DAYTONA BEACH, FL—Ormond Beach Mall, a 102,170-square-foot grocery-anchored shopping center in Ormond Beach, FL, has a new owner. Stiles snapped up the asset from Odyssey IX DP II, LLC, an entity affiliated with Lakeland, Florida-based Odyssey Diversified Properties, Inc.
HFF senior managing director Danny Finkle, director Luis Castillo and associate Kim Flores represented Odyssey. This sale marks the 18th successful retail center transaction HFF has closed in Florida in 2012.
“The opportunity to acquire a recently redeveloped center with a long-term Publix lease on a barrier island is rare in Florida and made Ormond Beach Mall a highly sought after opportunity,” commented Finkle.
Stiles purchased the asset free and clear of existing debt. Stiles’ portfolio manager Kyle Jones added, “The purchase of Ormond Beach Mall fits Stiles’ strategy of acquiring stabilized assets in secondary markets with significant cash flow.”
Located at 1200-1294 Ocean Shore Boulevard at the intersection of Lynnhurst Drive in Ormond Beach, Ormond Beach Malll is about seven miles north of Daytona Beach. Redeveloped in 2010, the shopping center is situated on 10.7 acres and is 85.5% leased to tenants such as Publix, Bealls Outlet, Family Dollar, and Wells Fargo.
“Publix-anchored centers in in-fill trade areas like Ormond Beach are the retail product of choice for all investor types,” Anthony Blanco, director of Investment Sales at The Shopping Center Group, tells GlobeSt.com. “This particular asset benefits from a redeveloped Publix store with long remaining lease term as well as some upside through the lease up of the vacant space. Stiles clearly recognized the opportunity to enhance value at the property and given their opportunity to enhance value at the property and given their exceptional track record, I expect them to do very well with this asset.”