$7.65 million sale of open-air entertainment center in Daytona Beach, Florida, closed by HFF
ORLANDO, FL – May 18, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $7.65 million sale of the iconic Ocean Walk Shoppes, a 110,646-square-foot, open-air movie theater-anchored entertainment and retail center in Daytona Beach, Florida.
HFF arranged the sale on behalf of the seller, an entity related to LNR Property. Dundas Real Estate Investment purchased the asset free and clear of existing debt.
The six-story Ocean Walk Shoppes features a 10-screen Paragon Theaters, Bubba Gump Shrimp Co., Sloppy Joe’s, Wyndham Worldwide, Ker’s Winghouse, and Johnny Rockets in addition to numerous successful shop tenants including Sunglass Hut and Cold Stone Creamery. Ocean Walk Shoppes is located at 250 North Atlantic Avenue in the heart of Daytona Beach’s entertainment zone, or “E-Zone”, the commerce, entertainment and leisure center of the region’s 9.5 million annual tourists. The property is directly in front of the 5,000-person Daytona Beach Bandshell amphitheater and is situated between both the 744-room Hilton Daytona Beach and the 710-room Wyndham Ocean Walk, two of the region’s largest hotels.
The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt.
“Ocean Walk Shoppes garnered tremendous investor interest due to its prominent location in a well-known tourist area in the heart of the ‘World’s Most Famous Beach’,” Leonhardt said. “It was amazing how many investors knew the asset from personal family vacations they had made to the area. With a successful theater, high-volume restaurants and proven shop tenants, Ocean Walk Shoppes will continue to gain both tenant and customer interest.”
About LNR Property
LNR Property (LNR) began as an operating unit within Lennar Corporation, a national homebuilder. In October 1997, Lennar spun off LNR as a separately-traded public company to distinguish it from Lennar's homebuilding business and to maximize the respective values of its commercial property and homebuilding businesses. In February 2005, LNR was taken private by the Cerberus Companies, various entities controlled by Stuart Miller, and LNR's management. In 2010, LNR was recapitalized by a consortium of investors including Cerberus, Vornado, Oaktree, iStar and Aozora. Since inception, LNR has consistently played a key leadership role in the origination or development of products that have become well-accepted and growing components of the commercial real estate financing market. For more information, visit www.lnrproperty.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.