Monday, February 17, 2014

Investors buy Joe's Crab Shack ground lease, parking for $4 million

A California private equity group has snapped up an iconic Jacksonville Beach eatery’s land and parking for $4 million.The group acquired the 1.61 acres and 90 parking spaces leased by Joe’s Crab Shack at 15 First St. in Jacksonville Beach. Joe’s Crab Shack signed a 20-year ground lease for the property in January 2000 (four, five-year renewals). This prime oceanfront property came to market just before Thanksgiving, and there was strong interest in it from both groups and individuals, several of whom own vacation homes in Jacksonville Beach and Ponte Vedre Beach.

Ashley Gurbal Kritzer, Reporter, Jacksonville Business Journal

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