Single-tenant retail building trades for $2.2M in coastal Florida
JLL Capital Markets completed the sale of the highly visible property leased to a fast food restaurant in New Smyrna Beach
ORLANDO, August 20, 2020 – JLL Capital Markets announced today that it has closed the $2.2 million sale of a single-tenant retail building ground leased to the highest grossing fast food chain in the world in a high-traffic location in New Smyrna Beach, Florida.
The tenant is the No. 1 highest-grossing fast food chain in the world, serving nearly 69 million customers daily in nearly 120 countries. The New Smyrna Beach property is housed on 1.6 acres at 3181 FL-44 in front of the only Walmart serving the coastal community of New Smyrna Beach and about 15 minutes from the beach. The property, which features a drive-through, is along Interstate 95, which is the longest north-south interstate in the U.S. and carries 47,000 vehicles per day.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson and Director Michael Brewster. The JLL Capital Markets team that represented the buyer included Senior Director John Krzyminski and Analyst Max Krzyminski.
“Investment capital continues to gravitate towards real estate safe havens and single-tenant retail assets,” Brewster said. “In addition to the essential nature of this tenant, this coastal location continues to experience robust tourist demand.”
“The building sits on an oversized parcel with a double drive-through, a rarity in this market,” John Krzyminski added. “Additionally, the retail property is situated at the apex of multiple development opportunities, including multi-housing and single-family residential, healthcare and hospitality projects.”
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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Regency Centers
Regency Centers is the preeminent national owner, operator and developer of shopping centers located in affluent and densely populated trade areas. Its portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.