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| 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.
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| 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.
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| 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.
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| 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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