
Avison Young Arranges ALDI Supermarket Deal in Ormond Beach
Fulbright Holdings, LLC acquired a supermarket ground lease within Shoppes on Granada in Ormond Beach, FL from 2017 Granada II Ormond, LLC for $3.2 million. Part of a 1031 exchange, the purchase was a fee simple, land condominium interest in an absolute NNN, freestanding, newly-constructed ALDI grocery store. ALDI constructed the 21,885-square-foot building at 1260 W. Granada Blvd. last year.
Avison Young’s Keith O’Donnell and Gary Gottlieb facilitated the transaction, in collaboration with Maenner Properties, Inc. The deal was part of a 1031 exchange for the buyer following the sale of a 38-acre development site in Palm Beach County, FL, which Avison Young also handled. SRS National Net Lease Group’s Patrick Nutt and Connor Barton represented the Singer Island, FL-based seller, The Ferber Company, which completed development on the property in 2019.
“Following the successful sale of our client’s development site, we were asked to identify suitable income-generating real estate investments from a portion of the sale proceeds,” said O’Donnell. “The brand-new freestanding ALDI supermarket in Ormond Beach met the criteria of providing a long-term, stable return on investment in a strong Volusia County submarket.”
For comments, questions or concerns, please contact Dennis Kaiser
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