Thursday, December 13, 2012

Stiles purchases Publix-anchored shopping center in Ormond Beach, FL

Ormond Beach Mall, Ormond Beach, FL
MIAMI, FL – HFF and Stiles jointly announced the closed sale of Ormond Beach Mall, a 102,170-square-foot grocery-anchored neighborhood center located in Ormond Beach, Florida.

HFF marketed the property on behalf of the seller, Odyssey IX DP II, LLC, an entity affiliated with Lakeland, Florida-based Odyssey Diversified Properties, Inc. (“Odyssey”).  South Florida-based Stiles purchased the asset free and clear of existing debt.

Daniel Finkle
Ormond Beach Mall is located at 1200-1294 Ocean Shore Boulevard at the intersection of Lynnhurst Drive in Ormond Beach, which is approximately seven miles north of Daytona Beach. 

  Redeveloped in 2010, the property is situated on 10.7 acres and is 85.5 percent leased to tenants such as Publix (anchor tenant), Bealls Outlet, Family Dollar and Wells Fargo. 

Luis Castillo
The HFF team representing the seller was led by senior managing director Danny Finkle, director Luis Castillo and associate Kim Flores.  This sale marks the 18th successful retail center transaction closed by HFF 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,” said Finkle.            

Kimberly Flores
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.”

Odyssey develops, leases and manages a variety of retail projects from small strips to large neighborhood centers with national tenants such as Publix, Marshalls, Save-A-Lot, Starbucks and Bealls among many more.  Odyssey was organized in 2004 for the purpose of developing and leasing retail projects in Florida, Georgia, Alabama and the Carolinas.

Stiles is a private full-service commercial real estate company responsible for the development of more than 38 million square feet of office, retail, residential and mixed-use property throughout the southeast United States.  In addition to investment, financial and development services, the company also specializes in construction, architecture, realty and property management.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

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