JLL closes $2.75M sale of Daytona Beach-area retail center
The strip center is shadow anchored by a high-performing Walmart Neighborhood Market
ORLANDO, Fla., June 2, 2020 – JLL Capital Markets announced today that it has closed the $2.75 million sale of Palmetto Pointe, a 9,594-square-foot, Class A retail strip center shadow anchored by a Walmart Neighborhood Market in the Port Orange area of greater Daytona Beach, Florida.
JLL marketed the property on behalf of the seller, Gatlin Development Company. An undisclosed private investor purchased the asset.
Completed in 2016, Palmetto Pointe is home to high-quality restaurant and service tenants and shadow anchored by a high-performing Walmart Neighborhood Market. Situated on 1.67 acres at 3801-3991 S Clyde Morris Boulevard, the center is at the hard corner, signalized intersection of Clyde Morris Boulevard and Madeline Avenue, exposing the center to approximately 30,000 vehicles per day. Palmetto Pointe is in the fast-growing Port Orange community, with more than 62,600 residents within a three-mile radius of the center.
The JLL Capital Markets team representing the seller was led by Senior Directors Tarik Bateh and John Krzyminski and Associates Jennifer Swanson and Max Krzyminski.
“Palmetto Pointe presented a compelling investment opportunity for the buyer to acquire a newly built, durable shopping center adjacent to a high-volume Walmart Neighborhood Market in a fast-growing, coastal Florida community,” Bateh said.
“The sale of Palmetto Pointe is a testament that well-located properties with solid fundamentals are still being sought after by buyers and have both interest and the capacity to close,” Max Krzyminski added.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Gatlin Development Company, Inc.
Gatlin Development Company, Inc. (“GDC”), is a real estate investment corporation specializing in retail shopping center development, management and renovation. The company was founded by Frank C. Gatlin III, CEO in 1976 with a mission statement based on integrity, commitment, and experience. The principal of the GDC team possess decades of experience in retail development. They also have extensive knowledge with respect to the development of custom luxury homes, affordable single-family homes, apartment complexes, retirement housing, hotels, light industrial buildings and self-storage facilities. Learn more at gatlindc.com.