ORLANDO—Bellair Plaza, Daytona Beach's largest shopping center, has traded hands. Nightingale Properties and DRA Advisors Inc. acquired the asset for $23 million.

Built in 1960 and renovated in 2006, Bellair Plaza is a neighborhood shopping center located on State Road A1A and anchored by a high-volume, 44,270-square-foot Publix supermarket. The 346,249-square-foot shopping center is located at 2500 North Atlantic Avenue.

Casey Rosen and Dennis Carson, Miami-based professionals with CBRE's National Retail Investment Group, advised the seller, PMAT Bellair, LLC, of Mandeville, LA. The shopping center is only 67% occupied, making it a value-add opportunity for the buyers.

“Bellair Plaza is a classic value creation deal,” says Rosen. “It has a combination of stability in the form of a Publix, Walgreens, and Pet Supermarket, and upside in the form of significant leasable vacant space.”

Other tenants include Bealls, Bealls Outlet, Subway, Payless Shoes, Dots, GNC, and The UPS Store. There is also a Ruby Tuesday Restaurant and Amscot Financial on pad sites. High-rise beachfront hotels and condominiums and high-density residential neighborhoods surround the shopping center, minimizing the potential future competition.

“In addition to serving the area's permanent population, the property also benefits from approximately 8 million visitors who come to Daytona Beach annually,” Rosen says. “The buyer was seeking an opportunity to create value and Bellair was an excellent fit for their investment strategy.”