Health Insurance HQ Building In Daytona Beach Sells For $14.5 Million

Colliers announced the sale of a 71,920-square-foot Class-A flex facility located at 2450 Mason Avenue in Daytona Beach for $14.5 million to an undisclosed buyer.

The property serves as the corporate headquarters of Florida Health Care Plans (FHCP), an independent licensee of the Blue Cross and Blue Shield Association, which occupies 100% of the building. FHCP was founded in 1974 as a pioneering health maintenance organization (HMO) in Central Florida.

The Colliers team leveraged its national platform to facilitate the transaction of this fully leased property. Jimmy Ullrich, executive managing director based out of New York; David Wilson, senior vice president, based out of Orlando; and Michael Macchia, executive vice president, based out of Charlotte, represented the seller, Cotton Enterprises. Andrew Ragsdale, vice chairman of the Net Lease Capital Markets team based out of Tulsa, represented the buyer.

“As South Florida becomes saturated and expensive, population growth and business expansion continue up the Interstate 95 corridor from Palm Beach County to Jacksonville,” said Ullrich. “Sitting at the intersection of I-95 and I-4, Daytona Beach captures demand from South Florida, as well as Orlando and the Space Coast.”

Since the 2020 Census, Orlando has added roughly 284,000 residents with the total population now reaching 2.95 million people. Volusia County has also grown to an estimated 606,600 residents, while Daytona Beach has reached roughly 88,500. Driving growth in Brevard County, Blue Origin recently announced a $600 million manufacturing expansion that will add 500 high-wage jobs to the market.

“This property is exceptionally located in Volusia County near the intersection of Interstate 4 and Interstate 95” said Wilson. “It also offered an attractive combination of a high-quality, Class-A facility with a strong credit tenant.”

 

“This was a collaborative effort from start to finish, bringing together local market knowledge, capital markets expertise and national net lease experience to complete the transaction,” said Ragsdale. “This transaction demonstrates the strength of collaboration across Colliers’ platform, bringing together Central Florida market expertise and regional capital markets capabilities to create a successful outcome for our client.”

Key Facts

• Property: Florida Health Care Plans corporate headquarters
• Location: 2450 Mason Avenue, Daytona Beach, Florida
• Asset Type: Class A flex facility
• Transaction Type: Sale
• Buyer: Undisclosed
• Tenant: Florida Health Care Plans (FHCP)
• Seller: Cotton Enterprises
• Size: 71,920 square feet
• Price: $14.5 million
• Brokers: Colliers’ Jimmy Ullrich, David Wilson and Michael Macchia represented the seller; Andrew Ragsdale represented the buyer.
• Other Notable Details: Fully leased, with FHCP occupying 100% of the building.