Recent $Million+ Commercial Real Estate Transactions in Flagler County

AdventHealth, DR Horton, Adams Homes, Maronda Homes, Holiday Builders, Aldi, Imagine School Town Center, and more.

PALM COAST, FL – August 25, 2020 – Residential real estate sales took a slight Covid-19 dip but recovered quickly and with surprising strength. Commercial real estate, on the other hand, has slowed, but not stopped. There have been several important transactions recently.

AdventHealth purchased 10.05 acres between Palm Coast Pkwy SW and NW east and south of the recently completed O’Reilly Auto Parts store. The transaction totaling $4,454,500 included four separate parcels and two sellers, closed on August 6.

When asked about future plans for the property, an AdvenHealth spokesperson said, “AdventHealth has purchased several acres near the intersection of Palm Coast Parkway and Bridgehaven Drive. This property is being evaluated for final determination of its exact usage; however, its size and location allow for many possible options. Across our organization, we often examine property in various markets for a variety of opportunities, both for the short term and long term.” The spokesperson added that the purchase would have no effect on plans to develop a previously-announced project at Old Kings Rd N and Matanzas Woods Pkwy.

ADVENTHEALTH PURCHASE OUTLINED WITH RED LINE

Gary Norwood West sold the 13,230 square foot commercial building at 480 Palm Coast Pkwy SW to Global Project Palm Coast SW LLC for $1,345,000. The transaction closed on August 18. The building houses a Sherwin Williams paint store and the FHS Thrift Store.

Aldi (Florida) LLC purchased the 6.53-acre parcel at 645 Palm Coast Pkwy SW (next to Kohl’s) from PC Parkway Continental LLC for $1,550,000. The transaction closed on June 5.

As recently reported here, four builders purchased over 125 building lots in Sawmill Creek. The four transactions totaled $7,260,000 as follows:

• Holiday Builders purchased 31 lots for $1,705,000. The transaction closed on May 29.
• Maronda Homes purchased 30 lots for $1,650,000. The transaction closed on June 16.
• Adams Homes purchased 35 lots for $1,925,000. The transaction closed on June 3.
• DR Horton purchased 30 lots for $1,980,000. The transaction closed on August 11.

In the largest single transaction, AEP Charter Town Center LLC sold 775 Town Center Blvd, which houses Imagine School Town Center, to WFCS Holdings LLC for $24,996,394.95. The transaction closed on July 30. AEP acquired the property in 2014 for $12,895,500.

Gate Petroleum Company sold a vacant 2.23-acre commercial parcel in the Shoppes of Palm Coast at 5055 SR 100 (next to the existing Aldi) to RBSSSS LLC for $2,650,000. The transaction closed on July 30. Gate had acquired the property in 2016 for $2,500,000 with plans for a gas station and convenience store but withdrew their plans about the time Wawa announced their arrival in Palm Coast. The new owner plans to build a Culvers Restaurant. Wisconsin-based Culvers is the home of the Butterburger.

VDM Palm Coast Retail Development LLC sold the 3,858 square foot former SunTrust building at 100 Flagler Plaza Drive (corner of SR 100 and Old Kings Rd S) to V 3 Fund III Palm Coast  LLC for $1,325,690.77. The transaction closed on June 5. VDM acquired the property for $615,000 in 2018.

Only three commercial building permits valued at more than $1,000,000 have been issued since April 1.

Palm Coast Commerce Storage LP was issued a permit to build a three-story storage building at 22 Commerce Blvd. The contractor stated job value is $3,500,000.

Marina Del Palma received a permit to construct the dry dock storage building in that residential marina development. The stated value is $2,000,000

Aldi was issued a permit to construct its second Palm Coast Aldi Grocery Store at 645 Palm Coast Pkwy SW (see land purchase information above). The stated value is $1,650,000.