This is just one of several local high-dollar commercial property sales in the last three months.
PALM COAST, FL – July 31, 2021 – Although some questioned the veracity of the story of a new hotel in the heart of Flagler Beach when it was revealed in December, the property sale has closed. The seller was Geraldine Charles LLC, an entity that lists long-term Flagler Beach residents Zoee and William Forehand as Managers. The buyer is Sun Partners LLC of 45 Seton Trail, Ormond Beach. The transaction closed on July 22 for $3,850,000.
Recently registered Sun Partners listed Manoj Bhoola as Manager. Bhoola is also President of Elite Hospitality of the same address. Elite Hospitality’s website list of the company’s property portfolio includes:
Daytona Beach Area
- Best Western International Speedway Hotel
- Best Western Castillo Del Sol
- Hilton Garden Inn Daytona Beach Airport
- Hampton Inn Daytona Speedway Airport
St Augustine Beach
- Courtyard by Marriott
- Castillo Real Ascend Hotel Collection
- Hilton Garden Inn
- Hampton Inn
- Margaritaville Beach Hotel
- Landshark Bar & Grill
- Hampton Inn & Suites Jacksonville Airport
- Hilton Garden Inn Jacksonville Airport
- Holiday Inn Express & Suites Jacksonville Airport
RENDERING OF THE PROPOSED FLAGLER BEACH RESORT HOTEL – December 2020 (looking southwest)
In the past three months, several other Flagler County commercial property transactions have exceeded $1M.
Marvin’s Garden Inc. sold the Moody Blvd. commercial business center known as Marven’s Garden to Marvins Garden LLC for $6,475,000. The transaction closed on June 3.
Flagler by the Sea, Inc. sold the mobile home/RV park located at 2982 N Ocean shore Blvd to Treasure by the Sea MHC LLC for $6,100,000. The transaction closed on July 16.
The City of Palm Coast closed May 3 on 135 acres in Palm Coast Park. The property is on the west side of US Route 1 and south of Matanzas Woods Pkwy and is planned to be used for athletic fields. The seller was Byrndog PCP LLC, of Palm Coast. The transaction was valued at $5,459,690.
On June 24, Superwash Express Palm Coast, Inc sold the carwash located at 110 Cypress Point Pkwy to National Retail Properties LP for $5,000,000.
June 2, Ridge Development Group LLC sold several lots in Plantation Reserve Estates to Volusia Residential Construction LLC (ICI Homes). The transaction was valued at $5,000,000.
Holiday Builders Inc bought 39 lots in Sawmill Creek phase I from Palm Coast Florida Holdings LLC. The transaction, valued at $2,145,000, closed on May 21.
Adams Homes of Northwest Florida Inc bought 37 lots in Sawmill Creek phase I from Palm Coast Florida Holdings LC. That transaction closed on May 27 and was valued at $2,035,000.
GW Development LLC, of Jacksonville, sold the commercial building at 460 Palm Coast Pkwy SW to Davie Road Downtown LLC, of Flagler Beach, for $2,000,000. The transaction closed on May 27.
RJN Design & Development, of Ormond Beach, sold the 48.83-acre parcel 04-13-31-0650-000B0-0011, on Old Dixie Hwy, to Pinchas Mamane, of Daytona Beach for $1,400,000. The transaction closed on July 26. The buyer had also purchased the vacant bank building at 300 S Ocean Shore Blvd. in Flagler Beach. That purchase, valued at $1,050,000, closed in January.
Lighthouse Harbor LLC, of Tampa, sold the 22.34-acre parcel 03-12-31-000-01010-0031 on south Colbert Lane, to Colbert Lane Development LLC, of Windermere, for $1,200,000. The transaction closed on May 26. The buyer has secured entitlements to develop a 240 unit luxury apartment community on the site.
L & M Investment Group LLC, of Palm Coast, sold 18 vacant residential Palm Coast lots to LGI Homes, of The Woodlands, TX, for $1,089,000. The transaction closed on June 18.
Maronda Homes LLC, of Jacksonville, purchased 19 residential building lots in Sawmill Creek phase I from Palm Coast Florida Holdings LLC, of Saint Simons Island, Ga., for $1,045,000. The sale closed on June 18.
Commentary: The abundance of future single-family residential construction signaled by most of the above transactions overshadows Flagler’s dearth of housing diversity. Local apartments are effectively at 100% occupancy.
Only the Lighthouse Harbor project is planned for multi-family. During the past 12 months, over 2,640 single-family and duplex housing units have been permitted. During the same period, no multi-family units were permitted.