Riverside office building sells for $25.1 million

A Daytona Beach real estate company has paid $25.1 million for a Riverside Avenue office building.

Consolidated-Tomoka Land Co. bought 245 Riverside from Parkway Properties, which paid $18.5 million for the building in 2011. It was built in 2003 as headquarters for the St. Joe Co. and sold for $23.7 million in 2007.

The five-story, 137,000-square-foot building is 99 percent occupied. Among the tenants: Raymond James, Northwestern Mutual and Dixon Hughes Goodman and Jacobs Engineering.

John Albright, president and CEO of Consolidated-Tomoka, said the building is in good shape and needs little work.

The company was founded in Jacksonville in the early 20th century. Albright said its timber, turpentine and citrus operations owned almost 2 million acres in Florida at one time.

It's now down to 10,300 acres, all in the Daytona Beach area. As it sells that land to developers, Albright said, it uses the money to purchase income-producing properties such as 245 Riverside.

The company usually buys single-tenant properties, he said, but it will buy fully stabilized multi-tenant buildings and the recent activity on Riverside Avenue made this purchase particularly attractive.

Roger Bull: (904) 359-4296