GlobeSt.com EXCLUSIVE: BlackRock Sells Ocean Village in 90 Days

NEW SMYRNA BEACH, FL-The seller needed a quick sale and that’s what BlackRock Realty Advisors of Miami provided to an affiliate of Victory Investments Inc., owner of the 17-year-old, 79%-leased, 60,631-sf Ocean Village neighborhood shopping center, about 60 miles northeast of Downtown Orlando.

BlackRock brokers Anthony Blanco and Dennis Carson marketed the property at the intersection of A1A and Matthews Avenue in Volusia County to a select group of investors. Several offers came in and the deal was done in 90 days.

SouthEast Property Associates of Deerfield Beach bought the asset for $3.45 million or $57 per sf. Three unimproved outparcels facing A1A and the ocean were part of the deal. The parcels, each less than an acre, are .60 acres, .65 acres and .78 acres. Food Lion anchors the center which has asking average rents of $10 to $12 per sf.