Toronto-based North American Development Group has picked up 37 acres of land in the Tomoka Town Center in Daytona Beach. The company also has the option to buy an additional 86 acres of the 235-acre planned retail center located east of Interstate 95 and south of LPGA Boulevard. NADG plans to build restaurants, retail stores and possibly a hotel on its portion of the scheme. Trading for approximately $139,000 per acre, the seller of the property was Consolidated-Tomoka Land Co. NADG owns several Florida shopping centers including the 798,000-square-foot Mall of the Americas in Miami, University Plaza in Winter Park, Loop West in Orlando and Riverside Market Square in Jacksonville.
“We are pleased to complete this transaction with the North American Development Group which we hope to be the first purchase in their acquisition of the remaining developable acreage of the Tomoka Town Center,” said John P. Albright, President and Chief Executive Officer Consolidated-Tomoka Land Co. He said NADG’s initial development would join Tanger Outlet and a Sam’s Club store to become a busy commercial hub in Daytona Beach.
