Marcus & Millichap announced the sale and financing of a 21,900-square-foot industrial property leased to United Rentals in Daytona Beach, according to Justin W. West, regional manager of the firm’s Orlando office.
The asset sold for $6.85 million.
Marcus & Millichap Capital Corporation (MMCC) arranged $3.5 million in acquisition financing.
“The buyers were drawn to this opportunity due to continued growth in the Central Florida market along with the excellent fundamentals that this real estate holds,” said Scott Gould, first vice president investments in Marcus & Millichap’s Orlando office. “Due to increased demand and a supply constricted by zoning regulations, industrial outside storage (IOS) properties are, and will continue to be, a sought-after investment class. As a team, we’ve completed $160+ million in IOS property sales. Having a specialty in this asset class allows us to identify quality opportunities and help our clients successfully close on those properties.”
Gould, Chris Biuso, Rory Shelby and Spencer Koch represented the buyer, a private investor.
Garrett Fierstein, first vice president, capital markets with MMCC in Orlando, arranged financing on behalf of the borrower.
“United Rentals leased approximately half the property in 2020, expanded to the full site in 2022 and has now extended the lease term through 2029,” said Fierstein. “The extension allowed us to provide our client with below-market financing terms, including a 10-year fixed interest rate of 5.29% and 25-year amortization.”
Built in 2007 on six acres, United Rentals is located north of the Interstate 95 and Interstate 4 junction. A Trader Joe’s distribution center, Tanger Outlets, Daytona International Speedway, and NASCAR’s corporate headquarters are nearby.
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