Press Releases
Marcus & Millichap Brokers Sale of Retail Center in Ormond Beach, Florida
January 08, 2026
ORMOND BEACH, Fla., Jan. 8, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Renaissance Plaza, a 58,682-square-foot retail center in Ormond Beach, Florida, for $7,775,000.
“Renaissance Plaza presented a rare opportunity to acquire a fully occupied, 16-tenant retail center in one of Ormond Beach’s primary retail corridors,” said Tarek Chbeir, senior director of investments in Marcus & Millichap’s Orlando office. “The combination of a long-standing health care anchor, strong household incomes and a dense, growing population drove significant investor interest.”
Chbeir exclusively marketed the property for Ty & Tovah Lohman, a well-known Ormond Beach developer and investor, and procured the buyer, DRG Real Estate, a well-capitalized and experienced real estate investment firm led by David Ragno and Ryan Garzon. STARR Real Estate LLC, a locally based real estate, leasing, and property management firm, led by Chris Lohman, assisted with the transaction through its on-the-ground market knowledge and hands-on management involvement.
Built in 1988, Renaissance Plaza is located at 431 S. Nova Road on a 5.93-acre site. The fully occupied property consists of two multi-tenant retail buildings. The tenant roster includes a mix of national and local retailers, anchored by Florida Health Care Plans, which has operated at the center for nearly 20 years. The center features more than 540 feet of frontage along Nova Road, with traffic counts exceeding 28,000 vehicles per day.
“Renaissance Plaza presented a rare opportunity to acquire a fully occupied, 16-tenant retail center in one of Ormond Beach’s primary retail corridors,” said Tarek Chbeir, senior director of investments in Marcus & Millichap’s Orlando office. “The combination of a long-standing health care anchor, strong household incomes and a dense, growing population drove significant investor interest.”
Chbeir exclusively marketed the property for Ty & Tovah Lohman, a well-known Ormond Beach developer and investor, and procured the buyer, DRG Real Estate, a well-capitalized and experienced real estate investment firm led by David Ragno and Ryan Garzon. STARR Real Estate LLC, a locally based real estate, leasing, and property management firm, led by Chris Lohman, assisted with the transaction through its on-the-ground market knowledge and hands-on management involvement.
Built in 1988, Renaissance Plaza is located at 431 S. Nova Road on a 5.93-acre site. The fully occupied property consists of two multi-tenant retail buildings. The tenant roster includes a mix of national and local retailers, anchored by Florida Health Care Plans, which has operated at the center for nearly 20 years. The center features more than 540 feet of frontage along Nova Road, with traffic counts exceeding 28,000 vehicles per day.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
