SVN Saunders Ralston Dantzler Real Estate reported the recent sale of Marvin’s Garden Business Center.
Investment Property Near Full Occupancy in a Rapidly Growing Market on the East Coast of Florida.
LAKELAND, FL, June 30, 2021 – SVN Saunders Ralston Dantzler Real Estate reported the recent sale of a large multitenant investment property for $6,475,000. Listed by Augie Schmidt, Marvin’s Garden Business Center consists of approximately 68,392 square feet across 11 buildings of well-maintained block construction. The space was nearly fully occupied by 53 tenants at the time of sale.
Located between Daytona Beach and Jacksonville, Palm Coast is a rapidly growing market that provides incredible opportunity for commercial real estate investors. The property is located less than 2.5 miles west of Interstate 95 and is in the direct path of rapid development.
“Details are vital in every deal,” Augie said, “but having 53 tenants in 11 different buildings takes a special attention to detail. SVR Realty, Intracoastal Bank, and Bayer Law were a huge help in this transaction, and I couldn’t have done it without them. I’m glad we could put our heads together to exceed expectations and make this transaction a win for both the buyer and seller.”
The multitenant market is a strong asset class due to the growth of the economy and the diverse tenant base these assets provide. This property offered a mixture of local, regional, and national tenants. Nearing full occupancy in spite of the COVID-19 pandemic and with very few tenants asking for rent relief, this property sold within 1% of the listing price.
ABOUT AUGIE SCHMIDT
Augie specializes in industrial properties and investment sales, tailoring custom strategic plans to advise his clients through the acquisition, disposition, and evaluation of industrial investment-grade commercial real estate. In Q3 of 2020, Augie was ranked #3 out of 1,600+ Advisors globally within SVN. He formerly served as the firm’s Director of Research and oversaw a team of research analysts that evaluated commercial assets and determined their value to maximize the client’s returns. Learn more about Augie at SVNsaunders.com/augieschmidt.
Chief Operation Officer & Managing Director
ABOUT SVN | SAUNDERS RALSTON DANTZLER REAL ESTATE
SVN | Saunders Ralston Dantzler Real Estate is a full-service land and commercial real estate brokerage with over $3.2 billion in transactions representing buyers, sellers, investors, institutions, and landowners since 1996. We are recognized nationally as an authority on all types of land, including agriculture, ranch, recreation, residential development, and international properties. Our commercial real estate services include marketing, property management, leasing and tenant representation, valuation, business brokerage, and advisory and counseling services for office, retail, industrial, and multifamily properties. Our firm also features an auction company, forestry division, international partnerships, hunting lease management, and extensive expertise in conservation easements. Located at the center of Florida’s I-4 corridor, we provide proven leadership and collaborative expertise backed by the strength of the SVN® global platform.