Volusia Square shopping center in Daytona Beach sells for $26 million

Colliers | U.S. has arranged the sale of Volusia Square, a 193,923-square-foot shopping center located at 2455 W International Speedway Blvd. in Daytona Beach, for $26.4 million.

Brad Peterson and Whitaker Leonhardt of Colliers represented the seller, Lamar Companies, in the transaction, and the buyer was Mosaic Realty Partners.

Volusia Square is a vibrant and evolving shopping center in Daytona Beach’s dominant retail node along International Speedway Boulevard (47,500 vehicles per day), less than 300 yards from the iconic Daytona International Speedway. More than 15,000 residential units are under development in the trade area across four master-planned communities, leading to continued retail expansion highlighted by the newly constructed Costco Wholesale at One Daytona less than 1 mile north.

The property, which was 97.2% occupied at the time of sale, is highlighted by an impressive national tenant lineup, including recent anchor leases with Urban Air Adventure Park, Amped Fitness, Ollie’s Bargain Outlet and Restaurant Depot Express, resulting in a 10-year anchor weighted average lease term (WALT). Home Depot, K1 Speed and a new Raising Cane’s outparcel shadow-anchor the property. Three outparcels were included in the sale, occupied by single tenant Buffalo Wild Wings, single tenant Arby’s, and a multi-tenant building leased to Lenscrafters and CAVA at a signalized intersection.

“Volusia Square represents a tremendous example of a turnaround story in retail commercial real estate,” Leonhardt said. "When Lamar acquired Volusia Square in 2021, several former tenants had gone into bankruptcy or relocated to the newly constructed Tomoka Town Center, leaving occupancy below 30%. With Lamar’s guidance, along with a vibrant leasing environment and tremendous positive momentum in the trade area, Volusia Square is now thriving, stabilized and approaching full occupancy with today’s best-performing entertainment, fitness, grocery, service and restaurant tenants. Mosaic Realty Partners will continue to elevate the property to the next level and oversee the property’s tremendous trajectory heading into the next chapter.”

About Colliers

Colliers is a leading global diversified professional services company, specializing in commercial real estate services, engineering consultancy and investment management. With operations in 70 countries, our 22,000 enterprising professionals provide exceptional service and expert advice to clients. For nearly 30 years, our experienced leadership – with substantial inside ownership – has consistently delivered approximately 20% compound annual investment returns for shareholders. With annual revenues exceeding $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property, infrastructure and real assets to accelerate the success of our clients, investors and people. Learn more at corporate.colliers.com, X @Colliers or LinkedI.

About Mosaic Realty Partners

Mosaic Realty Partners is a private real estate investment firm founded in 2012 and focused on commercial property acquisitions throughout the United States. Since inception, Mosaic has acquired 3.2 million square feet of commercial property with an investment value in excess of $360 million.