Daytona Beach, Florida – The NNN Commercial Real Estate news is from the Race Capital of the World, Daytona Beach, Florida. This area of Florida has seen a variety of Commercial Loan activity recently with commercial loans on NNN Commercial Real Estate developments. The NNN Commercial Real Estate development know as International Speedway Square received funds for a Commercial Loan. This net leased property, the International Speedway Square, is situated at 2500 West International Speedway Boulevard, Daytona Beach, with the zip code of 32114.
This NNN Commercial Real Estate development, International Speedway Square sits right down the street from the world famous Daytona International Speedway. The Daytona Beach NNN Commercial Real Estate development has a premier location with excellent access from the main highway of I-95.
This Florida NNN Commercial Real Estate development benefits from over 50,223 vehicles passing per day (VPD) on the International Speedway Boulevard (U.S. 92.). This NNN Commercial Real Estate development was built in 1999. Some reports have this Florida NNN Commercial Real Estate development as a total of 230,979 square-feet but others show the property is 254,411 square feet.
This NNN Commercial Real Estate development has Bed Bath & Beyond, Old Navy, Michael’s, Staples and Stein Mart as anchors of this Florida retail shopping center. A newer net lease Tenant, Dick’s Sporting Goods is also at this NNN Commercial Real Estate development. The net lease Tenant, Dick’s Sporting Goods normally leases buildings which are at least 50,000 square feet. However, this Daytona Beach NNN Commercial Real Estate development has a portion leased to Dick’s Sporting Goods that is approximately 40,097 square feet. The Tenant, Dick’s Sporting Goods, is a public company which was founded in 1948. The net lease Tenant has over 423 sporting goods stores located in 42 states. This net lease property Tenant, Dick’s Sporting Goods, is headquartered in Pittsburgh.
The net lease Tenant, Dick’s Sporting Goods spent approximately $3 million to expand their space which formally housed Circuit City. The Tenant, Dick’s Sporting Goods increased the square footage of their portion of the NNN Commercial Real Estate development by over 40%. The net lease Tenant, Dick’s Sporting Goods new location at this NNN Commercial Real Estate development has become the largest full-service sporting goods store in Volusia County and Flagler County. This net lease Tenant, Dick’s Sporting Goods has taken over as the number one Daytona Beach sporting goods retailer, from Sports Authority.
The Owner of this NNN Commercial Real Estate development is the Indianapolis-based Kite Realty Group Trust. This retail shopping center received the commercial loan in the amount of $21 million. Commercial Mortgage Lenders were able to get a 10 year term on this newly financed Commercial Loan. These Commercial Mortgage Lenders also arranged the Commercial Loan with an attractive 5.77% interest rate that is a fixed rate.
The CFO (Chief Financial Officer) of Kite Realty Group Trust has mentioned their appreciation of the 10-term Commercial Loan as they strengthen their current balance sheet. NNN Commercial Real Estate Analysts have noted the commercial loan on the commercial property is a reflection of the security of this net lease property. Apparently this NNN Commercial Real Estate development had recent net leases signed which helps to pay down their Commercial Loan.
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