CWP Surpasses $30 million in Oceanfront Sales
June 18, 2013
Last week’s sale of the Bermuda House in Daytona Beach, Fla., pushed Charles Wayne Properties past the $30-million mark in oceanfront sales in the past 36 months.
The Bermuda House - Daytona Beach, FL
Charles Wayne Properties and Marcus & Millichap represented a consortium of lenders in the sale of the Bermuda House located at 2560 North Atlantic Avenue and the adjacent vacant parcel 2696 North Atlantic Avenue, Daytona Beach, Florida. Both parcels were serviced by Presidium Asset Solutions office in Minneapolis.
They were at one time part of the Bray & Gillespie portfolio which filed bankruptcy in 2008. The Bermuda House has 320 feet of oceanfront and 143 rooms with 3.65 acres behind the sea wall. The adjacent vacant land consists of 180 feet of oceanfront on 1.31acres, both zoned T-1- Tourist Commercial. The sales price for both parcels was $4,725,000.
They were at one time part of the Bray & Gillespie portfolio which filed bankruptcy in 2008. The Bermuda House has 320 feet of oceanfront and 143 rooms with 3.65 acres behind the sea wall. The adjacent vacant land consist of 180 feet of oceanfront on 1.31acres, both zoned T-1- Tourist Commercial. The sales price for both parcels was $4,725,000.
“The market for oceanfront property especially hotels with 100 plus rooms, has really heated up- we’ve had interest from hotel operators and investors from around the world” said Tom Corso, with Charles Wayne Properties who along with Kent Hricko of Marcus & Millichap represented the seller, MIC-Como, a Minnesota limited liability company.