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Iconic Retail Asset Begins New Chapter

ORLANDO—“It was amazing how many investors knew the asset from personal family vacations they had made to the area.”

By Jennifer LeClaire | jenniferleclaire | | Updated on May 20, 2016
The retail property sits directly in front of the 5,000-person Daytona Beach Bandshell amphitheater between both the 744-room Hilton Daytona Beach and the 710-room Wyndham Ocean Walk. The retail property sits directly in front of the 5,000-person Daytona Beach Bandshell amphitheater between both the 744-room Hilton Daytona Beach and the 710-room Wyndham Ocean Walk.
ORLANDO—Ocean Walk Shoppes, a 110,646-square-foot, open-air movie theater-anchored entertainment and retail center in Daytona Beach, FL, has traded hands. The iconic retail asset sold for $7.65 million. HFF represented the seller, an entity related to LNR Property . Dundas Real Estate Investment purchased the asset free and clear of existing debt. “The sale of Ocean Walk Shoppes begins the next chapter of this storied and iconic asset,” Brad Peterson, senior managing director at HFF , tells GlobeSt.com. “Anyone familiar with the area knows about the famous Daytona Beach Bandshell, which is right next to the Shoppes. The new owner will be able to build on this tremendous history and allow the tenants at the property to flourish in the years ahead.” The six-story Ocean Walk Shoppes features a 10-screen Paragon Theaters, Bubba Gump Shrimp Co., Sloppy Joe’s, Wyndham Worldwide, Ker’s Winghouse, and Johnny Rockets, as well as shops like Sunglass Hut and Cold Stone Creamery. Ocean Walk Shoppes is located at 250 North Atlantic Avenue in Daytona Beach’s entertainment zone, or “E-Zone”. This zone is the commerce, entertainment and leisure center of the region’s 9.5 million annual tourists. “Ocean Walk Shoppes garnered tremendous investor interest due to its prominent location in a well-known tourist area in the heart of the ‘World’s Most Famous Beach’,” says HFF associate director Whitaker Leonhardt . “It was amazing how many investors knew the asset from personal family vacations they had made to the area. With a successful theater, high-volume restaurants and proven shop tenants, Ocean Walk Shoppes will continue to gain both tenant and customer interest.” The retail property sits directly in front of the 5,000-person Daytona Beach Bandshell amphitheater  between both the 744-room Hilton Daytona Beach and the 710-room Wyndham Ocean Walk. Those are two of the region’s largest hotels .

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