The Knipp Wolf Net Lease Group of Marcus & Millichap Announces the Sale of a Regions Bank in Daytona Beach, Florida

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Regions Bank in Daytona Beach, Florida according to Tim A. Speck, division manager in the firm’s Dallas office.

Ryan Wolf, First Vice President Investments, and Vincent Knipp, Senior Managing Director Investments, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller. Ryan Nee, the Broker of Record for Florida, assisted in closing this transaction.

“An active developer purchased the deal with the intention of redeveloping the site into two uses,” said Wolf. “It was a good fundamental deal—a large parcel on a signalized hard corner in Daytona Beach, Florida.”

Although Regions Bank had vacated the premise, they still had future rent obligations at the time of sale. The large 1.32 acre parcel was located in a qualified opportunity zone.

Regions Bank is located at 555 Ridgewood Avenue, Holly Hill (Daytona Beach), Florida 32117.