Cohen and Co., Inc. Real Estate negotiated the sale of Ormond Towne Square, a 234,045-square-foot shopping center in Ormond Beach, Fla., from Developers Diversified Realty to the Jaffe Corp. for $20 million. The property, located at the intersection of SR 40 and I-95, is anchored by a Publix Super Market. Other tenants include Bealls, Ross Dress for Less, Dollar Tree, GNC, Hallmark Gold Crown and Jackson Hewitt. The Jaffe Corp., which owns a number of shopping centers in the area, felt it could bring in new tenants to the property, according to Michael Cleeman, senior managing director with Cohen and Co., who together with Rick Kaiser, senior executive director, served as the broker in the transaction. Ormond Towne Square is currently 95 percent occupied.
“It was a very good fit for [the buyer’s] portfolio,” Cleeman says.
Cohen and Co. would not disclose the cap rate at which the property was purchased, but the financing did require a new loan. The entire transaction, from signing to closing, was completed in 55 days. Based on the slight increase in closed transactions over the past month, it seems the gap between buyer and seller expectations has started to close, Cleeman says. “I think the sellers are becoming more realistic as to what kind of pricing they will be able to achieve in this market,” he notes.
Other Notable Deals
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 663,000-square-foot portion of the Northland Center, a 1.7-million-square-foot enclosed mall in Southfield, Mich., from Jager Management Inc. to Askenazy Acquisition Corp. for approximately $30 million… Stan Johnson Co. negotiated the sale of 12 Napa Auto Parts properties for $19.2 million. The properties are located throughout Florida, Georgia, Illinois, Minnesota, Mississippi, Texas, Virginia and Washingon… Sperry Van Ness/Lighthouse Commercial Realty negotiated the sale of an 11,945-square-foot CVS-anchored retail property in Marion, S.C. for $3.3 million. The initial term of the double net lease for the property is 22 years.