Infill retail center in Daytona Beach sells for $12.2M
JLL Capital Markets closed the sale of Volusia Square to Lamar Companies
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lamar Companies
Lamar Companies is a full-service, privately held, real estate investment company headquartered in Fairfield, New Jersey. Since its founding in 1972, the company has routinely been ranked in the top 100 largest owners of retail shopping centers in the U.S. according to National Real Estate Investors rankings. Lamar primarily focuses on opportunities created by real estate economic cycles and underperforming assets across the United States and is a principal investor in projects for its own account and in partnership with major institutions. Throughout the years the firm has maintained its entrepreneurial roots as a hands-on operating partner with a deep expertise in retail space and a unique ability to drive value for its investors.
About Real Capital Solutions
Real Capital Solutions is a highly entrepreneurial real estate company that invests smart capital and provides practical solutions for real estate opportunities. For over 30 years, RCS has achieved great success investing in entrepreneurial real estate ventures. During that time, the company has purchased and managed more than 325 real estate assets, totaling approximately $2.5 billion in acquisition value. RCS’ investment performance is the result of a solutions-oriented approach to property acquisition, development, management and divestiture. RCS expects to continue producing exceptional returns for its investors by working with operating partners that share the same entrepreneurial drive and operational precision in order to achieve extraordinary performance.