5723 / john.trost@svn.com
Chris Butera, principal, SVN Alliance Commercial Real Estate Advisors / 386-453-4789 / chris.butera@svn.com
A new owner for a 6,281-acre tract of land west of Interstate 95, and the proposed site of the Restoration master-planned community, might be the quickest way to kickstart the property’s long-delayed development, officials say.
Representing the owner of the Edgewater property, Ormond Beach-based SVN Florida Land Alliance, recently announced the large wooded tract of land is on the market at a deeply discounted price of $19.955 million.
California-based Colony Northstar Inc. paid $61.55 million for the property in May 2013, buying it from the private investment firm Greenfield Partners, which paid $116 million for it in 2006, according to public records.
During the time the timber and wetlands land was owned by Greenfield Partners, the company spent years designing and permitting the proposed environmentally friendly Restoration community. The project stalled and was put on hold due to the Great Recession but its approved Development of Regional Impact status was kept active.
The property is at the northwest corner of Interstate 95 and State Road 442.
The existing DRI allows for up to 8,500 residential units and more than 3 million square feet of commercial development, according to Chris Butera, principal partner of the commercial real estate brokerage firm SVN Alliance.
However, he said, any future development would be up to the buyers.
“Of course, we don’t know what the new owner’s plans might be, but we hope it will be someone who will continue to develop the property along the lines of the Restoration project, taking advantage of the hard work and investment it took to get the existing DRI,” Mr. Butera said.
Edgewater City Manager Tracey Barlow said the change in ownership would have “minimum effect” on the city.
“The change is not a surprise, since we have long known that Colony Northstar (the seller) is just a holding company, and not officially developers,” the city manager explained. “We have been looking for a very reasonable developer who would develop the property along the lines of the Restoration project by balancing housing, job growth, water conservation, walkability and public spaces.”
Mr. Butera expressed confidence a qualified buyer could be found, especially since it hasn’t been on the market for years.
“Unlike during and following the recession, it’s a decent real estate market right now, and we feel we are going to be able to find someone who can move quickly to begin developing it, instead of it being held by a holding company only as only an investment,” he said.
The Restoration property represents an exceptional investment opportunity in part of Volusia County that is on the cusp of major development, he pointed out.
“We have noticed a heightened interest from developers and investors for southern Volusia, especially with considerable exposure along I-95,” Mr. Butera said, noting the development path to Edgewater is coming from both the north and south.
The key to selling the property will be getting the word out that it’s available, a job assigned to Ashley Bloom Barrett, chairman of SVN’s National Land Development Services
Big project listings, require big marketing efforts, she said.
“This project highlights the benefits of working with the Florida Land Alliance team, because of the collaboration within our network, as well as that of the entire brokerage community to better reach landowners and investors,” explained Ms. Bloom. “Our team can handle land transactions of all sizes and scopes across the entire state of Florida.”
SVN Florida Land Alliance has handled sales of about a half-billion dollars and currently lists more than 10,000 acres on its website, she added.
Officials could not say how the sale of the land would affect the proposed extension of State Road 442 westward across the county. The Restoration property fronts the state road.
The Preserve at Palm Coast is a 23+/- acre fully developed multifamily site in Palm Coast, FL. The project was designed, and all site work has been constructed, to accommodate 160 residential condominium units, but was shelved during the Great Recession. The site is ideally located on Colbert Lane and nearby to both existing subdivisions (Palm Coast Plantation, Grand Haven) and the new Marina Del Palma mixed-use community. The Preserve at Palm Coast offers a wonderful opportunity for a developer to quickly bring a new multifamily project online that can be delivered in this cycle.
The Preserve at Palm Coast was designed for 160 condo units across 10 condo buildings (16 units per building) plus a 5,000 SF clubhouse amenity. The units in the planned four-story condos range in size from 1,600 – 2,400 SF and can be revised to suit today’s market. Nearly $5m was previously spent on site construction including roadways, storm water retention, utilities, a bridge, street signs and lighting. All previous engineering and plans are available.
This is a unique opportunity for a developer to quickly bring new condo units to the Palm Coast market. The project could be finished off as a 55+ adult community, senior housing (ILF) and/or rental project. The site plan could also be modified to accommodate other compatible uses such as an Assisted Living Facility. Joint Venture opportunities will also be considered. Contact broker, Chris Butera, for details.
