Investor buys Deland bank building
DELAND — The same investor who acquired the Gould Building in downtown DeLand last week with plans to open a hotel, also bought the office building next door.
Anil Valbh, president and CEO of Orlando-based Avista Hotels & Resorts, paid $3.25 million for the office building and property at 230 N. Woodland Blvd., according to Brian Adair of Daytona Beach-based Charles Wayne Properties who represent the buyer in the transaction. The building houses multiple tenants including a Bank of America banking center.
Marcus & Millichap, a national commercial real estate company, represented the sellers, First States Investors of Irving, Texas, which had owned the building since 2003.
The three-story building, constructed in 1974, offers 64,075 square feet of space. The 3.7-acre property includes a large parking lot.
The building, two blocks south of Stetson University’s DeLand campus, is roughly two-thirds occupied. In addition to Bank of America, other tenants include Volusia County and the Florida Department of Children and Families.