SVN | SRD reported the recent sale of the Marvin’s Garden Business Center.
LAKELAND, FL, June 30, 2021 – SVN | Saunders Ralston Dantzler Real Estate reported the recent sale of a large multi-tenant 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 multi-tenant 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 SVN | Saunders Ralston Dantzler
SVN | Saunders Ralston Dantzler Real Estate is a full-service land and commercial real estate brokerage with $4 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, loan sales, valuation, advisory, and counseling services for office, retail, industrial, and multi-family properties. With over 70 expert advisors located in Florida and Georgia, we provide our clients with professional knowledge and resources to ensure the buyer’s and seller’s needs are met.