The Canadian owner of the Mall of the Americas in Miami paid $5.2 million for 37 acres of a planned retail center in Daytona Beach.
Toronto-based North American Development Group (NADG) also acquired options to buy another 86 acres at the 235-acre site of the planned retail center, called Tomoka Town Center, just east of Interstate 95.
The seller of the land is Daytona Beach-based Consolidated-Tomoka Land Co., which expects NADG to complete site work on the 37-acre tract by the end of summer.
John Albright, president and CEO of Consolidated-Tomoka, told the Daytona News-Journal that NADG plans to build restaurants, retail stores and perhaps a hotel on its portion of Tomoka Town Center.
NADG, which has an office in West Palm Beach, is a shopping center developer with “a long track record” and “a very good reputation,” Albright told the News-Journal.
NADG owns several Florida shopping centers. The largest is the 798,000-square-foot Mall of the Americas in Miami. NADG also owns University Plaza in Winter Park, Loop West in Orlando and Riverside Market Square in Jacksonville. According to its website, the Canadian company also is developing a 39-acre retail project in Titusville.
Consolidated-Tomoka recently sold 18 acres of the planned Tomoka Town Center to Wal-Mart Stores Inc., which will build a 14,000-square-foot Sam’s Club store there.
A North Carolina-based company called Tanger is developing a 350,000-square-foot outlet mall on 39 acres of the Tomoka Town Center site.
Bruce Teeters, a commercial real estate agent who formerly served as chief financial officer of Consolidated-Tomoka, told the News-Journal that the area encompassing the location of the Tomoka Town Center is becoming “the hottest area in Volusia County” for real estate development. [Daytona Beach News-Journal] — Mike Seemuth