The end of the year rush to close out real estate deals, especially commercial ones, hit hard again this year.
While there were some bigger deals, one of the more interesting ones was CTO Realty Growth finding a developer for the downtown Daytona Beach property it owns.
Westplan Investors of Atlanta, which builds apartments with the name Accent, paid $6.25 million for the property boarded by Palmetto Avenue, West International Speedway Boulevard, U.S. 1 and Bay Street. It now becomes a top item to watch in 2022 as to whether Westplan does the original project with multi-family housing, a parking garage, a grocery store, offices and other retail.
CTO, which previously announced it is moving its corporate office to Winter Park, also reported it acquired Phase I of The Exchange at Gwinnett, a grocery-anchored retail property in the Buford submarket of Atlanta, for $34 million. It has an option to buy Phase II.
The most expensive deal was IMC Equity Group of North Miami buying the Enterprise Cove Apartments in Orange City for $20.25 million. It was followed closely by Comprehensive Healthcare Management Group of Hewlett, N.Y., buying the Woodland Towers seniors community at 113 Chipola Ave. in DeLand for $17 million.
Buying raw land was on the top of a lot of buyers’ lists. Wohlfarth Consulting of Altamonte Springs and Sentinel Capital of Orlando bought a 123-acre site off South Grand Avenue in DeLand for about $6.7 million. The Vanacore brothers, Ormond Beach homebuilders, bought a 392-acre site, which includes 80 acres of wetlands, on Caraway Lake in the DeLeon Springs area for $5.65 million. Park Square Homes bought a site on East Graves Avenue, between Veterans Memorial Parkway and Kentucky Avenue, in Orange City, from Elevation Development, which bought the raw land for $2.6 million, for $4.325 million.
Beachside Tavern in New Smyrna Beach even got in on the act, buying the vacant land on East Third Avenue between Mon Delice Bakery and Ocean’s Seafoods, for $925,000.
Some other deals included Pitzalis Realty Management of St. Augustine buying the retail center at 1873 N. Nova Road in Holly Hill for $1.25 million. Kid City USA owners bought the property they were using for a childcare center at 1501 N. Nova Road in Holly Hill for $1.15 million. Michael Benedict and Robert Zitzka, who own Dunes Brewing and are partners in area Jimmy Hula’s franchises, bought one of the downtown buildings in Daytona Beach owned by Black Crow Properties for $352,250.
Some projects either joining the drawing board or progressing to the permitting stage included Rural King planning to put one of its stores farm and home stores in the commercial section of the planned Gateway Village between U.S. 92 and I-4, west of Daytona Beach.
Permitting continues for the massive Project Oasis on the property owned by Halifax Health between Clyde Morris and Williamson boulevards in Daytona Beach. It could include houses, apartments, townhouses, senior housing, offices, hotels, retail and more.
Upgrades are planned at 1141 N. U.S. 1 in Ormond Beach for Caldera Spas and a 10,00-square-foot warehouse is planned at 2820 Firehouse Road in DeLand for WinSupply.
On a final note, New Smyrna Beach is getting its second Starbucks. This one in front of the New Smyrna Beach Regional Shopping Center on State Road 44. It already has one one East Third Avenue.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 24 years. Contact him at email@example.com (no hyphens) or follow him on Twitter @cecilbrumley.