Daytona Beach-based real estate investment company paid $6.61 million for site.
Daytona Beach-based Consolidated-Tomoka Land Co., a real estate investment company, paid $6.61 million Feb. 28 for the 9.37-acre property on Blanding Boulevard in Orange Park anchored by Old Time Pottery and Freddy’s Frozen Custard & Steakburgers.
Seritage Growth Properties, through Seritage SRC Finance LLC, sold the property. Seritage, based in New York City, is a publicly traded real estate investment trust created to manage the real estate portfolio acquired from Sears Holdings in July 2015.
The property comprises Old Time Pottery in the former 84,180-square-foot Kmart store at 380 Blanding Blvd. and the 3,200-square-foot Freddy’s on 0.78 acres at 386 Blanding Blvd.
Old Time Pottery, owned by Comvest Partners, is a home decor retailer with 43 stores in 11 states, according to oldtimepottery.com.
Freddy’s is a privately owned fast-casual restaurant with more than 300 stores in 32 states, according to freddysusa.com.
Consolidated-Tomoka Land acquired long-term leases with rental increases. Old Time Pottery created a 15-year lease in 2015, with two five-year options to extend. The lease increases 11% in August and increases every five years.
Freddy’s, built in 2016, established a 10-year ground lease in 2016, with four five-year options to extend. Its lease increases 10% in December 2021 and every five years with each option period.
Consolidated-Tomoka primarily invests in multitenant income-producing properties in 11 states, and invests the remainder in joint ventures, loan investments, Alpine REIT and other assets.
Consolidated-Tomoka paid $62.7 million in December for about 52 acres at The Strand at Town Center, northeast of Gate and Town Center parkways, near St. Johns Town Center.
Strand tenants leasing about 216,000 square feet of space include Fogo de Chao Brazilian Steakhouse, Mission BBQ, T-Mobile, Domu restaurant, TD Ameritrade, CareNow Urgent Care, Diamonds Direct, Hobby Lobby, Best Buy, PGA Tour Superstore, Keke’s Breakfast Cafe, Grub Burger Bar, Yogurt Mountain and 2nd & Charles.
Consolidated-Tomoka previously bought the Chase Bank, Cheddar’s Scratch Kitchen, Chuy’s, Firebirds Wood Fired Grill and Moe’s Southwest Grill in The Strand.
It also owns property in The Crossing at Town Center, west of Gate Parkway, that includes PDQ restaurant and Wawa.
In July 2015, it paid $25.1 million for the former St. Joe Co. headquarters building at 245 Riverside Ave. Tenants include Raymond James and Northwest Mutual financial services.