Consolidated-Tomoka sells office buildings in Daytona

DAYTONA BEACH — Consolidated-Tomoka Land Co., once one of the city’s largest private land owners, continues to pare down its real estate holdings locally.

The Daytona Beach-based company on March 26 completed its sale of four office buildings along or near Williamson Boulevard to a local investor for $11.4 million.

The buildings sold are the two-story Concierge building along LPGA Boulevard, just east of Williamson, as well as two buildings in the Mason Commerce Center at the corner of Williamson and Mason Avenue, and one of the two buildings at Williamson Business Park next door.

While Consolidated-Tomoka, which issued a news release announcing the sale of the properties, did not disclose the identity of the buyer, Chris Butera, an agent and partner at SVN Alliance Commercial Real Estate Advisors, said the buyer is a local physician.

“He’s a private land investor who doesn’t want his name plastered all over,” Butera said, declining to reveal the buyer’s identity. “He’s in West Volusia and this is new to him to invest on the east side (of the county). He does own other investment properties in Central Florida, in the Orlando area.”

Consolidated-Tomoka developed all four buildings. The 22,000-square-foot Concierge building whose tenants include Merrill Lynch and Hassell Legal, opened in 2009. The two identical 15,310-square-foot buildings at Mason Commerce Center opened in 2011 and its tenants include the Florida Department of Revenue and and Vascular Center of Volusia-Flagler. The 1140 building at Williamson Business Park, which is also 15,310 square feet in size, opened in 2014. Its tenants include Consolidated-Tomoka and Lamar Advertising.

The other building at Williamson Boulevard was sold in 2016 to the owner of International Tile & Stone and was not part of this week’s multiple property sale.

All four buildings involved in this week’s sale are fully leased, according to Butera, who along with several colleagues at SVN, represented both the seller and buyer in the deal.

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