Wednesday, May 25, 2016

HFF closes $7.65 million sale of open-air entertainment center in Daytona Beach, FL

Ocean Walk Shoppes, 250 North Atlantic Avenue, Daytona Beach, FL

Brad Peterson
ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced 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.

Whitaker Leonhardt
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.”

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

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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