CAI Investments LLC, a property manager/developer and private placement sponsor, has purchased an approximately 157,000-square-foot industrial and office building in Daytona Beach, Florida. The purchase price was not disclosed.
The property is leased through September 2032 on a net lease basis to New Media Holdings LLC, a holding company of New Media Investment Group Inc. (NYSE: NEWM). The Daytona Beach News-Journal, part of the New Media family, currently occupies the space. New Media Investment Group is one of the largest publishers of locally-based print and online media in the United States as measured by number of publications.
“This acquisition fits in well with our overall strategy to find well located properties with strong tenants in growing communities,” said Christopher Beavor, CEO and founder of CAI Investments. “In addition, the property is located in a federally designated opportunity zone, which can be advantageous to the client and owner.”
The Daytona Beach News-Journal has been serving Volusia and Flagler counties as the local daily newspaper since 1883. It is one of the largest employers in the area.
Headquartered in Las Vegas, Nevada, CAI Investments is a vertically integrated real estate development company that finances, develops and manages commercial properties in key markets across the United States.