The Asking Price for Vince Carter's Restaurant: $5.5 Million
SVN Alliance Commercial Real Estate Advisors principals Carl Lentz IV, CCIM, and John Trost, CCIM, are collaborating on the sale of Vince Carter’s, one of the largest and most expensive restaurants built in Central Florida. Asking price for the 11,035-sqaure-foot, fine-dining establishment is $5.5 million. It opened to much fanfare in 2010 at a cost of $11 million.
The 405-seat restaurant and sports bar is located at 2150 LPGA Blvd. on nearly 3.5 acres visible from I95 in Daytona Beach.
“This is a fantastic location in the heart of one of East Central Florida’s hottest corridors,” says Lentz, who is also president of SVN Alliance, located in Ormond Beach. “With an asking price of half of what it cost to build and open, I believe there will be a lot of interest in this property. We’ve already seen some activity in a recent soft sale.”
The restaurant is located at the LPGA Boulevard entry to the Gateway Business Park—the home of the Cornerstone Class A Office Park and proposed Tomoka Town Center with 300,000-square-feet of retail and 400 multifamily units—and just minutes from an under-construction 350,000-square-foot Tanger Outlets mall and a 264-unit luxury apartment complex, plus a planned age-restricted community with nearly 7,000 houses.
Also nearby are the LPGA International golf course, Daytona International Speedway, the Daytona Beach International Airport, an office park, major surgery centers and under-construction $800 million ONE DAYTONA mixed-use project with Bass Pro Shops.
The sale includes the turnkey restaurant, a spacious sports lounge, private dining area, two outdoor patios with seating, a piano lounge and ample parking. Also included are all furniture, fixtures, and equipment.
Carter, an 18-year NBA veteran and eight-time All-Star, is a native of Daytona Beach. His playing career includes stints with the Toronto Raptors and Orlando Magic, among others. He will begin his 19th season this fall in the final year of a contract with the Memphis Grizzlies.