3.34-Acre Property In Ormond Beach Fetches $5M
Marcus & Millichap announced the sale of ITA Inc. Blinds Company Warehouse and manufacturing facility, a 72,745-square-foot industrial property in Ormond Beach.
The 3.34-acre property sold for $5,153,846.
“One of the key drivers for assembling this transaction was providing the tenant the flexibility of capturing growth-capital at the time of their sale-leaseback. Engaged as a financing vehicle, the sale-leaseback process allows a company the flexibility within their capital structure to re-deploy capital into its core business, reduce long and short-term debt along with making distributions and funding new developments or remodels,” said Andrew Jaworski, senior associate in Marcus & Millichap’s Orlando office.
Andrew Jaworski, along with Associate Tarek Chbeir, had the exclusive listing to market the property on behalf of the seller, ITA Inc. Blinds Co. The buyer, a private equity group out of the Northeast, was also procured by Jaworski.
According to Jaworski, knowing the capital goals ITA Inc was seeking to achieve, along with the buyer’s preferences for an acquisition, the team structured a sale-leaseback on the subject property.
“Overall, it was a great project where we achieved a win-win scenario for all parties within a tight timeline. We’re glad to have been able to assist the buyer on their acquisition while also helping ITA meet their goals for the future,” added Jaworski.
ITA Inc. Blinds Company is located at 9 Tower Circle West in Ormond Beach.
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