Medical Office Property in Daytona Beach Sells for $4.8 Million
SRS Real Estate Partners has facilitated the $4.8 million sale of a newly constructed, single-tenant medical office building in Daytona Beach, Florida. The property is leased to Florida Health Care Plan, Inc. and features a 20-year absolute triple-net (NNN) lease, ensuring long-term stability for the new owner with no landlord responsibilities.
Key Takeaways
- A single-tenant medical office property in Daytona Beach, FL, has been sold for $4.8 million.
- The property is occupied by Florida Health Care Plan, Inc. under a new 20-year absolute NNN lease.
- SRS Real Estate Partners represented both the seller, a Florida-based developer, and the buyer, a private investor.
- The transaction closed at the full asking price, indicating strong investor demand.
Strategic Location and Investor Appeal
The medical office property is strategically situated directly off I-95, across from the Publix-anchored Latitude Landings shopping center. Its proximity to major landmarks, including the Daytona International Speedway (five miles away) and Daytona International Airport (seven miles away), enhances its appeal. Investors were drawn to the property’s combination of strong tenant credit, long lease term, and a purchase price significantly below the replacement cost of the improvements.
Market Insights from SRS Real Estate Partners
Patrick Nutt, Senior Managing Principal at SRS Capital Markets, highlighted the strong investor interest in well-priced medical tenant assets with solid credit. He noted that the healthcare real estate sector continues to demonstrate resilience and remains a highly sought-after investment class. The buyer in this transaction is a repeat client of SRS, marking their sixth property acquisition from the firm in the past six months, underscoring the firm’s ability to serve family office investors with diverse portfolios.
SRS Capital Markets Performance
SRS Capital Markets has had a successful year, completing over $1.2 billion in deal volume through more than 350 transactions nationwide. The firm currently manages a substantial portfolio of over 845 properties actively on the market, valued at more than $3.7 billion.