CBRE SELLS DAYTONA BEACH’S LARGEST SHOPPING CENTER

Daytona Beach, FL – December 18, 2013 – CBRE arranged the sale of Bellair Plaza on Daytona Beach. The 346,249-square-foot, Publix-anchored center located at 2500 North Atlantic Avenue was acquired by Nightingale Properties and DRA Advisors, Inc. of New York, NY. The property was 67% occupied at the time of sale. Casey Rosen and Dennis Carson, Miami-based professionals with CBRE’s National Retail Investment Group, advised the seller, PMAT Bellair, LLC, of Mandeville, LA. 

Brett Gottlieb of DRA Advisors, Inc. said, "We are extremely excited to form this new joint venture with Nightingale Properties and Bellair Plaza presents us with a strong value-add opportunity."

“Bellair Plaza is a classic value creation deal,” said Casey 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. In addition to serving the area’s permanent popula¬tion, the property also benefits from approximately 8 million visitors who come to Daytona Beach annually. The buyer was seeking an opportunity to create value and Bellair was an excellent fit for their investment strategy.” 

Built in 1960 and renovated in 2006, Bellair Plaza is a neighborhood shopping center ideally located on State Road A1A and anchored by a high-volume, 44,270-square-foot Publix supermarket. Other prominent and national tenants in the center include Walgreens, Pet Supermarket, 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. Bellair Plaza is surrounded by high-rise beachfront hotels and condominiums and high-density residential neighborhoods, thereby minimizing the potential future competition.

CBRE’s National Retail Investment Group in Miami is the market-leading intermediary for retail investment properties in Florida.  In 2013, the team completed 35 retail transactions involving 57 assets worth over $1.1 billion. The team includes two senior transaction professionals and four analysts paired with a debt and equity finance team.  

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