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An Ormond Beach investor has bought a strip mall and office building on Beach Boulevard in a multi-million dollar deal.

The Millennium Business Center went for $4.7 million in a deal that closed Monday.

The center is about a half-mile east of I-295, with Kernan Boulevard two miles to the west. It’s fully leased, according to Prime Realty, the broker on the deal. Its main tenants are MCCI Medical Group and Mattress One.

The sale comes as more investors are looking for space east of I-295, which has seen growth in the residential market.

American Advisors Group / Flickr

In this week’s Business Brief, analyst John Burr shares updates WJCT News Director Jessica Palombo on the real estate market in Northeast Florida. Burr says it's a seller's market, but that shouldn't stop people who are interested in buying a home.

Photo credit: "House Sold" by American Advisors Group is used under CC BY-SA 2.0.

One Spark

One Spark co-founder and CEO Elton Rivas joins us to discuss what's new for the upcoming 2015 crowdfunding festival.

We also speak with Jacksonville real estate appraiser Ron Moody of Moody Appraisal Group about the rebounding housing market in Northeast Florida.

And local author Ron Whittington joins us to preview this week's Amelia Island Book Festival. Whittington will give a workshop about writing, publishing and marketing independent novels at the festival.

According to a new report Jacksonville ranks among the top five markets in the nation with the highest percentage of personal properties being bought by institutional investors.

Jeff Turner / Flickr

RealtyTrac’s latest ranking of states based on foreclosure activity in May puts Florida at the top of the list. 

According to RealtyTrac figures, foreclosure filings increased to one-in-every-302 houses, nearly triple the national average. Foreclosure starts jumped 39 percent, the number of auctions went up 6 percent and bank repossessions increased 14 percent. 

Taken together, that amounts to a 20 percent increase in foreclosure activity, which is all it took for Florida to go from being #2 in April to #1 in May.

RealtyTrac

If you’re house hunting for a fixer-upper at a bargain-basement price, then you’re in luck.

Realty Trac ranks Jacksonville number 13 on its list of the 15 best cities for finding rundown properties at reasonable prices.

Realty-Trac Vice President Daren Blomquist says they used 3-criteria when compiling the list.