COLDWELL BANKER COMMERCIAL BENCHMARK FACILITATES SALE OF LARGEST MULTI-TENANT CLASS-A OFFICE BUILDINGS IN DAYTONA AREA
DAYTONA BEACH, FLA. (Oct. 7, 2022) – Coldwell Banker Commercial Benchmark is pleased to announce that it facilitated the sale of 1530 and 1540 Cornerstone Boulevard, a pair of Class-A office buildings in Daytona Beach totaling 95,908 square feet. The sale price was $15.95 million.
Located at the corner of LPGA Blvd. and Williamson Blvd., Cornerstone is the largest multi-tenant Class-A office buildings in Volusia County. The Cornerstone Office Park is situated in the largest growth area along the interstate between Jacksonville and Melbourne, Fla. along Routes I-95 and I-4.
The office buildings were constructed in 2004 and 2006, respectively. One building was 100% leased and the other building has leases that are being negotiated with a master lease guarantee. An assumable note was available at 3.5% for +/- $9 million.
GG Galloway and Scott Harter of Coldwell Banker Commercial Benchmark in Ormond Beach represented the seller, Cornerstone Two, LLC. The buyer is a private investor out of the New York area.
“There has been more square footage of building permits over the last five years in this area than anywhere else along this interstate corridor and we expect much more to come,” said Galloway. “Not only is this a sizable deal, but office property sales have been challenging in the work-from-home era. It is good to know that these office buildings will remain the area’s premier multi-tenant destination, occupying such a prime position next to the interstate.”
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial Benchmark, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
Media Contact:
Kevin Guhl, kevin.guhl@cbhomeoffice.com
973-407-5916
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