Deltona Fountains, a shopping complex near the intersection of Deltona Boulevard and Enterprise Road in Volusia County’s most-populous city, has new owners who shelled out $4.2 million for the retail center.
Both the seller and the buyer are out-of-county corporations: The seller was Shoppes of Deltona Fountains LLC of Orlando, while the buyer was Miami Beach-based Deltona Center LLC, said John Wanamaker of Coldwell Banker Commercial AI Group, which represented the seller. Gabriel Garrido was the lead agent, with Wanamaker assisting.
Deltona Fountains was built in 1988 and renovated in 2020, a Coldwell Banker news release says. The strip center encompasses 34,648 square feet situated on 4.30 acres of land, with 157 parking spaces out front.
“Our relationship with the seller is long-standing, as we previously facilitated the leasing of the building to a diverse mix of retail tenants,” said Garrido in the release. “The property was previously at 40% tenant occupancy, and through our efforts, was brought to 100% occupancy, which made it attractive to the new owner.”
Wanamaker told The Beacon that the center doesn’t really have an anchor, but Bagel King has been there about 25 years, and a Greenberg Dental office, part of an extensive chain, also has a space there. The rest of the center is occupied by local businesses, he said.
“Coldwell Banker Commercial AI Group will continue servicing the needs of Deltona Fountains, as the new property owner has secured us for the property’s management and future tenant leasing opportunities,” Wanamaker said in the news release.
The COVID pandemic seems to have spared the businesses in the center. According to Wanamaker, none of them has closed or indicated they are preparing to.
“All of the tenants are paying their rents,” he said. “In fact, we manage a dozen commercial properties, and no tenant has closed down, and all are up and running.”
There is no wait list of tenants wanting to move into Deltona Fountains, Wanamaker told The Beacon, although his company does have space available in other areas. Industrial space is the tightest segment of the commercial market, he said, with few facilities being built in recent years due to higher construction costs and constraints on supply chains.
Coldwell Banker Commercial AI Group formed in 2004 as a local affiliate of Coldwell Banker Commercial, and provides commercial real estate solutions, serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. Go to www.cbcaigroup.com to learn more.
Since 1906, the Coldwell Banker Commercial brand, encompassing almost 200 companies throughout the U.S. and internationally, has been a premier provider of real estate and recognized globally as a company that puts the client first while delivering individual, distinctly different services. For additional information, visit www.cbcworldwide.com.