Addison Commercial Real Estate brokered the sale of the Philips Highway business park.
Sumner Holdings LLC sold the Central Park East business park Oct. 30 for $6.7 million.
The deed shows the buyer as 4073 Philips Hwy LLC and Sherry L. Franklin of St. Augustine. Jeffrey Dunham manages the LLC.
The property is at 4051 and 4073 Philips Highway.
Addison Commercial Real Estate Inc. President Duke Addison said Nov. 9 he brokered the sale.
The buildings total 68,391 square feet, meaning they sold for $98 a square foot.
Addison said the property is fully leased and anchored by Village Bread Co., Lutheran Social Services of Florida Inc. and other tenants.
A Dunkin’ Brands franchisee wants to open a central doughnut kitchen there, as well, according to a pending building permit.
There is land to build a 20,000-square-foot building.
Addison said he has brokered the property’s sale three times, in 2006, 2015 and 2020.
He said in a news release he brokered a $74 million sale in 2006 when the two buildings were part of a portfolio of five business parks.
Deeds show the property sold in 2012 for $4.3 million and then Sumner Holdings paid $2 million for the property in 2015.
“Stuart Sumner, President of Sumner Holdings, LLC, was determined to make this project successful,” Addison said in the release.
Addison said his leasing, property management and maintenance team took the project from 5% to 100% occupancy.
“Failure was not an option. With a financially committed Landlord we were destined for success.”
The new owner retained Addison Commercial Real Estate to handle leasing and maintenance responsibilities for the property, he said.