The Real Deal Miami

Retail center near Daytona Speedway sells for $157 per square foot

The buyer paid $20.65 million for Volusia Marketplace, a 131,361-square-foot neighborhood retail center
July 09, 2017 11:00AM

Volusia Marketplace in Daytona Beach (Source: LoopNet Inc.)

A fully occupied Daytona Beach shopping center directly across from Daytona International Speedway in just sold for $157 per square foot.

Festival Properties Inc. paid $20.65 million for the Volusia Marketplace, a 131,361-square-foot neighborhood retail center at 2400 International Speedway Boulevard, which hasn’t had any tenant turnover since 2010.

Among the tenants of Volusia Marketplace are publicly held companies Big Lots, Cost Plus World Market, T-Mobile, Panera Bread and Chipotle. Privately owned Ashley Furniture Home Store, Jo-Ann Stores, and Batteries + Bulbs also are on the tenant roster. Each tenant has multiple fixed-rate options to extend their leases.

Volusia Marketplace benefits from a high traffic counts at its location in Daytona Beach, where Williamson Boulevard converges with International Speedway Boulevard, a busy east-west corridor.

Brokerage firm Avison Young represented the seller of Volusia Marketplace. The Avison Young team that helped to arrange the property’s $20.65 million sale included: John K. Crotty, principal; Joshua Ladle, associate, and senior vice presidents Steve Tanner and Ray Hayhurst.

In a prepared statement on the sale of Volusia Marketplace, Crotty said strong demand for nearby retail space “has driven the big-box vacancy rate down to practically zero percent, and centers in the immediate trade area are over 97 percent occupied at rental rates above the Daytona market averages.”

Daytona International Speedway, which last year underwent a $400 million renovation, is a 480-acre motor sports complex across from Volusia Marketplace that hosts thousands of visitors.